With technology advancing like it is, more and more companies are finding the benefits and advantages of incorporating a business intelligence system in their program. For those not familiar, business intelligence consists of software and other tools that take complex business data and condense it into high-level reports. What can these reports be used for? A number of things. From increasing employee productivity to eliminating waste in the business place, business intelligence goes a lot further than just delivering reports.
Whether you are completely on board with the advantages of business intelligence or just starting to learn, take a look at these 10 benefits that we think all companies should know about.
Waste can be defined as anything that is not adding value to a company. Business intelligence systems can pinpoint areas of waste that might have gone previously unnoticed in most companies. More unnoticed waste means less productivity.
Running your business shouldn’t be like running in the dark. Business intelligence solutions can help you make informed decisions rather than “going with your gut.” Detailed and up-to-date data can help your company succeed in knowing the best strategy – not guessing.
Immediate access to key metrics reports
Whether you are in the office or on the go, you can get quick and easy access to metrics reports for your company. This allows you to be more productive on the road while also saving you the time and effort of searching through endless amounts of files.
Improved sales information
Business Iintellignece systems allow you to identify up-to-date reports on market trends, product development, and customer preferences. When you have that information at your fingertips, your sales team can work more efficiently and more productively, consequently improving your bottom line.
Better inventory management
With business intelligence software you can order the right level of inventory at any given time and ensure that customers get their products when they need them. With this, you can eliminate wasted inventory expenses and do more to improve your business.
Identifies potential opportunities
Business intelligence can help companies identify potential clients that can prove to enhance their profits. When companies can asses their own capabilities and strengths to compare them with potential high-level clients, they can be more proactive in working with them.
Reduced labor costs
By automating data collection and report generation, you are able to reduce employee training and development costs. Business Intelligence can also reduce costs by allowing you to understand how well you’re performing with a certain number of employees and how many you need to reach your goals.
BI systems can help your company become more aligned and execute more work while being on the same page. When all of your data is up-to-date, you can feel confident knowing that your employees won’t miss a beat trying to find outdated business information.
Greater competitive advantage
Implementing a business intelligence system can allow you to gain insight into markets, competitors, and your own performance. That information can be key in getting ahead of competitors on customer preferences and market trends.
Quick and easy consolidation of data
With an automated data collection system, you can consolidate data from multiple different sources just as easy as if they were on the same server. If you can decrease the time you would usually spend consolidating data and spend more time improving the company, you’ll find a greater impact on your bottom line and eventually see a more successful company.