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The benefits of business intelligence include:
More accurate reporting
Improved data quality
According to Inc.com, up to 73% of a company’s data is left unused for analytics. So what can you do with your data?
Using the correct technology can help you save money, where business intelligence software comes in.
A robust BI solution can help you bring together complex data and make informed business decisions in minutes.
When businesses leverage the data collected, it’s often turned into business strategies and successes.
Whether you are an industry giant, a midsize business, or an evolving startup, you can use BI to turn business data into business opportunities.
This blog will talk about the benefits of business intelligence and the future of business intelligence software.
What Is Business Intelligence?
The processes and tools used by organizations to collect, process, and communicate the extracted value from existing information are called business intelligence (BI).
It’s a technology-driven process used to analyze data, turn it into knowledge, and present detailed information.
It enables advanced performance monitoring at a high level, while also facilitating ad-hoc queries on an individual, returning results in a centralized, highly visualized manner.
BI solutions highlight business trends and identify new potential KPIs to track and add layered data points to KPIs of particular influence.
With the help of visualizations, reporting, predictive analytics, and other capabilities, it’s all about translating data into an understanding of what it holds for better corporate decision-making.
Business intelligence software serves as a foundation for financial analytics, allowing you to answer why questions based on real data.
When BI and analytics are combined, businesses can visualize the journey from the present moment of information to data management, projections, and future decisions.
Types of Business Intelligence
Business intelligence focuses on two types of business analytics:
Descriptive analytics & Diagnostic analytics
Predictive analytics & Prescriptive analytics
Individuals that handle business analytics have a background in mathematics or statistics or an online master’s degree in business analytics.
Business intelligence experts should also be good with numbers and have an analytical mind.
What Can Business Intelligence Tools Do?
Business intelligence technologies have many functions and applications that enable their performance, such as:
Dashboarding & analytics
Online analytical processing
Business performance management
Prescriptive & predictive analytics
Why Do Companies Use Business Intelligence Software?
There are many reasons why organizations adopt business intelligence and analytics tools, and many ways these solutions are put to work to benefit the organization.
However, all projects have the common goal of using business intelligence software to turn data into insights and action.
As the primary competitive advantage, business intelligence should increase the understanding of the forces shaping markets and businesses and help companies act on that knowledge.
Retaining existing clients is a successful and long-term company strategy. Thus your business intelligence tools are one of your most valuable assets.
You’ll be able to sell the most relevant products and services to their requirements and preferences if you have the most up-to-date information about your clients, especially the most profitable ones.
Creators designed BI to be scalable, providing data solutions to departments who need it and employees who crave data.
BI software should have a seamless and intuitive user experience for non-technical users to look at data.
Identify New Opportunities
Identifying new opportunities and developing a strategy with supporting data can represent competitive advantage and directly impact profitability in the medium and long term.
Organizations can use market trends to strategize new investment opportunities, use analytics to predict customer behavior, and personalize products to each client’s specific requirements.
Your employees can link external market data with internal data to spot new sales trends by analyzing customer data, and market conditions and spot business problems.
Remember that business intelligence consists of tools, technologies, applications, and practices used to collect, integrate, and analyze the present and past data of an organization.
Improved Customer Experience
Business intelligence can directly impact customer experience and customer satisfaction.
BI software allows you to maximize business value by turning every employee into a decision-maker.
When armed with relevant, real-time information, employees can make data-driven, informed decisions that impact the company’s bottom line.
When the business intelligence software provides better decisions, accurate analysis, and reporting, this increases user satisfaction with the software.
BI software enables enterprises to maximize limited resources using cost-effective solutions to facilitate business growth, thus increasing user satisfaction.
Data Quality & Accurate Reporting
In most firms, data is kept in various formats and across many solutions. This makes data processing and reporting difficult and time-consuming.
You can decrease the complications of data stored in numerous tools and spreadsheets by using a business intelligence solution.
The insights you garner from your business intelligence are only as good as the data you collect. Poor data quality can lead to poor business performance.
