In today’s world when competition is more fierce than ever, simply being a pro at what you do just isn’t good enough. And that is true for companies from a variety of business domains, be it ecommerce, logistics, banking or hospitality. An ability to instantly react to market trends and adapt to ever-changing preferences of the customer – that’s what gives your business a competitive edge. It is made possible by data, or more specifically, the ability to convert indecipherable information chunks into meaningful workboards and reports and then use them to the corporate benefit. That is exactly the purpose Business Intelligence (BI) serves.
Key Advantages of Implementing a Business Intelligence System
Ever since BI software started being used by companies around the world, no one seems to oppose its adoption. The reason is quite simple – some business intelligence features and benefits can’t be called anything but magic. In order to prove this point, in this article we have gathered a list of top 5 business intelligence advantages that are capable of improving any business’s operations.
If your organization is drowning in Excel Hell or worse, in heaps of paper reports stored in dozens of file cabinets, it is definitely time to think about adopting a BI system. Business intelligence allows seamlessly mining through all of an organization’s dark data, extracting the most valuable pieces of it and presenting the retrieved business information in an understandable and ready-to-use way. Advanced BI tools allow making full use of terabytes of data related to customer interactions, inventory, procurement, human resources, and so much more.
Easier KPIs tracking
Business intelligence systems allow setting up automated alerts of key performance indicators changes. After going over the same dashboard time and time again, your attention may become less sharp, and notifications of drastic changes of key metrics will bring to your attention whatever important things you have missed. Such alerts are invaluable when it comes to acting in critical situations, as the feature allows spotting various force majeures right as they come up and then reacting to them in the most efficient way possible. Having up-to-the-minute information always available is key to avoiding serious revenue losses in crises.
Besides that, the KPIs tracking feature not only allows for quick identification of problem areas, but also provides an opportunity to detect growth periods and thus make the necessary efforts to prolong them.
You might not believe that but it still takes some of your rivals days and even weeks to compile reports. Meanwhile, efficient business intelligent tools provide you with an undoubtable competitive advantage of being able to draft reports in a breath and complement them with interactive charts, graphs and infographics.
By extracting valuable customer behavior data with the help of business intelligence software, companies can make informed marketing decisions that are bound to have a significant impact on user demand and profitability. Moreover, BI allows tracking the success of advertisements and promotions and swiftly make adjustments to marketing campaigns accordingly.
Being always aware of all the information available is a good thing. But always having ready-to-use analytics data over time is surely better. Business intelligence tools do just that – they give its user a bird’s eye view over everything happening at an organization, over long periods of time. The mere availability of such data gives you a chance to simply know what is going to happen next.
Let’s check it out on the example of inventory management. BI allows making informed procurement decisions and thus avoid deficits and surpluses. What is more, it allows detecting unusual spending patterns and eliminating them in a timely manner.
Better Decision Making Is the Ultimate Business Intelligence Advantage
BI software allows decision makers to fully understand the meaning of the old saying ‘Knowledge is power’. It gives managers a chance to drill down into data any time, customize reports and charts to suit their immediate needs and take full advantage of them. Always having readily available analytical dashboards empowers businesses to quickly take decisions based on the latest information as well as plan long ahead using historical analysis data.
Apart from that, business intelligence software makes data accessible throughout your entire organization. It allows consolidating data from a variety of sources and servers and having it all available to every employee at every department of your organization, of course provided they have access to it. By adopting business intelligence tools, you ensure that not only the IT department and top managers have hold of the most valuable and sensitive information. Managers around your entire organization don’t need to be tech-savvy to make use of business intelligence software, and the learning curve is minimal. Such accessibility of BI ensures that routine tasks that require immediate action are less likely to be passed upwards the management hierarchy and are dealt with quickly and efficiently.
Besides that, one more business intelligence advantage is a collaboration feature, which may also include a social media functionality. This means that all people who have the sufficient access make work together on a single dashboard, share insights and findings across all the departments, which contributes to the quality of the analytical process. All these business intelligence advantages make it possible to ultimately improve customer experience and drive revenue growth.
Want to leverage all the Business Intelligence software features and benefits to drive the success of your business? It’s easy – just get in touch with Softvelopers. We have profound expertise in delivering be-spoke BI solutions, customizing off-the-shelf BI software to our customers’ needs and integrating business intelligence apps with companies’ third-party software. The advantages of business intelligence systems developed and customized by Softvelopers are now successfully utilized by companies from a variety of industries, including health care, transportation, retail and more. Contact us today to get a free non-binding quote of your business intelligence solution!