5 Ways Business Intelligence Solution Can Power Your Business
by Christian Ofori-Boateng on Feb 2, 2021 9:24:00 AM
It is exciting to live in a time when something a company already has in abundance—relevant data—can be harnessed to a powerful advantage. Everyday business transactions are yielding valuable insight, alerting busy executives where to best invest resources and finances. Data-driven insights can point to tangible things we hadn’t thought that can dramatically benefit our businesses and impact the bottom line.
The real problem sometimes isn't the problem you're looking at. It's what you cannot see that is the major issue that all organizations face, big or small.
Even so, it is one thing to have the data and another to be able to capture what you need from it in precisely the right format. To gain the insights needed on an individual level to make better decisions and formulate better plans, data delivery is essential. That is where having the right business intelligence provider saves time and money. The role that partnership plays—of your data scientist and business intelligence platform—in the success of your operation just cannot be overstated.
The Business Intelligence Solution
In its simplest terms, a data analytics and business intelligence dashboard or portal is a structured management tool that delivers valuable and pertinent information concerning every aspect of your business activities. It is helpful because it allows you to accurately refine your process.
How You Deliver Intelligent Matters
Let’s face it, regardless of how intuitive an entrepreneur or business executive may be, there are some insights the human mind cannot access. These are trends captured over millions of points of data and are typically too broad and too time-consuming to track manually.
Data insights must be understood and presented through analytics and the power of automated presentations, delivered by a business intelligence solution. Moreover, to be actionable these insights must also be easy-to-access. Otherwise team members tend to ignore them, as data that is not property targeted or too hard to get to, feels like a disruption rather than a tool.
Further, relevant data means very little to an organization unless it is accessed and acted upon consistently, delivering the precise insights you need in that moment. The right solution creates and shares your reports that include KPIs, metrics and key data points in a single easy-to-use portal.
When barriers to delivery are removed, data provides timely results. Business practices begin to reflect better insights that lead to time-saved and a better financial return for your business.
In fact, studies show that regular information helps end users engage more effectively in business operations.
In a study on how customer analytics boost corporate performance, Mckinsey Global Institute found that data-driven organizations are:
- 23 times more likely to acquire customers
- 6 times as likely to retain customers
- 19 times more likely to be profitable
Custom visualized data is easier to act upon. Wrestling with columns and rows of numbers may be too abstract to provide practical meaning. These numbers may show financial outcomes in some areas of a business, but how these outcomes were achieved is not visible.
The business intelligence dashboard goes far beyond impressive numbers and pretty pictures: once learned and mastered, it keeps a virtual finger on the pulse of your business and is able to report any nuances, trends, and recommendations to you based upon actual business activities and customer interactions. Best of all, this is not some standalone console that keeps a distant yet watchful eye, but is instead an interactive device which can generate reports, create schedules, and develop workflows which keeps your operation performing at an optimal level.
The 5 Benefits Derived From Using a Business Intelligence Solution
As you can well imagine, the benefits derived from expert usage of a business intelligence dashboard are multiple and powerful. A quick scratch of the surface readily reveals how your business will grow and profit from these core benefits:
1. Deepen Customer Loyalty
Serving the needs and demands of your customers quickly and thoroughly means having insights into the problems they are facing. Business intelligence solutions will reveal areas that have bottlenecks. Powerful data insights can uncover things that don’t add value and elevate things that matter most.
2. Establish Consistency and Sustainability
Developing systems and standards which are proven to work while improving productivity and profitability that also keeps processes streamlined. Data lays down reliable, efficient practices.
3. Greater Customer Understanding
A business intelligence dashboard used properly can reveal character traits and motivations of prospects and customers of which even they are not consciously aware
4. Manage Change Easier
Events or changes can alter the way you function, but a business intelligence dashboard makes the shift to new ways of working easier and sensible, resulting in minimal training and faster adaptation to new methodologies or practices
5. Timely Delivery
An intelligent system is proactive, knows how to collect and manage data, and to deliver reports, schedules, and workflows in real time; this results in relevant information and instructions landing in the right hands at the right time
Beyond the foundational benefits listed above, over time you will continue to realize more benefits which will likely include many of the following:
- Better Communications
- Elevated Collaborations
- Fewer Redundancies
- Heightened Accountability and Transparency
- Improved Search Functions
- Lowered Human Error Factor
- Reduced Corporate Footprint
- Streamlined Billing Systems
Setting Up Your Business Intelligence Solution
Since you are working on a system focused on intelligently improving business operations, the process of setting up your business intelligence dashboard is often enlightening and definitely the best way to gain a working overview of its powers. An integral component of the setup process is introducing your business operations to the dashboard; this is accomplished by allowing your dashboard to collect pertinent business data.
While the data is being collected and analyzed, it's a perfect time to explore the other functions of the dashboard, with special attention paid towards its ability to produce reports, establish and oversee schedules, and create workflows designed to improve performance, productivity, and worker satisfaction.
It's recommended to begin with the default settings, but be certain to explore the many customization functions and options which you will want to employ as soon as you master the basics of your business intelligence dashboard... in other words, quite soon. Perhaps the ultimate benefits to be derived from this more effective way of managing and improving the business process are the new insights which will undoubtedly be revealed as you see how your business runs from an entirely different and highly visual perspective.
Easy to Access Data Analytics And Business Intelligence
IntelliFront BI™ is a browser-based Data Analytics & Business Intelligence solution that saves you time and money. It creates and shares your Reports, KPIs & Dashboards in a single easy-to-use portal. You can create quick static and real-time reports in the browser-based admin module and easily share them with management and stakeholders in the secure user portal.
Schedule a 30-Day FREE Trial that includes: setup, basic training and technical support.
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