Business Intelligence seems to be the buzzword in the professional world. What exactly is it, and are you missing out by not having it? Business intelligence, or BI, refers to a variety of software applications used to analyze an organization's raw data. Your company may be missing out.
Without a Business Intelligence system you may have lots of data, but no real information about your business. You may have hired people to collect data, but unless all the data gets consolidated, it's not helpful. If you have a BI system, it can organize your data in a way that's easy to read, easy to find, and easy to evaluate for possible relationships. This can lead to new business opportunities. When you can actually understand your data, you can use it benefit your business in many ways.
Opportunities to increase profits
Another major thing you might be missing without a business intelligence system is the opportunity to increase business profits by highlighting places where you can cut costs. When you have easy access to information about how your business is doing, you can easily see where you can cut costs. Perhaps one of your products only sells well in the fall. If you utilize business intelligence, this data will be clear and you can choose to carry it only when its sales peak. Using BI may also help you notice that certain promotions do or don't increase sales. You can cut out these promotions and brainstorm new ways to draw customers into your store. With BI, the possibilities are endless.
Understand the health of your business
Another vital thing you may be missing without a BI system is a true understanding of whether or not your business is healthy. Several businesses have peaks and valleys. When you are in the middle of a valley, you may fear that your business is on shaky ground, when in reality, it is about to bounce back strong. When you use the data collected from a BI system, you can get a better visual of the true health of your company. You can then make decisions based on facts instead of emotions, which will better for your company in the long run.
Business intelligence systems offer many benefits for your business that you don't want to miss out on. The best run businesses are those run by informed owners. Using BI Software can help you become that owner.