Business Intelligence And How Is It Crucial For Business Success
Posted By : Priyansha Sinha | 17-Dec-2018
Business Intelligence enables businesses of every size to make better decisions by accessing & implementing big data. Additionally, even small companies that do not accumulate a large volume of data can obtain optimum benefits from improved analytics. Recent technological innovations such as SaaS (Software as a Service) on a cloud computing platform have seemingly levelled the playing field. Let’s dive deep and see how Business Intelligence can actually boost business success.
In today’s digital-first and customer-centric world, many business owners are blasted with ‘information overload’ and are vigorously seeking ways to procure greater understanding, control, and intelligence from their industrial data.
One of the most effective solutions to this ever-growing quandary is to adopt a Business Intelligence (BI) Strategy. However, in reality, many organizations are reluctant and quite slow to do so- mainly due to lack of knowledge, where to start, and how long will it take to reap any benefits. But the big truth is- Business Intelligence should indubitably be an integral part of your overall operations.
Today, even small ventures will sales under $100,000 a year, can implement and gain desirable results with BI. Before I actually tell you how beneficial Business Intelligence can really be, let us start from the beginning.
What is Business Intelligence?
Business Intelligence is neither a suite of software nor a single piece of software to crunch big data. Instead, it is an umbrella term that inculcates best business practices, infrastructure, software, and various other tools to enhance business performance and optimize decision making.
In other words, Business Intelligence is majorly all about data analysis. A database collects information from different spheres of your business, then applications turn the gathered raw data into charts, reports, and other analytical tools so as to provide better insights. BI can also be used for countless ways including:
- It can be used to track and measure staff performance.
- It can be used to analyze any aspect of your business.
- It can be used to monitor how well your sales efforts are going.
- It can be used to evaluate the efficiency of your manufacturing procedures.
Also Read Know How Artificial Intelligence Is Revamping Mobile Economy
How Can Business Intelligence Be Beneficial For You?
Smart Decision Making
As a business owner, it is crucial to have a firm grip on what your company’s data is telling you. The overriding aim of the business intelligence initiative is to morph your company’s data into analysable and structured insight. Based on industrial experiences, it is clear that having data-driven and up-to-date intelligence at your fingertips will not only help in making better business decisions but will also render superior financial performance.
Deepen Customer Knowledge
One of the crucial reasons behind the swelling demand for tools delivering business intelligence is that it has never been more urgent to understand how your users interact with you and what is the best way to reach them- or more precisely, urge them to reach you. Lack of these crucial pieces of information, you are likely to find yourself losing to your competitors. Solutions such as CRM (Customer Relationship Management) software are necessary to offer remarkable intelligence pertaining to your business & sales growth.
Power Up Productivity
Business Intelligence has the capability to refine existing business processes, release inefficiency bottlenecks, organization & prioritization to everybody’s work, automate routine tasks, and bringing new levels of profitable techniques. The productivity and efficiency gains can be substantial including better use of salesperson’s time, more responsive customer support, and a closer evaluation of marketing campaigns and product development cycles.
All in all, I believe that business intelligence will help you take digital literacy to new heights. If you agree to the aforementioned aspects or would like to know more about it, let us know. We can help you streamline your business and reach a more refined conclusion.
Priyansha is a Content Developer and Writer with almost 2 years of experience. Besides, she is a trained vocalist and pianist with an enormous love for photography.