Modern businesses benefit greatly from Business Intelligence or BI. With its help, an organization can make decisions based on data to gain an edge over competitors. Overall, 26 percent of businesses around the world currently benefit from its technology. Software and finance companies in particular turn to BI regularly when making decisions. How is BI a game changer for many organizations?
Businesses collect immense amounts of data daily. In fact, all organizations together amass billions of records daily. How can this data be used? With so much information coming in, business owners need a way to sort through this data to determine what is useful for various applications. This is where business intelligence and analytics software comes into play.
A Comprehensive View
A person can’t see the forest for the trees is an old saying. This saying definitely applies when it comes to stored data. With this amount of data, it’s almost impossible to see the big picture and pull meaningful information from what has been collected. The software makes it easy to do so.
This program takes the data collected and converts it into readable formats. Decision makers within the company can then see how and what is happening within the organization. The software provides data trends and information in easy-to-read infographics and dashboards while providing an overall view of the organization.
Planning for the Future
A company needs historic data to make decisions regarding the future. They must look at market behavior and company sales when doing so because they change over time. The business intelligence software takes market trends and studies them. They then share analytics that will help the business make decisions about the future.
This information allows the company to determine where changes must be made or where they should move the focus. The business can use this information to better meet the needs of customers and ensure it remains competitive. The software makes it easy to see what is working and what is not.
Many people find they retain information better when it is presented graphically rather than in text. The BI process makes it easy to compile this graphical representation because it eliminates the need for extensive reports. The software takes the collected data and converts it into a graphical form.
To do so, it looks at multiple angles rather than one or two. The company can compare sales data among locations, territories, and more. The business may then look at multiple factors to determine what is slowing growth while also finding ways to increase efficiency.
One problem businesses would encounter when handling many processes manually is decisions would be made on outdated information. BI software resolves this issue by ensuring every employee has the information they need at their fingertips. When one department updates information, all departments can see if. Mobile solutions ensure employees out in the field have the same information those in the office do.
Data is often stored in multiple locations thanks to the number of applications offered today. Analyzing data across various databases serves as a challenge as does consolidating reports across these applications. The business software simplifies this process so a company can get more from all data.
Consider investing in BI software today. Companies that do so gain an edge over competitors. They are better able to meet the needs of customers, which must be a top goal of every company today.