Discover the story of your data and how business Intelligence (BI) can boost your productivity. Read on and learn how BI enables organizations to make smarter, data-driven decisions by looking at the past, present, and future.
Understand Your Data to Understand Your Story
Technologically speaking, BI provides views of internally structured data for products, services and departments. It uses advanced calculative functions, like online analytical processing (OLAP), reporting, predictive analytics, data/text mining, bench-marking and Business Performance Management (BPM), to give businesses an in-depth view of their progress overtime.
In simpler terms, BI provides the story of your organization's successes and areas for improvement. You can't understand that story until you understand the importance of BI.
Visual Story Telling
Most quantitative technical data is formatted into visual dashboards and graphics, which are designed to help managers and leaders make intuitive decisions as they identify trends and insights about their organization. Once more, these visuals are designed to answer important questions, allowing leaders to customize the visuals and control how they view different parts of their story.
Smarter Businesses Know to How to Manage Their Story
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 use BI to create a comprehensive view of your business — the real story of your organization — which helps you make smarter decisions.
Reasons Why You NEED Business Intelligence
Avoid the Guessing Game by Using Real Data
Guessing puts your organization’s future at risk and can have serious consequences. Having the data you need to make smarter decisions allows you to play out your “what-if” scenarios with a higher chance of success. Armed with the right data, you can choose your path knowing the pitfalls you may encounter and how to overcome them.
Beat Out Competitors with Access to Live Data
When your employees have access to a wealth of data in the form of business KPIs, dashboards, and reports, it enables them to make decisions quickly and confidently. With real time BI updates, your organization has an advantage over your competition. Leaders can swiftly mitigate damaging situations. Team members can immediately shift priorities. Organizations that make data-driven decisions quickly tend to capture more of the market than their competitors.
BI Provides Customer Insights that Equal More Revenue
All businesses ask the same questions:
- "Are we deepening our relationship with our customers?"
- "Are we missing opportunities to up-sell or cross-sell into other products?"
- "Are we connecting with our customers at the right time?"
Answers to these and other questions can be tracked using BI dashboards and reports. Accessing this live data is the best and easiest way to interpret customer data, which you can leverage for higher sales. Dig deeper and find better ways to segment your customers, plan for their buying habits, and build campaigns that address their needs and meet your sales goals.
Improve Your Productivity Through Monitored Data
According to Deloitte, for every $1 an organization spends on BI, it makes back $30 in productivity.
In other words, BI can be used for more than just monitoring your revenue and your customer's buying habits. it can monitor every aspect of your business.
For example, with BI, you can examine your whole supply chain from beginning to end. Use live data to discover where things fall apart. Not enough stock? Incorrect order fulfillment? Broken or defective products? BI can identify these issues and more in real time.
Use the data to change your processes whenever changes are needed. By lowering errors and mitigating supply delays, BI supercharges your productivity, which increases your overall efficiency and puts dollars back in your pocket.
Enhance your Story and Your Future with Business Intelligence
Knowing where to go matters, but knowing where you are and how to get where you want to be is equally important. BI provides this insight. It lets you think strategically about the future of your company by looking back on the story of your business thus far.
In today's world, collecting data has become a standard operating procedure. That said, 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. The right BI tools and dashboards enable you to make smarter decisions, mitigate risks, and they will keep your story going.
Interested in how BlueVolt's BI tools can help you make smarter decisions?