Ensure that your data is of high quality by implementing data management standards across your organization regarding data cleansing, standardization, matching, profiling, etc.
These data sources can come from:
Supply chain data
With business intelligence, you get information and visibility of your business processes to identify incorrect or obsolete data, eliminate duplicates, and create reports of key performance indicators (KPI) that will help you make strategic business decisions.
Employees can use templates or customized reports to monitor KPIs using various data sources, including financial, operations, and sales data.
These reports are generated in real-time and use the most relevant data so businesses can act quickly.
One of the main functions of business intelligence software is data analytics, and the type of analysis a company needs depends on its goals.
Different departments’ data divide into traditional data analysis, and users have to access several databases to answer their reporting questions.
Now, modern BI platforms can combine these internal databases with external data sources such as customer data, social data, and even historical weather data into one data warehouse.
BI tools pull data from multiple sources into a data warehouse, and then analyze the data according to user queries, drag-and-drop reports, and dashboards.
Data analytics can help companies describe their businesses, look at reasons why positive or negative things have happened, generate the information they may not have, and advise on possible action plans.
BI provides data that can help your company grow. With BI in place, businesses can quickly extract facts from enormous amounts of disorganized data.
You can analyze internal data and make more efficient business decisions with immediate access to business data.
BI teams make sure that the organization receives real-time advanced business reports to make better use of the information.
A sound BI system can help you save time on data gathering, entry, analysis, control, and use.
Improve Business Decisions
Implementing business intelligence will allow you to access detailed and updated information about your business, such as financial, production, customer data, etc.
With all this information, you can make decisions based on evidence quickly and safely, which translates into better business decisions.
Enhance Business Productivity
Businesses often overlook organizational productivity in the race to reach and stay at the top.
But with BI tools, you can reach all your quantitative goals, such as monthly sales or on-time delivery targets, and track the progress of your business daily.
By assisting you in inputting data into action, business intelligence solutions can help you reduce risks. You can rapidly discover fraudulent activities by tracking client behavior.
You may also ensure that employees follow industry laws by watching their conduct.
BI's Evolving Atmosphere
The number of organizations utilizing BI solutions has ‘accelerated massively’ in the last decade – a trend attributed to several factors, including the advent of cloud computing, which made BI software cheaper, allowing smaller companies to utilize its power.
Additionally, advancing accessibility and self-service BI solutions have diversified BI’s use from an analyst-only tool to mass adoption throughout different departments and job roles.
It’s important to optimize processes, increase operational efficiency, drive new revenue, and improve the company’s decision-making.
With the business intelligence market growing, you can choose from countless tools for retrieving, analyzing, and gaining value from raw data.
Terabytes of data flow in from spreadsheets, bills, diary entries, and anything else you can think of. At first glance, such a large amount of data may appear like a goldmine.
And while it is true, things are not so straightforward. Raw data, like ore, has no value until organizations discover valuable insights.
Unfortunately, due to privacy concerns and various data formats scattered across multiple sites, extracting value from the data can be challenging.
Hop-On The Kennected Train
According to HubSpot, 61% of companies name their top marketing challenge is generating traffic and leads.
If you’re part of that 61%, keep reading because what you’re about to discover could be a game-changer for you and your business (like it has for thousands of people before you).
So many business owners & sales professionals that come to us are struggling to get ahead because they’re stuck relying on referrals, lead lists, or manual prospecting.
This is taking up too much of their time and isn’t creating the consistent income they’re looking for to fund the lifestyle they want for themselves and their families.
Four years ago, the founders of Kennected had the same struggles. They found that lead generation was way too complicated, expensive, and time-consuming, knowing there had to be a better way.
So they developed a new way of getting qualified leads that turn into new customers on the #1 platform for B2B lead generation… LinkedIn.
In the four years since we developed this lead gen strategy, we’ve earned a spot on the Inc. 5,000 list of Fastest Growing Companies in America.
And more importantly, it helped over 17,000 businesses get new leads and sales for THEIR businesses.
Want to see how it works?
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