Business intelligence maximizes the use of your data assets. Learn how it can benefit your business and how you can use it to scale your operations.
In recent years, Business intelligence (BI) has become the main driver for how companies establish and implement processes. With over 98% of businesses investing in Big Data, there’s an even greater demand for BI solutions. When used correctly, BI can increase profit by up to 8%.
BI is crucial for organizations to clearly understand all their data, which would help them remain competitive. Most large corporations are already employing data-driven decisions, and they’re bound to invest more in business intelligence in the next few years. So, if you want to keep up with competitors in the market, you’ll have to step up your efforts in acquiring business intelligence and data analytics.
However, it can be challenging to comprehend exactly what BI is if you do not have a technical background. Adopting the tools successfully and effectively in your operation requires a learning curve. To understand what BI is, how it functions, and how it benefits your business, we first discuss its concept.
What Is Business Intelligence?
Business intelligence (BI) integrates business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help you make major business decisions. It allows you to leverage organizational data to drive change, eliminate inefficiencies, and respond rapidly to supply or market changes.
How Business Intelligence Works
BI lets you derive insights from trends and data by streamlining your process to search, merge, and query data. For instance, if your business wants to manage its supply chain more effectively, then you need BI to pinpoint the sources of delays and inconsistencies in the shipping process. You can also discover which items or modes of transportation are most frequently affected by delays.
Here are other examples of how you can use BI tools for your business:
- Keep track of new members and retention within your organization
- Automatically generate sales and data reports using customer relationship management (CRM) tools.
- Create a dashboard using BI that displays the current state of all prospects on the sales pipeline.
Businesses benefit the most from BI when they can thoroughly evaluate their operations and processes, comprehend their consumers, analyze the market, and promote progress. You need the right technologies to gather and analyze corporate data from many sources, detect trends, and develop answers. Here are some of the most popular BI tools used by companies today:
- Data mining
- Online Analytical Processing (OLAP)
- Extract-transfer-load (ETL) data import
These tools offer a fast and convenient way to view and summarize data for value propositions.
Benefits of Business Intelligence
BI provides a real-time, comprehensive view of all your important business data. Better analysis and a stronger competitive edge are only a few of the many advantages of BI implementation. The following are the top advantages of business intelligence:
1. Make data-driven decisions for business
The main advantage of BI is the capacity to use data to influence business decisions. Data scientists dig into the specifics of data, using advanced statistics and predictive analytics to discover and forecast patterns. A solid BI strategy may help business users make better business choices faster by delivering accurate data and reporting capabilities to them more quickly.
2. Quicker analysis and easy-to-use dashboards
BI increases the efficiency of reporting by compressing reports into dashboards that non-technical users can quickly and easily examine. This saves them a lot of time and energy when trying to draw conclusions from data. It also makes it easier for new employees to learn the system.
3. Enhanced organizational effectiveness
BI can provide other perspectives on the corporate structure and operations. By getting a detailed report on the productivity of the current setup, management can make strategic changes to improve it. They can compare results to more important organizational goals and identify areas to improve.
4. Better customer experience
Since BI allows quick and more efficient access to data, employees can answer customer queries much faster. You can resolve issues on the spot with the right access to information. This, in turn, leads to higher customer satisfaction.
5. Greater team member satisfaction
Employees are typically not happy working with data. In fact, 74% of them get overwhelmed when working with data. By simplifying data extraction and lessening the need to interact with analysts or IT constantly, employees become more productive faster. It also fosters a culture of trust when they are granted data access.
6. Better control of data
BI technologies can link internal databases with external data sources to create a single data warehouse. This allows different departments within an organization to access the same data simultaneously. Streamlining data flow can eliminate bottlenecks related to data reports and summaries.
7. Enhanced competitive advantage
Lastly, you can monitor shifting markets and foresee client needs with the aid of a strong BI strategy. BI provides the most relevant information and a clear overview of market behavior. It can generate a list of possible business trends that will help keep your business up-to-date with market demands.
Make Business Intelligence Work for You
Business intelligence is bound to get more popular as technology advances. You’ll need to develop your own data system to make the most out of tools like AI. This is why building your software development team early and scaling your operations with them is a good idea.
However, finding experts who can pull off your project requirements might be challenging. With the ongoing IT talent shortage, it will be difficult to recruit professionals locally. Fortunately, there are outsourcing companies like Full Scale to help.
Build Your Software Development Team with Full Scale
Begin your software development journey with Full Scale! We are an IT outsourcing company that offers manpower solutions to businesses. Our goal is to find the most qualified talents for your software development project. We can connect you with highly experienced software engineers, QA testers, project managers, and other business experts.
Learn more about us and what we do by visiting our website. We’ll help you get started on your goal to build unique software products. Our client dashboard will make it easy and convenient for you to manage your team and resources. So, what are you waiting for? Give us a call!