Today, modern businesses are faced with the problem of storing, processing, and analyzing a rapidly increasing amount of information. According to the Data Age 2025 report, the volume of all data worldwide will reach 175 zettabytes by 2025. It makes businesses transition data to the cloud and use complex data processing solutions to use all the received information smartly. One of the ways of taking full advantage of acquired information is the implementation of Business Intelligence.
What is Business Intelligence software?
Business Intelligence software allows you to automate data processing and monitor all business-related information in real time to improve decision-making and maximize your company’s efficiency. With the help of various tools, you can collect and analyze information from external and internal sources, create reports, data visualizations, and dashboards to make the results easy-to-understand for decision-makers. BI tools provide structured data flow and therefore help companies of different sizes to stay competitive and increase their revenue.
What are the benefits of using Business Intelligence Software?
- Enhanced Decision Making
Business intelligence transforms data into valuable insights that allow you to make more informed decisions and reduce the time of their implementation. When your decisions are based on qualitative data analysis rather than guesses, you have much higher chances to succeed. Moreover, AI-driven Business Intelligence tools can analyze current and historical data and predict future trends that can help you to achieve your stated goal.
- Faster and More Accurate Reporting
BI-systems combine data from multiple sources in real time and form it into accurate and always relevant reports. Thanks to customized reports, you can monitor KPIs in real time and quickly respond to market changes. Moreover, BI visualizes information in a convenient and easy form of dynamic graphs, tables, and charts. Some BI software tools also provide interactive reports, which gives you the possibility to thoroughly explore received information and different report variables.
- Improved Data Quality
When you collect data from multiple different sources, it cannot be absolutely clean. However, it is extremely important to take care of the quality of data you collect: the better the quality of the obtained data, the better decisions a business can make. BI tools allow you to track data quality metrics and use only valuable insights while implementing your goals. Data quality indicators can include accuracy, completeness, consistency, reliability, and relevance.
- Increased Operational Efficiency
BI solutions can easily automate routine and repetitive tasks, which allows you to improve the current operational efficiency of your company and reduce possible human errors. Well-organized automated data flow helps specialists focus on primary business tasks and achieve better results.
BI tools also can pinpoint specific challenges you might be faced in your workflow, so you can make improvements quickly. For example, using Business Intelligence, your employees can be informed about the possible occurrence of production problems. It will help them to check problem equipment before breakdowns happen. This way, you prevent a production shutdown, which can significantly reduce productivity.
- Boosted Customer Satisfaction and Revenue Growth
When you start working with BI solutions and continuously collect customer data, you begin to understand your clients better. Getting real-time information about your clients helps you learn your customer behavior and purchasing patterns. That means you are able to deliver services that exceed your clients’ expectations.
Moreover, the data obtained during customers’ research allows you to find new ways to improve the financial efficiency of your company, increase sales, and grow your income.
The one who knows more stands out in the data-driven business world. It is increasing the role of smart analytics and workflow optimization for businesses from different industries. To be successful, companies need to efficiently analyze big amounts of data: purchases and orders, warehouse inventory, sensor data and receipts, information from social networks.
Investing in BI software will help you effectively reap all possible information and improve the business development strategies of your company. Contact us if you need to implement a quality BI solution and provide your business with digital transformation technologies in 2021.