Why Businesses Need a Business Intelligence (BI) Reporting Tool?
There has been a lot of talk about Business Intelligence (BI) and the benefits for business recently, but many businesses are still reluctant to invest in the software because they haven’t been briefed on the full value of this reporting tool. With many companies struggling through the ongoing pandemic and lockdown measures, it’s important to take every advantage to keep your business operational and competitive. Here’s a look at why modern businesses need to realistically consider investing in BI.
What is Business Intelligence?
This is a form of software that allows businesses to collect, analyse and then visually present valuable data. This is a powerful statistical tool that empowers businesses for better decision-making.
What is Business Intelligence reporting?
The foundation of all BI is reporting which refers to the visual representation of data in the form of tables, graph and charts. This allows businesses to access valuable data easily and effectively, which can then be shared across all departments and business hierarchies.
Why Business need a Business Intelligence (BI) Reporting Tool
The implementation of BI reporting, in businesses across a vast range of industries, has positively impacted overall business performance, if used correctly. To get an idea of the ways in which BI reporting will boost business, here is a look at the various reasons.
1. Workflow pace improves
Because BI is able to access data from multiple sources, and efficiently collate this into a usable BI reporting tool, there is no delay to analysis and decision-making. Because of the centralised nature of BI reporting, everyone from entry-level employees to key stakeholders are able to access the report.
2. Simplified data
Beyond mere data access, BI reporting makes the data easily digestible for all employees, even those outside the IT field. Because most of us are able process visual data quicker than text – think of all those PowerPoint presentations you sit through! – this form of BI reporting gets everyone on the same page quickly.
3. Incorporation of historical data
In addition to the real-time data, BI reporting is also able to access vast amounts of historical information which is then amalgamated with the new information as a way to generate useful business information. The machine-learning algorithms will then pick up on patterns and trends that are either hurting or helping business.
4. Operational forecasting
The afore-mentioned trends, based on tracking, predictive analytics and artificial intelligence, will assist businesses in making informed decisions about future operations. This minimises the chance of costly business decisions that aren’t based on solid research, while giving businesses a competitive edge.
5. Customer insight
Business survival is wholly dependent on happy customers, no matter what industry you’re in. That’s where BI reporting comes in handy, once again. BI is able to track customer behaviour, gather relevant customer information and allow you to personalise the customer experience for improved brand loyalty.
6. Improved data quality
Obviously, the better the data quality, the more informed the business decisions will be emanating from the data. BI software reporting consolidates a variety of data from various sources, providing you with a much more accurate reflection of what is happening in the business.
7. Strategised solutions
At the end of it all, BI reporting enables businesses to make informed decisions and formulate crucial strategies for effective future business practices. This include streamlining budgets, improving internal mechanisms, and establishing campaigns that leverage business strengths identified through data.
If you’re considering implementing a BI reporting tool for business growth, then ensure you’ve consulted with industry experts for guidance when choosing the right BI for your needs. A thorough grounding in BI reporting, as well full comprehension of the relevant BI features, will ensure you get the most out of this innovative software.
Read More: Microsoft Power BI Overview