Organizations today have access to unprecedented amounts of data; however, many struggle to leverage it to its fullest potential. They are managing, on average, 14.6 petabytes of data – 10 times more data than they did just five years prior.
This data is incredibly impactful, but only when it is harnessed and leveraged correctly. When seeking to maximize the value of their data, organizations can benefit greatly from business intelligence and analytics.
What is Business Intelligence (BI)?
Business intelligence (BI) is a set of tools, strategies, and technologies used to analyze business data, present it in intuitive and user-friendly formats such as reports and dashboards, and deliver actionable insights to empower data-driven decisions.
BI typically includes a combination of data warehousing, reporting, analytics, and visualization tools and is used to gain insights and identify trends. It can be used in various areas of a business such as finance, marketing, and operations to improve performance and make more informed decisions.
8 Benefits of Business Intelligence
The greatest benefits business intelligence stands to offer your organization are:
- Greater access to data
- Faster analysis for greater efficiency
- Empowered decision-making
- Identify opportunities and trends
- Improved quality and accuracy of data
- Improved customer satisfaction
- Increased revenue and ROI
- Greater competitive advantage
Greater access to data
Organizations often struggle with how to organize and analyze their overwhelming amounts of data. Business intelligence tools solve that problem by aggregating data from multiple sources, removing data silos and giving everyone within your organization a central area to find clean data reports.
This reduces bottlenecks like waiting for reports and ensures your employees are always armed with the most accurate and up-to-date information.
Faster analysis for greater efficiency
Business intelligence reports and dashboards empower everyone in your organization by making data analysis fast, easy, and intuitive.
BI tools remove manual labor from your data processes and eliminate time that employees and managers would otherwise spend tracking down accurate information. Instead, it allows them to generate reports quickly and enables them to dedicate that time to other important projects.
In order to gain a competitive edge and make fast, informed decisions, you need to be able to leverage the right data at the right time.
BI gives your organization’s leaders and decision-makers full access to accurate data when they need it, enabling them to make data-driven business decisions.
Identify opportunities and trends
A comprehensive view of your data through user-friendly dashboards and reports enables your organization to identify new opportunities and market trends.
Leveraging both external market data and internal business data provides insight into areas like customer behavior and market conditions, giving you a competitive edge to pinpoint growth patterns and new business opportunities and develop your strategy accordingly.
Improved quality and accuracy of data
BI tools help to clean up data, reduce risk of errors and inaccuracies, and ultimately deliver high-quality data analysis for the most accurate picture of what is happening within your company and your market.
BI aggregates data sources in a singular place, eliminating discrepancies and ensuring your employees are all accessing the same data.
Data quality is further strengthened when BI implementation is supported by a data governance program.
Improved customer satisfaction
Business intelligence reports can help your organization identify and better understand customer behaviors and trends. These tools can identify buying patterns and needs and empower you to respond by delivering the products and services your customers desire.
Furthermore, BI systems can analyze information from areas like customer support chat messages, helping you to identify customer pain points and adapt accordingly to improve satisfaction and retain customers.
Increased revenue and ROI
Business intelligence tools can analyze massive amounts of data to give you all the information you need to optimize your revenue.
You can identify where to reduce costs, such as products or services that don’t sell well, identify vendors with reduced product prices to lessen your expenses, and invest further into your products and services that perform the best.
BI tools also enable your team to minimize the costs and manual efforts traditionally spent preparing reports and analyzing data. Instead, your team can dedicate their time to making faster, better decisions driven by the actionable insights from BI reports.
Business intelligence reduces costly inefficiencies and instead drives productivity.
Greater competitive advantage
One of the greatest advantages you can have is to fully know your organization’s market and where you stand within it.
BI tools enable you to monitor changes in the market, proactively identify and adapt to customer needs, and identify opportunities to position yourself strategically. Business intelligence can also allow you to track and learn from your competitors’ sales and performance in the market.
This information, leveraged correctly, gives you a strong competitive edge.
Successfully Implementing Business Intelligence
In order to realize the true benefits of BI and scale its use within your organization, you need a strategic roadmap and the right support and resources.
Our teams at AIM Consulting bring deep expertise in helping organizations implement integrated, modern BI solutions that increase self-service analytic capabilities, strengthen insights reliability, and provide data democratization across your enterprise.
Let’s discuss how we can help you successfully implement BI and become a truly empowered, data-driven organization.
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