The Importance of Business Intelligence in Your Company

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The business intelligence market is expected to exceed $50 billion by 2020. The term “business intelligence” can be defined as the application of technology and statistics to make better decisions at every level in your organization. The ability for organizations to access data, analyze it, and act on it faster than their competition will determine who prevails in the future economy.

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The data is out there

The question that you should be asking yourself is how much of this information do I have at my disposal and what am I doing with it? The answer to these questions can help determine if your company will fall under the category of a laggard or a leader. The use of business intelligence has been proven to increase productivity, reduce costs, expose new revenue opportunities, improve collaboration between departments and ultimately create better experiences for customers.

Business Intelligence helps companies get more from their existing technology investments. Business analytics tools are designed to make sense of all your data quickly. So you can identify areas where improvements could mean huge gains in efficiency and profitability while improving customer relationships along the way. While some may not see “data” as exciting, the truth is that business intelligence tools provide businesses with insights into their operations and customer base. Allow them to better understand how they should be prioritizing resources. The possibilities are endless when you have access to your data in one place literally at your fingertips.

Business analytics tools

The business analytics tools that are available today can help you to put your data into perspective, allowing you to make more informed decisions. The world is becoming increasingly dependent on technology. This means that businesses need access to their data at the touch of a button. With these kinds of resources readily available for use by companies looking to improve what they offer customers. It’s no wonder there has been so much investment in multiple platforms.

Earlier assessment

The earlier assessment of information as it is generated will allow you to take more effective action. This can result in a swift response time. The benefits of real-time data are not only that processes become smoother. But also that the business becomes more agile and adaptable allowing for changes to be made quickly and efficiently without having an impact on overall performance.

The future:

The new way forward The growth of the Internet has changed the way we communicate with each other forever now businesses need access to their customers via online platforms too. By 2020, eCommerce sales alone will account for over $500 billion. It means companies across all sectors must invest heavily into making sure they have attractive digital storefronts capable of competing with established giants such as Amazon or Alibaba. A modern company must be able to adapt quickly. The future of business is changing, whether you are ready for it or not.

Despite the fact that it is difficult to say which business intelligence tools are better, there are some things you must consider every time before making a choice. It’s good to have an idea about what each tool can do for your company and how they work. Because these details will help you choose one out among many others.

Here are some tips on what factors should influence your decision when choosing BI software:

Data analysis model match

The first thing you need to think about is whether or not the data analysis model matches with your needs. If you want something simple but effective enough, go for the basic model. The advanced one is suitable for more complex analysis of data where many different facets are involved.

Check all functionalities

The next thing to do before making the final decision on BI software choice is to check whether or not it has all functionalities you need and if they suit your business needs too. There isn’t a universal tool that will fit everyone, so be selective with what functions would work best for you.

User friendliness

The third important factor in this equation is how easy it will be using the system every day at work. Because user friendliness matters greatly here as well! The faster employees get used to working with new tools, the better it will be for their productivity levels. It means higher profits for your company! Make sure the system is easy to navigate, provides quick access to frequently used reports and let employees know from the start what they can expect from it. The easier BI software makes their workday go by, the more satisfied your staff will be with its use. It means higher employee retention rates as well!

Data quality

The last but not least important element of a successful business intelligence project is data quality that should stand at a maximum level. Because otherwise all efforts made until now might have been wasted! The great news about using modern BI tools is that most of them come with powerful analytics capabilities where you can cleanse and prepare raw data for analysis in just a few minutes instead of spending days on doing it yourself manually before putting any numbers into perspective. Make sure this feature gets checked during the purchasing process because data is not just about generating reports and dashboards. The key thing to remember here is that all analytical outcomes are only as good as the quality of input data. It means it’s always better to invest in proper cleansing upfront than trying to fix problems later on!

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