Business Intelligence (BI) can be safely regarded as one of the top data analysis solutions with diverse use cases. Regardless of whether BI tools are powered by Big or Lean Data, these systems help guide very important decisions made by organizations worldwide. For some organizations, Ways Business Intelligence Can Help Companies BI tools are even used to make daily decisions that might seem insignificant. The implementation of BI within a company can have a lot of benefits that contribute to the company’s growth. How is this possible? Here are ways that Business Intelligence can help companies perform better. Ways Business Intelligence Can Help Companies
Implementing data solutions for BI Are Business
BI takes different forms and shapes according to the specific requirements of each organization. Those requirements guide the type of BI tools implemented and the data sources they use. For example, Ways Business Intelligence Can Help Companies some companies might require real-time insights into the traffic interacting with their website or app. In this case, an operational business intelligence (OBI) angle could be used to implement the BI solution.
The data source of this solution could be an operational data store with currently relative insights. Having this architecture could be best for operational business intelligence required in real-time with minimal latency. Those insights could be persisted in a data warehouse for storage and used for BI reports using historical performance information. This example is a typical manifestation of implementing both operational and historical types of BI tools.
Powering tactical decision-making
Companies can benefit from BI tools by powering their tactical decision-making processes using this cutting-edge solution. Operational business intelligence can power tactical decision-making by providing real-time insights. Tactical business decisions require information that is currently relevant at that time. Implementing an operational data store with a distributed in-memory grid can provide insights relevant within milliseconds to BI tools.
The reduced latency provides accurate insights in record time which powers advanced BI tools providing tactical decision-making capabilities for organizations. Timely reports from BI tools can prevent loss of revenue and assist company decision-makers in leveraging timing to seize opportunities with growth potential. Companies in the financial industry can leverage the tactical advantage of real-time insights accuracy down to the millisecond to make data-driven investment decisions.
Identifying market trends
Each market has its own trends and when you are starting a business, being aware of these seasonal changes is important. Depending on the industry you are in, there might be seasonal growth in weeks or days leading up to major holidays. However, you might not be aware of the scope of these market trends without using BI tools.
Implementing a BI tool can provide visualized insights to business owners to identify market trends. Reports like these contribute to timely marketing efforts and improve revenue growth. At the same time, depending on the type of data companies have, they can identify any significant pattern changes in their competitors. This could help identify any market pattern changes that company decision-makers should be aware of.
Isolating business problems
If a company is experiencing difficulties pertaining to their finances, employee retention, or other important issues, using a BI reporting tool could provide a permanent fix. There are various problems a company could potentially face, and no organization is immune from issues. This is why BI reporting tools use all the available enterprise insights to formulate reports.
Periodically assessing these reports could help isolate business problems that could have a larger impact on the company’s interests. Some companies have used BI reporting tools to audit the entire business after an issue has been identified. Although this usually works, it takes more time to isolate the problem, but if BI tools are implemented as a preventative measure, the issue could be prevented from materializing. If the issue does materialize, it can be isolated quicker if BI tools were implemented before that problem was identified.
Improving profit margins
Over time, a business might experience shrinking profit margins. At times the cause for shrinking profit margins might seem out of control for company owners or executives. This notion is generally caused by not fully understanding the potential triggers of revenue drops. Implementing a BI tool generally helps companies identify why they are losing sales.
With those insights, company executives can take practical measures to address that particular problem and improve profit margins once again. This can also be done through some of the insights mentioned above. For example, if there are business problems triggering profit margin decline, these issues can be isolated. Additionally, being aware of market trends provides business owners with the needed insight to improve their operations and subsequently increase profit margins.
Better customer experiences
The bread and butter of B2C businesses is customer satisfaction. If consumers are not satisfied with the online platforms utilized by the company, they will most likely churn. This is one of the leading causes of shrinking profit margins, and it has an impact on the authority of the company. Therefore, assessing user satisfaction rates using CRM platforms and other customer support solutions will provide some insight into where improvement is due.
Data from disparate CRM platforms and customer support solutions could be hard to aggregate. Unfortunately, this can lead to inaccurate business intelligence and assumptions impacting the efficacy of any changes emanating from the disparate insights. To get accurate aggregated insights for a proportionate response, BI tools can effectively facilitate the aggregation of disparate data. The tool can integrate insights from various sources and formulate a single unified report for your consumption.
Accurate forecasting insights By business
Business owners like to predict the future as it helps with financial forecasts and attracting investment by advertising potential growth opportunities. Accurate predictions and forecasts are very important for successful future reporting and financial analysis. Just as the adage goes, “future tends to repeat itself.” Therefore, a careful analysis of historical activity and growth can provide insight into any future operations.
However, analyzing the past is not the only source of information that should be considered when forecasting. Potential market trends and other reports must be factored in for an accurate and holistic forecast. Implementing a powerful Business Intelligence can provide accurate forecast reports factoring in all these insights by using powerful AI algorithms. These insights can lead to data-driven growth forecasts and future financial analysis reports. Using data-driven solutions will improve the relevance of that report and can be shared with other stakeholders, such as investors, with confidence.
