27 Feb 7 Reasons Business Intelligence is Vital to Business Success
With technology taking part in almost every aspect of businesses today, we are constantly living and working in the age of information- and this information is power! However, with the amount of information we receive each day, we can often find ourselves feeling overwhelmed and sometimes buried under a pile of numbers, and without the right tools, it can be difficult to make sense of everything.
Many small business owners and managers have been slow to adopt Business Intelligence (BI) within their workplace. This is mainly due to the lack of knowledge and understanding of what BI actually is, as it can be time-consuming to review all the information, which in turn can cause you to question if it holds any real benefit for your business.
The fact is, Business Intelligence should be an integral part of any operation.
Business Intelligence is essentially timely, accurate, high-value, and actionable business insights, along with the work processes and technologies used to obtain them. Business Intelligence is not only for enterprise companies, in fact, businesses of all sizes can benefit from the capabilities of BI.
There are many reasons for businesses to implement Business Intelligence into their day-to-day use, here are the top seven reasons to bring BI into your business.
1. Visualize Important Information
Operational reports generated for your business can be difficult to understand, reducing your ability to recognise and act on key metrics. One of the key benefits of BI software is that it provides excellent data visualisation capabilities, allowing you to create clear data visuals through the use of charts and graphs, which can be easier to understand compared to blocks of numbers or spreadsheets.
2. Boost Productivity
Through traditional data gathering methods, users need to compile and analyse data and write related reports. This can be incredibly time consuming, especially for small businesses that may not have the employees to do it. With the use of a Business Intelligence program, you gain the ability to pull data and create the reports at the click of a button, thus freeing up time and resources allowing employees to be more productive on their own tasks.
3. Data Mining
Data mining is the process of seeking patterns in data in order to identify trends and draw insights, and BI analytic tools are exceptionally well-suited to do just that. Because BI software can instantaneously analyse incoming data, it can help your business catch fleeting opportunities that you might otherwise miss. With the ability to create customized reports through BI, your business can easily pick up of trends in a vast array of areas including spending, staffing, operations, customer purchasing, and more.
4. Gain Insights into Consumer Behaviour
Business Intelligence provides reporting tools that will give you access to the data you need to analyse performance at the customer and product level, which can give your team a better understanding of what your customers are buying, and once you understand what your consumers are buying, you can use this information to develop products that match the current consumption trends and consequently improve your profitability. This in-depth business intelligence can lead to better business decisions and you will be able to control your financial data with user-friendly, intuitive tools to help you review your current business performance.
5. Results Closer to Established Goals
Detailed product analysis reporting through the use of Business Intelligence can help identify sales and margins by both customer and product, to help you better understand product profitability. How many times have you established a set of seemingly reasonable goals for a project or other venture, only to end up with an outcome that is drastically different? With BI you can keep track of information and have it accessible by the parties that need it, when they need it. BI goes a long way in helping achieving what you aim for.
6. Performance Management
Business Intelligence helps track, manage and implement performance goals within your own objectives. With BI making information readily accessible which would ordinarily take hours or weeks to track down and organise, as well as producing real-time data, users can easily organise important information and get moment-to-moment updates. This makes for a great deal of time saving, and allows you to deal with problems immediately.
7. Eliminate Guesswork
If companies are not using Business Intelligence, chances are that they are basically forced to gamble when making many important decisions regarding management, finances, marketing efforts and more. Through the use of BI, companies can implement a data structure which encourages data-driven decision-making and helps you know the best strategy when it comes to your business, taking a great deal if stress and uncertainty out of running your business.
Business Intelligence offers a variety of capabilities and benefits for businesses of all sizes, and can assist with improving insights and to-the-minute reporting, allowing you to not only gain an in depth understanding of your business, but allow you to make informed and calculated decisions to improve your business.
If you are interested in seeing how Business Intelligence can work for your business, contact Triumph today by clicking here.