The Role of Business Intelligence
Business intelligence or BI is a kind of software that harnesses the potential of data within an organization. It is a way to analyze, compare and analyze information for businesses to make informed choices.
Companies that adopt business intelligence tools can transform business data into insight and take actionable steps. These insights will help businesses make business-related decisions that boost efficiency, revenue, and growth.
BI Lives up to its Reputation
There are different reasons businesses choose to use business intelligence software. If you’re considering using BI software in your Company, you may consider whether it’s worth the effort, time, and cost of adding it to your current software suite.
BI-Tools was interested in how BI software was able to live up to its name and whether companies believed they got the most from it. These results can help to make your decision about whether to include BI in the software you use. If you don’t have any prior knowledge, then taking a Business Intelligence Course will help you learn how to mine that data and improve the decision-making processes throughout your organization.
- Better analysis and planning: Businesses found that BI systems assisted the most in speedy reporting, research, and planning. 64% of companies who responded rated their capacity to communicate, organize and analyze the information as “good” after implementing the business intelligence suite.
- Improved accuracy: Among the surveyed companies, 56% believed that the business intelligence data improved the precision in their planning and analysis of the business.
- Helped a lot with forecasting sales: Among the many tasks that companies believed that business intelligence data was helpful, 57% were able to rank plans and forecasting for deals like the one which benefited the most from the BI data. Other areas where they believed that BI dates helped were analyzing customer behavior (40%) and a comprehensive view of the customers (32%).
- Enhanced prices and offers: Optimization of offers and pricing have benefited from introducing a BBI system. 27% of respondents believed that the additional information gathered from their BI systems helped improve their pricing to make them more competitive and increase the quality of their offers.
How Do You Use Business Intelligence can benefit your Company?
When you look over the list of advantages listed in the survey results above, it’s evident that business intelligence could immensely assist the business process.
- The enhanced planning and analysis tools can streamline procedures, improve business processes, and utilize data to inform decision-making.
- More accurate data means better decisions. Accuracy can also boost confidence in business forecasting. If you know you can trust your data, you can make more accurate predictions about which direction your Company will be.
- The forecasting of sales process improvements also aids businesses with marketing, budgeting, and much more. The more accurate you can forecast sales, the better you will be able to make plans for your entire budget.
- Of course, the improvements you make to the product’s offerings and prices in line with market trends can increase sales and increase revenue.
You can see that incorporating business intelligence software into your business has a positive impact that reaches all business areas. It’s not only about increasing access to data within your Company. It’s about using the data to increase profits.