How businesses make decisions using Business Intelligence?
Informed decision-making is what sets successful businesses apart, and in terms of modern business operations, this requires technological assistance in the form of Business Intelligence – or BI as it’s known. Here’s a look at why you need Business Intelligence software for your business.
What is BI?
This is a combination of business analytics, data mining, data tools and data visualisation that empowers businesses to make informed, data-driven decisions. BI will give you a comprehensive overview of all your company’s data, cleaning it and representing it in a way that is easy to understand and use.
How Business Intelligence helps decision making
Here are some of the ways that Business Intelligence is able to actively assist in decisions that will ensure your business is on the path to success.
– Identify trends with BI
The data analysed will include market data which monitors both the company’s performance and processes as well as what’s happening on the outside. Through this thorough analysis, your Business Intelligence software is able to identify market trends so you’re able to visualise what’s working in your industry, and what’s not.
– Create realistic targets with BI
Through Business Intelligence, you’re able to hone in on the performance, sector by sector. This sort of internal analysis will let you see which areas of business are doing really well, and where there’s stagnation. Using this BI, businesses are able to set really efficient targets that prepare a company for the existing market.
– Strategic marketing with BI
By identifying trends, as mentioned previously, businesses are not only able to maximise on sales and production strategies, but can also make strategic marketing decisions that best capitalise on products and services. The BI software identifies promotional returns and campaign outcomes so that these can be tailored to maximise on efforts.
– Inventory management with BI
Because problem areas are quickly noted through Business Intelligence software, it’s that much easier to notice where inventory is in over- or under-supply. Where there is excess inventory, businesses are able to cut down, thereby reducing related costs. The product ordering patterns allow for better ordering in terms of prices, times and quantities.
– Financial oversight with BI
The data analytics associated with Business Intelligence provides companies with an updated and holistic overview of the financial situation. Elements such as profit and loss are obviously evident, but more than this, BI will allow companies to hone in on individual transactions for details on cost concerns and revenue-creating opportunities. BI doesn’t simply look at the existing financials, but analyses previous financial transactions as well. Using this software, businesses can track key performance indicators (KPIs) for better financial management.
– Improved sales with BI
The aforementioned trends’ tracking can provide business insight into sales based on customers’ reactions to promotions, their purchasing habits and general preferences. The data related to buying habits is inherently useful to businesses as it informs the best course of action related to sales, as well as cross-selling opportunities. Sales managers can determine which customer profile is best suited to the store, as well as making decisions related to acquisition and promotions.
Why you need Business Intelligence
These decision-making strategies powered by Business Intelligence will drastically enhance business operations in a number of ways:
- Improve business productivity
- Allow you access to crucial information at all times
- Better return on investment
- Reduction of costs
- Provides a competitive edge
What to consider when investing in BI
There’s no doubt that Business Intelligence will enhance your business, but there are certain factors you should consider before partnering with a BI provider. These include:
- Support – The BI provider needs to offer you suitable after-sales’ support and guidance.
- Cost effective – The BI needs to meet your budget but not cut corners on business solutions.
- Ease of use – The BI should be accessible enough for everyone to use.
- Industry specific – The BI needs to support your particular industry requirements.
Chat to industry experts, Canvas Intelligence, to get an idea of what BI solutions are available for you. With them, you’re benefitting for superior expertise and substantial support so that you’re getting the most out of your investment.