Published on September 14th, 2019 | by Sunit Nandi0
How Business Intelligence Tools Help Your Business
Business Intelligence (BI) software is a set of applications or tools used by firms to analyze, recover, and transform data to help the company thrive. Understanding useful business insights from the captured data helps generate, track, and scale ideas and operations. Business owners and employees in managerial positions can create informed choices based on the evidence retrieved by the tools provided. Here are six benefits of BI tools you should consider using for your business:
1. Gain Valuable Business Insights
BI applications have features to analyze and collect data continually. Business managers, project heads, IT supervisors, and other related job positions may study and understand the acquired data. The pieces of information gathered may help companies develop actionable insights.
Professionals within firms can generate reports using Business Intelligence software. The data collected can provide information from a range of categories like:
- Company expenses
- Business operations
- Customer service
The reports you can create with the help of BI software may be more than the items provided in the list above. Several computing platforms may provide pre-formatted reporting features to help managers collect data. In doing so, you or other staff members can measure employee performance by reading common Key Performance Indicators (KPIs).
Gather relevant insights with the help of the features provided by your chosen BI app. Develop projects, disseminate information, and create new objectives based on the data gathered.
2. Smart Decision Making
Business managers or owners need a firm grip on their organizations. Gathering information from unknown sources may not guarantee the success of your company. For example, basing your decisions on rumors might present you with more problems than initially intended.
Overriding business processes with the help of a BI software helps you convert business information to an analyzable and structured insight. Thus, data gathered may help you create strategically-planned ideas to exhibit proper decision-making tactics across the business’ various departments.
View and understand the data to create unique customer experiences in the hopes of providing your business with more profit opportunities. You may even use the information gathered by the BI application to streamline processes and enhance productivity within the organization.
Many decision-makers in companies see BI software as the technical backbone of the business’ decision-making principles. The centralized repository collects data while sorting it in an organized manner to help different employees understand the information gathered.
2. Turn Data to an Easy-to-Understand Visual Format
Various BI applications collate data and put the information into an easy-to-read format. In comparison, placing information collected from customers in a Word document without any specific formatting may prove challenging to decision-makers. Reading data that may be comparable to hundreds or thousands of cells in a spreadsheet may be time-consuming.
Instead, different BI software helps company owners and managers read and understand data in several formats. For example, you may view reports as a chart, graph, or video presentation.
Also, specific BI apps might offer other engaging ways to transmit information. For instance, your IT personnel might give you collated pieces of information as animation or infographic. In doing so, it may help the brain remember the data gathered when speaking to members of the board or other talented people in the firm.
3. Drive Employee Performance
Many companies are looking for suitable methods to improve customer experience. Achieving that goal might require a boost in employee performance. However, tackling the concern as a whole might require more resources than necessary. Instead, consider using BI software to identify areas in need of improvement.
BI applications provide different benefits. One of those advantages allows company decision-makers to gather relevant data from the business’ various departments, and that might include human resource (HR) and staff.
View the gathered data to define areas of concern while developing goals to help improve employee behavior. Study the collected pieces of information to help the organization increase:
- Customer satisfaction
- Speed of service
Also, the collected data may help you identify other categories to analyze, like daily staff management, employee behavior, and staff selection.
4. Improve Chances of Achieving Sales and Marketing Goals
Various business processes don’t guarantee success. Use a reliable BI application to help kickstart sales and marketing objectives by giving you in-depth analyses on different areas. Help employees and business processes boost performance to aid the company run like a well-oiled machine.
The software may also help provide your salespeople with the necessary tools to measure relevant activities. It may also help you identify current trends in customer behavior. Use these pieces of information to construct fundamental strategies to approach challenges strategically. As a result, you might exploit other marketing and selling opportunities like up- and cross-selling.
As for marketing, you may use the BI software to help improve the visibility of your firm. Fine-tune your marketing processes to aid your salespeople in targeting specific markets. Conversely, you or other decision-makers can use the technical features of the app to track and measure various campaigns. Help your company ensure sales and marketing success by collaborating with different features to create and evolve dynamic business functions.
5. Develop Benchmarking
Benchmarking is an operation to help measure the performance of a business’ products, services, and procedures. It allows decision-makers to see the organization as a whole and compare data with competitors in the industry.
You may use a preferred BI program to gather and analyze valuable data to gauge opportunities for improvement and success in a business model. Organizations that often find themselves struggling with benchmarking may seek trusted BI software to help decision-makers simplify processes. Provide employees with actionable and easy-to-understand information to aid the business gather and gauge KPIs.
Use a BI app to create accurate benchmarking reports that may help you evaluate individual KPIs and trends from a specific period. Thus, you may use the gathered data to see your company’s position with competitors in the business sector.
This business process might also help boost performance management and other operations within the organization. Without the software, it may take days, weeks, or even months to prepare reports. Use your preferred application to create easy-to-understand documents to help key company personnel in streamlining procedures and separate your business from the crowd.
Business Intelligence applications may be in abundance. Choosing the right software to help gauge your company’s procedures and success may require time and effort. Consider taking time and valuable resources in researching proper BI software. Search for relevant and updated features, such as letting your decision-makers evaluate business intelligence practices in the cloud. Once you use your preferred BI app, make sure to train the people who’ll use the software for the benefit of the entire organization.