Over the last decade, a vast number of companies in the UK and US markets have invested heavily in business intelligence.
By investing in Big Data software, analytics tools, and training to load and store data more efficiently, these organisations expect to gain a better understanding of key business metrics such as sales and marketing.
This allows them to predict future performance.
Despite the UK & US’s economic difficulties over the last few years, the Business Intelligence sector has managed to grow due to the eagerness of businesses to make the most of their resources with a BI solution that could help them be more efficient, identify areas where they can cut costs, increase revenue and improve productivity.
If your organisation does not yet an effective Business Intelligence solution in place, you could be missing out on key market data to improve your performance.
Here are our 5 key benefits to having a BI Solution in place:
1: Faster and Easier Decisions
The best organisations have realised that the ability to store, analyse and report various different data streams efficiently allows them to make decisions as quickly and easily as possible.
2: Reduce Your Costs and Increase Profitability
This is probably the Business Intelligence benefit that is most regularly mentioned - and for good reason!
There is no doubt that CEOs and Company Directors are becoming increasingly reliant on data in an effort to reduce costs and increase profits. This allows decision makers to predict trends which could affect the success of their company’s bottom line.
Utilising efficient BI solutions allows a business to make decisions with facts and not opinions, and this will affect their profits in a positive way.
3: Improve Your Efficiency
Improving efficiency can be done in many ways and data analysis is one of them.
Business Intelligence has become vital for many organisations that are looking to improve their efficiency and improve company performance.
BI tools can transform disparate data sets into meaningful and effective information with little effort from internal stakeholders.
The ability to utilise data to provide answers to difficult questions faster and easier allows for increased productivity and efficiency.
4: Allow Senior Management to Implement Business Strategy
Business Intelligence plays an essential role in organisations of all sizes by helping decision makers to formalise and implement a data-driven business strategy.
With tools such as QlikView and Tableau, you can generate executive dashboards and scorecards which can be used to create targets and goals for the management. This forms a vital Business Intelligence benefit.
5: Self Service Business Intelligence
The number of companies using self-service Business Intelligence is increasing rapidly in the BI industry.
There is no doubt that over time senior management expects analytics to become more important, but there is currently a large percentage of employees who lack the skills to access and comprehend Big Data analytics.
Self-service BI allows stakeholders in all departments to access information easily. This is an increasingly important Business Intelligence benefit because tools such as PowerPivot have the functionality to allow business users to access the information they need at any time without having to enlist the help of a member of the BI team.