Business Intelligence provides users with power. The power of knowledge. This derives in many benefits that can transform the way you do business forever. We are listing here 10 simple, but powerful benefits that the correct BI tools can give to you.
1. Get insights to make accurate and timely business decisions. Eliminate guesswork. Many times, executives make decisions based on their best guess and on their gut feeling. Often, these decisions are proven inaccurate because they were not completely informed. Using Business Intelligence, your decisions will be data and insight-driven, not taken by gut feeling. You will be able to analyze data in real-time for making immediate decisions.
2. Identify new revenue opportunities. By being able to analyze all your data, you will obtain insights about potential opportunities you might have missed in the past. You can create new offers to adjust to the current market situation and to better satisfy your customers.
3. Successfully track KPIs by getting alerts and notifications every time data changes regarding a specific KPI. If the data changes, you get notified and can drill down to see why it happened and what can you do to fix it.
4. Get answers to all your questions, plus extra answers (insights) to questions you did not even think of yet. This is the beauty of automated insights, they avoid our natural observational biases and give us ‘answers’ to issues we haven’t even noticed.
5. Allow different types of users to access data and dashboards. With self-service solutions, business users don’t have to depend on IT entirely to be able to access data and create dashboards, rather, they can access key metrics and reports. If you use a governed self-service BI tool, then you allow all users to benefit from BI, but maintain only one version of the truth.
6. Get a 360° view of your customers. You will understand customer behavior better and use it to provide the customer with customized offers. Knowing what customers buy or don’t, at what time and where, enables you to turn this information into profit.
7. Better inventory management. BI can help you manage the amount of inventory you order, the logistics for a correct management, and detect any anomalies in the inventory data.
8. Improve efficiency. Your BI solution will save you a lot of time by giving you insights within seconds. Long gone are the days of reporting that took weeks. You and your team can now get answers faster.
9. More accurate resource allocation. You will know which areas of the business need more resources. BI allows you to analyze exactly how each business unit is doing and gives you insights as to how to improve them.
10. Take advantage of your team’s potential. By collaborating and being able to create discussions with other team members when you spot a change in data, you can make better decisions together. Find out who are the relevant people for a specific issue and create an ad-hoc team to solve it.