The need for business intelligence is on the rise in many industries, mainly because the facts that it can teach organizations are extremely important and relevant across verticals. There is a universality to the quest to learn facts using data rather than falling back upon intuition or guesswork. This means that if an organization is not using this technology, it may soon find itself up against competitors that are, not an enviable task for the business without BI. The rival will be able to refine information about the market and its participants into a coherent strategy and the firm without may end up one step behind.
The key to any business is how it deals with its customer base. These individuals make or break the company, and knowing what they are thinking is one of the surest ways to get to the top. Business 2 Community contributor Red Akrim recently pointed out that this is a major use case for BI, the next best thing to reading the minds of the clientele and determining their next move. The source explained that analytics users can determine what products to stock and when they will be needed, thus cutting down on waste. A whole company can tailor itself to the needs of its shoppers.
Akrim mentioned that this knowledge about customers is a good source of provable value for BI implementers. Organizations will want to know the money put toward the solutions is doing its job, and here are results they can see: BI can inspire the ads that companies display to their shoppers, meant to extract an additional purchase. One of the keys to business is to make existing consumers spend more, and with BI contributing, these efforts can hit their mark more often. Leaders wondering where BI fits into their financial planning can rest easy when they look at their upsell tallies.
Time to buy
Of course, all new technology adoption is a race. There is real pressure for firms to get the solutions before their rivals do. That means it's time to act on the need for BI. The solutions, fortunately, are available now. Some IT solutions simply aren't ready for prime time. This is not the case with BI, which has seen years of protracted development. From humble beginnings making sense of structured data sets of limited size, BI has evolved to encompass advanced deployments such as Necto 14. This suite uses many sources of input to answer pressing questions for users.