Business Intelligence Benefits
Business Intelligence in the modern world is the implementation of computer software which assists in the collection, analysis and storage of related business data. This can then be presented in report format, allowing for easy and effective data-based business decisions. Here is a look at the many benefits associated with implementing Business Intelligence systems in companies.
9 key benefits of Business Intelligence
Business Intelligence benefit #1 – Improve sales
A Business Intelligence system is able to identify trends in sales, possible product improvements, customer preferences and business opportunities by creating detailed reports. This invaluable data can be used to drive sales and assist with negotiations between businesses and suppliers.
View example of powerful Sales Performance Analytics using business intelligence
Business Intelligence benefit #2 – Accurate reporting
An organisation’s data – financial, operations and sales – can be used by a Business Intelligence system to generate accurate reports as either visual representations (charts, tables or graphs) or written information.
Business Intelligence benefit #3 – Better decision-making
Using the aforementioned accurate reporting systems, businesses are better-positioned to make impactful decisions. By assessing productivity and revenue by department, Business Intelligence is able to set up alerts about overall performance so that a business plan can be clearly outlined. By leveraging up-to-the-minute data, companies can deliver valuable information to stakeholders, beating out competitors and maintaining a lead position.
Business Intelligence benefit #4 – Identify opportunities and trends
The data analysis also allows companies to compare its strengths and weaknesses with competitor organisations, thereby analysing market conditions and identifying trends. This means lucrative opportunities can be acted upon while potential business challenges are addressed.
Business Intelligence benefit #5– Operational efficiency
The streamlining of various data sources through Business Intelligence will help with overall operations, saving management time in tracking down information. Employees will also have access to relevant and reliable data, allowing them to engage with the impact of their decisions and, thereby, outline both short- and long-term business goals.
Business Intelligence benefit #6 – Reduce waste
The unified nature of a Business Intelligence system allows it to analyse inter-departmental transactions, noting any areas of inefficiency, loss or waste.
Business Intelligence benefit #7 – Better inventory
For organisations that supply goods, Business Intelligence is able to track inventory and ensure the right orders are being placed at the right time. This means that customers receive products when requested and there is no excess stock going to waste.
Business Intelligence #8 – Customer satisfaction
The implementation of Business Intelligence software allows companies to obtain customer feedback in real time, thereby identifying patterns, noting challenges and delivering better service to customers overall.
Business Intelligence benefit #9 – Increased revenue
Through enhanced operational efficiency, waste reduction, trend identification and a boost in customer satisfaction, Business Intelligence will serve to increase revenue.
Organisations of all sizes are able to enjoy the many benefits associated with Business Intelligence. By partnering with a reputable software provider, organisations are able to analyse and manage business data, streamlining processes and ensuring a competitive edge.
Read More: 6 BI benefits for the finance industry