Data is being generated at a really fast pace. To cope with the ever expanding growth of data, we need to have the necessary tools and infrastructure to handle and manage these volumes. In the business world, sales data, financial data accounting data, transactions, inventory, personnel count, email, phone conversations, chat rooms and blogs are the data being generated every day. Although there are many business software in use today, some of it will lose its ability to provide factual insights and predictions that are critical in the daily operations and decision making of an organization.
Business Intelligence Software
Business intelligence software will be able to provide the necessary tools in gathering raw data to help in improving, enhancing and doubling the productivity of a company. Business intelligence systems provide current, historical and predictive views of daily business operations that are gathered from collecting data in data warehouses. The technology is used in collecting, analysis, presentation and integration of business information. The main purpose of Business intelligence is to support decision makers in providing the best information, at the right time and format and use it in implementing protocols and within the organization and other business decisions.
Simple Answers To Big Problems
Business intelligence simplifies different processes in creating predictive models and solutions that will help in running the organization. Raw and unstructured data are converted to simplified information like graphs, marketing models etc. and improve in relaying facts in any critical business decisions. Below are some of the ways how business intelligence gives positive returns from the bottom line up to the executive level:
Get quick answers to critical business inquiries. Business intelligence provides data at the moment of value to the organization. Companies can access and extract important information from a collection of large data at a fast speed with just a few clicks of a button. Having quick access to your data means that you can use your time efficiently in analyzing information and make the best course of action.
Empowering the workforce. If the whole workforce has access to data, it will give results in more value to the organization. It will allow you to maximize information gathering and will turn every employee into part of the decision making process. The workforce will have a voice that will help in improving the workforce. With relevant, real –time and realistic information from the workforce, it can give informed and solid decisions that will greatly impact the bottom line people going up to the executive level.
Corporate strategy and business activities should be aligned. Huge losses will incur if the departments and personnel are not aligned with the company’s strategy. Implementing metrics and KPIs that is aligned with the strategy of the company will provide accountability and results that are aligned with the company objectives.
Reducing time in data entry. A well configured business intelligence software can help in minimizing or completely eliminating time consuming copying and pasting data and calculations. With the right Business intelligence system, users can quickly generate reports where it has been done in the back office department. The time saved on creating reports can be allocated to more important processes and activities that will drive more profits to the company.
Getting fresh insights from customers. The Business intelligence system allows you to discover customer behavior patterns. This will give you an idea what the customers want and what they need. Inside knowledge is good leverage to direct profit to the company by using the data on consumer habits and keeping loyal and valuable customers.
Boost productivity. Business intelligence software can also see all the traffic happening on a network and how much time they are spending on non work related activities. If this is not monitored, productivity levels will go down and affects the business and can incur losses.
Knowing the areas for cost cutting. Reducing excessive inventory and going within the cost of maintaining it is one of the easiest ways a company can do. It’s critical that the right number of inventory is on record to avoid overstocking and wastage. This will also provide better decisions on what product or service to order and what goods are not doing well.
Providing the right decision in critical business situations can make or break a company. Don’t let this happen. All the necessary tools and expertise is already here and you just have to take advantage of it. Intelligence is the key in winning the business wars.
Image Credit: nichedatafactory.com
Great post. We have created a blog piece about Cloud BI with a link back here http://www.matillion.com/insight/cloud-bi-why-its-right-for-your-business/
Nwosu Mavtrevor says
Thanks for sharing.