How Do Business Intelligence Solutions Profit Businesses?
by Christian Ofori-Boateng on Mar 2, 2017 8:30:00 AM
BI is a trending term in today’s business and software worlds, but it isn’t always easy to see what such programs have to offer. At first glance, BI solutions may seem like glorified search engines. The truth is that BI is a necessary tool in the world of big data and borderless enterprise. Many key solutions and critical developments hide in the vast hoards of data today’s businesses generate and collect. Business Intelligence transforms that data into a true advantage rather than an inconvenience.
BI Generates Savings
BI allows you to take a microscope to your business practices. With the data generated by regular, daily functions, production rates, standards, and habits become vastly easier to quantify and analyze. Rather than trusting human memory or opinion, you can transform raw data into clear information suitable for a variety of purposes. This helps you save by revealing flaws and inefficiencies in your current business practices. BI reveals everything from regular slumps in employee work days to what office supplies are over-used. While anyone can make a plan to trim down spending, only a plan built on facts can succeed. Business Intelligence tools give you the clearest window available into your company’s inner workings so you can make careful adjustments without breaking the machine.
The same solutions can help analyze experimental policy changes. It’s much easier to see which break pattern works better for your employees’ work pace when you have the actual data generated from their work to analyze. This method is infinitely more reliable than simple opinion polls. While the numbers may be intentionally manipulated, raw data doesn’t lie on its own, and BI gives users a direct line to the raw data.
BI Predicts Opportunities
Saving money is always a good thing, but increasing revenue is always more important. Just as it helps you study the minuscule details of your workplace, BI can shed light on the intricacies of customer habits and preferences. The more data your BI solutions can access, the more insightful the results will become, but even the basic data from website traffic and shopping cart apps can help you make critical decisions.
Once your Business Intelligence software turns all that raw data into actionable information, you can pick apart your previous sales and customer policies to see where you may be losing sales. Opportunities may be harder to spot than errors, but BI helps decision makers easily notice developing trends. This gives your business an advantage over any business that doesn’t utilize BI solutions. You can cut back on fading trends and make sure you’re one of the first to offer the latest, most fashionable products.
Services benefit just as much from BI. Even if you aren’t losing customers, you can see what your closest competition offers that you lack. They may use customer portals to offer features you hadn’t considered, their hours may cater to a different customer demographic, or they may run a more effective advertising campaign.
BI has the flexibility to help just about any part of your business, but it clearly helps your bottom line. Not only does it make budgeting easier, but it also gives you the insight you need to reach new demographics and serve your existing clientele better. It helps build, and it helps shore up weak points.