There are numerous terms to imply savviness in the business space: market intelligence denotes knowledge of the market you operate in, customer intelligence suggests an understanding of your customers, and trend intelligence demonstrates you’re able to interpret and take advantage of future behaviors. So, it’s only natural that businesses are starting to implement business intelligence – a combination of all three and so much more. Business intelligence is simply the means to support better business decision making, and several BI tools help you do this. If you’re considering implementing business intelligence in your company, here are three reasons why it will make you more successful.
Would you ever bake something for the first time without a recipe? Or build something with no instructions? Yet many businesses make crucial decisions every day with nothing more than gut instinct. With the wealth of data available nowadays, it seems ludicrous not to take advantage of it, and business intelligence tools (BI tools) allow you to do just that. The combination of industry experience with data-driven insight is powerful and will push you ahead of the competition. No longer will you have to “wing” it and hope what you feel is right; now, you can have the confidence to proceed with the numbers to back you.
Displays Data in a User-Friendly Format
Not everyone can look at a series of numbers and immediately see the story they’re telling, and not everyone digests information the same way. Sometimes a visual representation of data enables someone to grasp it quicker and be able to make business decisions more swiftly. However, it can take a while for someone to build a graph, and who’s to decide what information it includes? BI tools not only create pictorial results in seconds but also allows you to select whatever method of display suits your purposes best.
Helps Manage Performance
It often falls to a team member to track performance against goals and feedback to everyone else. However, a BI platform enables you to plug in goals and feed in daily results, and it will not only create a reporting dashboard showing how you’re tracking in real-time but also make remedial suggestions should you fall behind targets. Automating this activity frees up a team member to focus on activities that need a human touch or allows you to streamline the team, saving on overheads.
Consider business intelligence technologies to be your extra team member, there to make everyone’s lives easier, to make data more accessible, and to enable you to make profitable decisions using data intelligence. If you haven’t yet implemented BI tools into your business, why not?