10 Ways Business Intelligence Can Improve Your Business
Apr 27, 2017
With businesses today looking to maximize their existing resources and make quicker decisions, it is no surprise that Business Intelligence solutions have become increasingly more relied upon. While BI solutions are able to provide greater insight into business performance and help enhance overall efficiencies, many businesses are still hesitant to invest in Business Intelligence. This may be due to preconceived notions regarding the perceived complexity of BI tools on the market today. However, recent BI solutions have evolved, offering a more user-friendly experience with intuitive functionalities that the average user will be able to both understand and utilize.
If your business is considering implementing a BI solution, here are 10 ways business intelligence can help improve your business:
Make Faster Decisions. With the ability to analyze data in real-time, businesses are able make decisions in a timelier manner, while leveraging current information. While most businesses today have an abundance of data, the fact of the matter is that the information is not valuable in its existing format. Business Intelligence streamlines and organizes your data, allowing for both meaningful and actionable insights, improving decision-making capabilities and increasing business value in the process.
No More Guesswork. Without Business Intelligence, many executives find themselves making decisions based on their gut feeling, while using outdated and often inaccurate information. With a true Business Intelligence solution, decisions will be based on real-time, insight-driven data, effectively eliminating guesswork. With the right information available, reflecting the latest and most up-to-date analytics, you can be confident in each decision you make.
Grow Your Business. Business Intelligence provides detailed information pertaining to each job or project that was completed, allowing you to analyze performance and identify areas of improvement and potential missed opportunities. With greater visibility into past performance, you will be more prepared to capitalize on these lost sources of revenue and help grow the business organically.
Enhance Efficiency. Most businesses today find themselves spending valuable time looking for information across multiple data sources. Not only is this process very time consuming, once the information is located, it may already be outdated or missing important details. With a Business Intelligence solution, all information is located within a single, centralized location. This information is displayed in a dashboard view, with the ability to generate graphical reports as well. Having all information available in one location will save your business precious time, while increasing efficiencies in the process.
True Self-Service. Users today want more than just basic charts, graphs, and standard reports. They want to be able to visualize more complex data, drill-down into the details, and generate intricate reports. With Business Intelligence, users are able to create their own reports and visualize data according to their needs and requirements. Business Intelligence allows the user to create these complex visualizations and reports autonomously, without any knowledge of SQL, providing the user with greater control over the data.
Integrate Your Data. Most businesses typically have data stored across multiple solutions, which makes analyzing and reporting on business performance challenging to say the least. With a Business Intelligence solution, you can eliminate the barriers that exist with data locked in various software and spreadsheets. Business Intelligence tools integrate directly with your existing software solution, leveraging real-time data to provide a more accurate view of the business. With a truly integrated BI solution, you can trust what your numbers are telling you.
Mobile Information. In today’s world, accessing information on the go has become the norm. Businesses that lack the ability to access important, real-time data when they are out of the office are putting themselves at a competitive disadvantage. This is where Business Intelligence comes in. A fully integrated BI solution has the capabilities to provide your business with the critical information you need to make key decisions on the go, directly from your mobile device, tablet, or laptop. With real-time business data at your fingertips, this can be the difference in closing a new deal, salvaging an under-performing job, or servicing an existing customer better.
Visualized Reporting. The current way of conducting business typically revolves around selecting KPI’s and exporting this data to an Excel spreadsheet. From there, the data is converted into a chart or graph to display the data visually. The problem with this however, is that executives, project managers, service managers, and salespeople today are requiring immediate insights to provide them with that competitive edge. With Business Intelligence, data can be visualized from numerous data sources, all within a single dashboard. Accessing these visual reports directly from a mobile device, while on the go, can help identify and capitalize on potential revenue earning opportunities that may have been lost otherwise.
Understand Your Business. With the ability to drill-down into the details of all aspects of your business and display this information graphically, you will have on-demand access to real-time company performance. Whether you want to create reports to compare monthly sales, look at technician utilization, or determine optimal inventory levels, graphical reports can be generated to provide instant insights your business can immediately utilize. This will not only help you make more informed decisions, but will also help determine areas in which your business is both strong or lacking.
Deeper Insights. For most businesses today, obtaining detailed insights and generating reports on business performance can often be a time consuming and length process. Not only is the process tedious, but the amount of data analyzed is typically minimal as well. Leveraging the power of Business Intelligence, answers to business questions can be immediately solved, allowing your business to make faster decisions in the process. Big data can be analyzed in real-time, helping to identify opportunities to increase efficiency and grow the business overall.
For more information about how our Enterprise Business Intelligence solution can help improve your business, click HERE to contact us now!