Business Intelligence and Why You Need It
by Gaven Singh, on Sep 15, 2020 5:25:26 PM
Understand your Story
Business Intelligence (BI) enables organizations to make smarter data-driven decisions by painting a picture about the past, present and future. Technologically speaking, BI provides views of internally structured data for products, services and departments by using functions like online analytical processing (OLAP), reporting, predictive analytics, data/text mining, bench-marking and Business Performance Management (BPM).
Frequently, this quantitative technical data is formatted into graphical dashboards that help make it intuitive for managers and leaders to grasp trends and insights about their organization.
A Smarter Business is a Stronger Business
In practice, you can view your organization’s data and use it to drive change, grow revenue, eliminate inefficiencies, and keep customers happy. If you are doing it right, you can create a comprehensive view of your business, which helps you make smarter decisions.
WHY DO YOU nEED BI?
Feel like Gambling?
Guessing puts your organization’s future at stake and can have serious consequences. Having the data you need to make smarter decision allows you to play out your “what-if” scenarios and choose the path you want knowing the risks you may encounter.
Quick to the Draw!
Your employees can have access to a wealth of data in the form of business KPIs, dashboards and reports that enables them to make decisions quickly and confidently. With real time updates, you have an advantage in the market against your competition and can swiftly mitigate damaging situations. In the open market, organizations that make decisions quickly tend to capture more of the market than their competitors.
Knowing your Customers = More Revenue!
BI enables you to consolidate your customer data. "Are you deepening your relationship with your customer?" "Are you missing opportunities to up-sell or cross sell into other products?" "Are you connecting with your customer?" BI is the best way to access and interpret customer data so you can leverage it for higher sales. In today's world, running your business with the help of data is minimum entry. If you are not using data to uncover insights that will guide your business into the future, you will become a business of the past. Never miss an opportunity to grow and eliminate roadblocks!
According to Deloitte, for every dollar spent on BI by an organization, it makes back thirty dollars in productivity. Understand your business to remove inefficiencies. From sales opportunities to products in your warehouse and out the door to your customer, with BI you can see the whole supply chain from beginning to end. See where in the supply chain things fall apart; not enough stock, incorrect order fulfillment, broken or defective products due to incompetent personnel or incorrect shipping. BI leads to fewer errors and delays in the process, making your organization more efficient gaining you dollars back in your pocket. Insights into all aspects of your business helps you to remove inefficiencies and drive productivity.
Looking to the future!
Knowing where to go is just as important as knowing where you are going. BI allows you to think strategically. “Should I spend more time on a current product or expand into new products?” Expanding your business with solid data enables you to make smarter decisions and mitigate risks.