Whether you want to optimize costs, boost profits, or ensure business growth, comprehensive business transparency is crucial to move forward. And business intelligence — a variety of tools, technologies, and systems — gathers data, presents it into valuable insights, and equips you with complete transparency to achieve it.
One can never underestimate the power that is harvested from data. Delivery of novel ways to manage and control applications, providing a deep understanding of the market, improving customer database and marketing strategies, and more, are some of the many ways how data is reorienting the very fabric of business.
A peek into the democratization of business intelligence
Typically, business intelligence is used as a broad term that encapsulates a wide range of tools that are used to extract data from organizations. According to a report, global business intelligence is predicted to reach $33.3 billion by 2025. Since each company has different business needs, tools implemented will be different. Some companies might benefit from more than one business intelligence tool.
Going back a few years, only large companies would dissect and examine terabytes of data and then leverage data-driven insights to their advantage. It led to a huge power gap between large and mid to small-sized companies, as small businesses were marginalized from the capabilities of business intelligence tools. Whereas now, neither affordability nor usability is a hindrance and every employee, from each department all across the enterprise has access to data-driven insights. When used efficiently, business intelligence is empowering.
Key benefits of a business intelligence software
Rather than solely being software, business intelligence is a holistic approach, encouraging you to treat data as a currency in your day-to-day operations. Let us talk about some BI benefits that can empower your business.
Faster analysis and intuitive dashboards
Across every industry vertical, be it retail, banking, or finance, the goal of creating a seamless customer experience strategy exists. To ensure that you are doing right by your customers and your company goals, you must assess data periodically to evaluate your standing.
This might sound laborious, but business intelligence platforms are meticulously designed to carry out stringent processes of your data in the cloud or on-premises. By extracting and unifying data from various silos into a data warehouse and analyzing and presenting the data as easy-to-understand visualizations such as graphs, charts, and tables, etc., BI tools make data intuitive. It eventually empowers you and your non-technical workforce to paint an insightful picture from data without any coding skills.
Optimized organizational management
As a manager or an employee, you wouldn’t prefer spending time tracking down information while focusing on producing accurate and timely reports. With the consolidated and unified data at your disposal, you can focus on your short and long-term goals and measure their impact as well.
Business intelligence empowers leaders like yourself to identify improvement areas by enabling a holistic view of the organization. Having a look at the traditional data analysis approach, users have to access various data sources and dig out the answers to the reporting questions. Thankfully, that is not the case anymore.
Better customer experience
Identifying customer behavior patterns, including their buying habits, frequency patterns, etc. can help you identify new approaches to retain customers. Business intelligence has a direct impact on customer experience and customer satisfaction.
By deploying BI systems across multiple departments in your enterprise, you can create dashboards for your employees. These dashboards can gather insights from operations and even text data from support chat sessions in real-time. You can easily identify opportunities to significantly improve customer service and reduce call support.
Gaining a competitive advantage
In the post-digital world, every company is evolving at an unprecedented rate. Therefore, the more edge you have, the better. With valuable insights regarding when to enter and leave the market and performance in the market, you can solidify your standing.
By drawing comparisons between what worked and what did not, you can see your strengths, weaknesses, and inefficiencies. Eventually, it will help you to grow profit margins. You can gather sales data and empower your team to devise better strategies so that they know where the budget would be more beneficial. Moreover, when you are learning from your customers’ behaviors, watching how your competitor is treading through challenges, and improving your operations, you will notice a spike in your revenue.
We are living in the age of data abundance. We must squeeze every ounce of insights from data by leveraging advanced analytics tools.
Structure your data analytics strategy — free of any roadblocks
Now that you understand the whys behind the adoption and implementation of business intelligence tools, the question for you is: Do you have a seamless data management and analytics strategy? From your company’s data needs to your approach of data gathering, and your company’s IT infrastructure, data competency and data governance, etc., the recipe for a perfect data analytics strategy consists of various crucial points.
In order to have a successful business strategy, businesses need to have a strong Data model behind it that is capable of data governance. A leading and capable technology partner can help build a competent data management and analytics strategy. You can dig out truths from your business data that can keep you ahead of the competition. As a business leader, you must be equipped with a toolset for effective monitoring, analytics, and reporting of events and metrics.
Learn to make disruptive decisions with data-driven analytics by attending an insightful event by Systems Limited on “Drive Business Value using Advanced Analytics” on October 14, 2021 (11:00 am to 1:30 pm) at Mövenpick Hotel. Systems Limited is holding this event in collaboration with IBM, where experts will talk about a well-integrated business intelligence suite: IBM Cognos Analytics. Through people and intelligent processes & technology, you can easily foster a BL-led, data-driven culture.