Business intelligence is any software that gathers data from multiple sources within your system. It then creates reports and analyzes the information to help you make more informed business decisions. With today’s market being as competitive as it is, business intelligence (also business analytics or BI) is more important than ever. Unfortunately, many business owners do not take advantage of this software, because they do not understand how it works or feel it is too complicated to integrate into systems they already have in place. If you are wondering whether business intelligence is right for you, take a look at these six ways it can help your company.
Turn Your Employees Into Decision Makers
This is a good Source to make your employees more efficient. With business intelligence software, every employee with access can rely on the information gathered to make important decisions. Not only does this allow your employees to stay informed so they can make good decisions in real time, but it also frees up your management’s time. You can even use it to monitor your employees’ productivity. Here are some business ideas and tips that one might require before starting out
Understand Your Customers’ Behaviors
When your software provides you with results, you are likely to discover patterns among your clients that you probably didn’t know existed. Discovering trends related to what your customers want allows you to make changes that will quickly turn into profit.
Cut Unnecessary Expenses
Another trend you might discover is that you are spending too much money. Perhaps you are paying too much in manufacturing costs or ordering inventory that sits too long in your warehouse. The data retrieved by the business intelligence software often leads to cost-cutting that can significantly affect your bottom line.
Cut Out The Guesswork
If you often make decisions based on assumptions and instinct, you probably already know that those results can lead your company in several directions, and not all of them are positive. Cut out the guesswork — and the nervousness that accompanies it — and opt to work with accurate, real-time data that includes those little trends and stats you probably didn’t think of. Your software can even make predictions for you.
Stop Making Spreadsheet Errors
Companies that don’t use business intelligence usually rely on spreadsheets to analyze data. The problem? According to several studies, up to 40 percent of all of those sheets contain some pretty big errors. Not catching those errors means your business information is inaccurate and virtually useless. Allowing the software to do the work for you means eliminating man-made mistakes. You can also spend that time you would usually spend compiling spreadsheets on something more important.
Simplify Your Operations
Business intelligence incorporates data from all departments and all aspects of your company. All of the data is pulled into one central location and is always available in real time so that you can keep an eye on things whenever you want. Instead of spending hours copying, pasting, calculating, and playing around with data, you simply generate the report you need.