Business intelligence software can do the hard work of collecting and organizing data. With enough computing power, it can handle these processes in seconds. It would take employees days to manually organize the data and enter it into spreadsheets or databases.
The rapid organization of data can help monitor business processes and make adjustments quickly. For example, you can use marketing analytics to learn how customers are reacting to campaigns in real time. You can then adjust your ad placement and budget accordingly. In the age of pay-per-click advertising, these rapid insights can be invaluable and help save money.
Business intelligence tools can help decision-making on several levels.
First, company decision-makers and stakeholders can look at BI reports that define problems that need to be solved. They can make decisions that address these issues.
Second, managers and employees can use data to explain and support their decisions to executives. BI software offers data visualization tools that allow you to create graphs and charts to illustrate points using data. These tools make it easier to create compelling presentations that people without technical knowledge can understand.
Test process changes
Business intelligence is not just useful for making decisions. It can also help you assess those decisions after you implement changes.
You can establish key performance indicators that will measure the success of process changes. Then, you can set up business intelligence software to find and monitor data on these KPIs. This will give you the ability to see the results of your changes and track how you are performing relative to your established metrics.
These insights can help you assess efficiency, remove redundancies, and make changes to ensure your processes achieve the desired results.
Business analytics can help you gain insights into past and current performance and processes. Depending on your business model and industry, you may also be able to use the data to create forecasts.
There are several methods for looking into the future with data.
- Define and project trends
- Use mathematical or computer models to predict future performance.
This second approach is often used to help decide about pricing or marketing for products still in development or to predict future demand for a specific type of service and make plans to grow sales in the future.
Share crucial data
Business intelligence software can find and curate important information. It can also make this data accessible throughout your company.
BI systems typically have a central dashboard that you can use to control the dissemination of information to others in the company.
These tools are often cloud-based, so you can give access to employees throughout your company. This allows everyone to be on the same page and have access to the same information, reducing redundancies and ensuring everyone works together toward a common goal.
How to leverage business intelligence
You should always strive to have a proper, systematic approach to using BI in your company. Here are 4 steps you can take to use business intelligence.