Embracing Business Intelligence in an organisation is not easy because it requires a lot of preparation as well as ongoing assessment and review. Yet, the benefits it can deliver to your business are nothing short of astounding. That is why many organisations seek to implement some form of Business Intelligence into their businesses.
To name a few, here are 5 benefits that Business Intelligence can bring to your organisation:
1. Convert Data into Valuable Information
Business Intelligence is designed to convert “big data” into valuable information. A study conducted by BI-survey.com shows that over 50% of businesses that use Business Intelligence tools are able to make better decisions, which leads them to achieve their business goals. This suggests that Business Intelligence can help an organisation thrive and succeed.
2. Boost Productivity
Business Intelligence provides business leaders with a holistic view of the operations within an organisation, making it easier to spot inefficient areas. By having the power to identify inefficient departments or teams easily, business leaders can diagnose causes and find solutions to step up productivity.
Also, since Business Intelligence provides accurate and effective data, the productivity of the whole team is improved. By using Business Intelligence, the team is able to use their time to strategise and conceptualise quality and innovative actions for the organisation rather than waste time on manually analysing data.
3. Improve Customer Experiences
Business Intelligence can greatly influence customer experiences. This is because using Business Intelligence platforms assists with the analysis of customer behaviour, buying patterns and sales trends, thus affording the organisation with the opportunity to improve the quality of their products and services.
Business Intelligence enables a strong customer voice to be present within your business. It allows your organisation to be proactive in terms of addressing whatever comments or suggestions that customers may post on your organisation’s social media accounts. And, once the team identifies the changes that need to be made and implement these changes, customer satisfaction is sure to improve.
4. Increase Sales & Market Intelligence
Business Intelligence helps business leaders create customer profiles while identifying the most profitable customers. Once these most profitable customers are determined, the business is then able to focus its marketing efforts towards that segment of customers.
Additionally, Business Intelligence increases the accuracy of sales forecasts. This helps Sales and Marketing teams to measure, track and predict sales by accommodating for seasonal demand, product promotions, slow-moving items, etc.
5. Increase Competitive Advantage
Business Intelligence helps a business identify trends in the market and track its current performance. By facilitating awareness of current situations in the market, Business Intelligence helps the organisation to keep up with the changes in the industry and to monitor the fluctuations of the market.
Business Intelligence is the key to an organisation’s competitive advantage. Why? Because with Business Intelligence, business leaders get real-time information which allows them to easily manage and analyse data. And, from this analysed data, powerful decision-making can be achieved.
These five benefits of Business Intelligence highlight how vital it is to every business.
In order for business leaders to successfully implement and scale Business Intelligence within an organisation, they should create an effective Business Intelligence roadmap and allocate the required resources.
Business Intelligence has been proven to improve business profits while reducing costs. And, for this reason, it can be of great assistance to businesses when embraced in their organisations.