September 4, 2014
Business Intelligence Benefits – Top 10 Reasons your business should go for BI
Business Intelligence is on the verge of huge change. For a long time it has been limited to only the larger organizations . With the advent of open-source technologies , BI has become much more accessible . In today’s post we would be discussing some key Business Intelligence benefits to create awareness of this wonderful concept and as to why one should leverage BI capabilities in their enterprise solutions.
1) Stay ahead of competition
Arm your team with compelling BI reporting and examination so they can stay in front of the pack, and exploit patterns and new open doors as they arrive. Visually intelligent dashboards gives your group access to sales financial and operational parameters of your product/organization as well as your competitor.
2) Foresee and react to patterns
Examine organization and competitor information to set competitive objectives, and track achievements against key performance indicators for the business . Analyze trends and mitigate business risks. Apply hypothetical variables to your information to foresee possible outcomes , historical informational data caters to creation of a predictive model.
3) Empower Decision Making with on-demand data .
Business Intelligence lets your team, from field reps to top level administration, access dynamic data and empower them with business perspective by offering deep insights into data , enabling better decision making.
4) Visual dashboards and custom-made reports at your fingertips.
Visually stunning and detailed information could be conveyed to the significant individuals via reporting dashdboards with custom reports , with ability to drill down and dissect the information to gain insights. Furthermore BI reports has provisions to customize reports to fit each users needs through simple drag drop functionality.
5) Reduce wastage , efficient manage resources.
BI helps to get rid of nonaligned data systems and eliminate resource wastage. Eliminates wasting time and resources spent on correcting data errors and manually compiling spreadsheet based reports , so your resources can add maximum value to the organization growth by focusing more on the business growth.
6) Track and monitor Customer behavior
Business Intelligence helps you to identify what customers are buying, what are trends of the buying customers. You can monitor customer behavior and use data insights to drive loyalty and maximize profit by identifying up-sell and cross-sell opportunities. BI also provides opportunities to identify conversions for a potential lead to become a customer
7) Ability to mine data , discover your true manufacturing costs
Business Intelligence software has the ability to create automated alerts to notify managers of incidents that require action. This brings more efficiency in managing procurement , managing inventory , delivery which reduces cost and mitigates risks.
8) Discovering New Questions and Their Answers
Business intelligence is data driven in nature , trending patterns helps us identify and ask new questions leading to a data-driven discovery. Else it could work the other way round where-in you may have certain questions which could be answered using historical data in the warehouse.
9) Mobile Device Accesibility
BI enables easy integration with various mobile devices like I-pads,laptops , mobiles. Hence reps/directors can have access to reports on-site on -fields or in office.
10) Efficient Data Management
BI enables integration of enterprise wide disparate data sources into a single unified data-warehouse, to ensure consistency and accuracy. This data is cleansed quality data , which makes data management very easy.
These points here just scratch the surface when it comes to Business Intelligence benefits , if you feel strongly feel about other benefits you want to point out please feel free to comment below and let us know.
Check this very awesome video out which outlines BI concepts in a very interesting way.