Business Intelligence (BI) has become a trendy buzzword in today’s business environment. The latest BI platforms have a simple interface, are easy to use, and can be employed effectively even by lay users. They have become easily and widely available which begs the question:
“Why do you need a BI software for your Company?”
This article tries to provide the answer to the above question by detailing all the important benefits your Company can gain by effectively using the BI software for analytics. Read On.
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Benefits of Business Intelligence tools
1. Eliminates Guesswork
Many companies rely on guesswork even for important business decisions. In the absence of a quality Business Intelligence Software which can provide useful insights on business processes, managers are left with no option but to make informed guesses. Needless to say, this is not an effective or recommended method to make important decisions. You can make use of a dependable Business Intelligence (BI) system to get comprehensive business information and insights that can help you make smart decisions. Such a platform can give you accurate data, real-time updates, forecasting and trending means, and “What-if” scenarios which can eliminate the need for guesswork.
2. Provides Easy Access To Vital Business Metrics
Your employees can use the most popular BI software solutions to access important information such as dashboards, business metrics, and other key reports using their mobile devices. They only need internet access to read and utilize the vital business data anytime, anywhere.
3. Get Useful Insight On Customer Behavior
You can get valuable insights on what your customers are buying as well as ignoring. You can then use this useful data profitably by engaging your clients with relevant content and products. Plus, you can also turn them into valuable long-term customers with such a deep insight into their buying trends and patterns.
4. Helps To Boost Sales
Business Intelligence software can help in identifying the up-selling and cross-selling opportunities. You can use customer insights obtained with the help of the BI software to create as well as improve sales models. This will enable your sales representatives to up-sell and cross-sell your products at appropriate consumer touch points.
5. Improves Efficiency
Many companies spend valuable time trying to gain information from their various data sources. After they get this information, they need to convert and merge the data, generate reports, give their feedback on it, and determine its accuracy. A good BI system solves all these issues in one go as it can provide all the required data from a single source, and the information is usually displayed on a convenient dashboard and can be converted into reports. Thus, the solution can help your employees to save valuable energy and time, and make your processes more efficient.
6. You Can Manage Your Inventory Better
Business Intelligence software can help you manage your inventory more efficiently and effectively. For example, you will be able to order the exact right amount of goods at the exact right time. Plus, you don’t have to deal with excess inventory as you can ensure your customers receive products just at the allotted time.
7. Provides Actionable Intelligence
An important reason for BI software’s growing popularity is that it can offer Actionable Intelligence. Business users can get easy access to the information in their databases as well as new data produced by server logs, devices and apps, click-streams, and geolocation coordinates. They can use the actionable intelligence delivered by BI software to drive business transformation.
8. Integrates Information
Business data is usually spread around and contained in different silos. BI tools help to remove the blocks between these silos so that the users get a holistic view based on data from multiple sources. This can help you make more accurate predictions and forecasts.
9. Helps To Personalize Sales
Business Intelligence software is contributing a great deal to the success of enterprises in the digital economy. Many companies are offering targeted and personalized online experiences to customers and saving costs by using BI systems. As a result, online retailers are selling four-and-half-times more per employee compared to conventional brick-and-mortar organizations that have not invested in a robust digital presence.
10. Aids In Real-time Decision Making
Older data warehouses systems used to collect data from various lines of departments. However, the latest BI tools enable managers to make fast and smart decisions in real time based on current data. Modern platforms use analytical capabilities to help companies make decisions as soon as business happens. Therefore, they offer greater value as managers can act on the real-time insights they provide to act more quickly and thereby take advantage of developing situations.
11. Even Lay Users Can Analyze Data
In today’s digital world, we consume much more information compared to older generations. People are using search engines and smartphones to access information round the clock. Smart business intelligence solutions are bringing similar improvements to the corporate world. Previously, companies were using manual and complex processes to prepare and analyze data. However, modern BI systems are transforming the arena of data analytics and enabling even lay analysts and users to easily get answers and insights from data sources.
12. Offers Data Visualization Tools
It has become old-fashioned to compile information lists and to use spreadsheets for data organization. Savvy Business Users, Sales Professionals, and Executives are demanding instant insights and getting it from visualization tools offered by BI software. This helps them to view information in a range of ways. Sophisticated visualization tools offered by BI systems include custom D3 charts, HTML5 chart library, graphic variables, matrix charts, and deep ESRI integration.
13. Enables Self-Service
Modern Business Intelligence tools enable self-service and allow you to use visualization tools for generating basic graphs and charts. But this is not adequate if you want a deeper insight on large volumes of data. For this purpose, you can use advanced capabilities of the BI tools for creating complex visualizations such as difficult calculations, forecasting, and trends. You can also use them for diverse (heatmaps, funnels, geo-spatial) and interactive (user-defined drill downs, custom filtering, real-time streaming data) visualizations.
14. Enhanced Access Through Mobile BI Apps
This capability to access information anytime, anywhere is desired the most by corporate users. The latest BI software solutions fulfill this very need. The benefits of business intelligence software are that you get easy data access, can clinch more deals, make extra sales, serve your customers better, and retain their business for a long time. Mobile BI apps are thus enabling businesses to become more efficient, productive, and profitable.