Processes for business intelligence, or BI, assist you in organizing your data to make it simple to access and evaluate. To make well-informed decisions, decision-makers can then immediately delve into the matter at hand. But one benefit of corporate intelligence is improved decision-making. Let’s look over the most useful advantages of BI and how businesses use technology to succeed.
What Is BI?
When we talk about business intelligence, we’re talking about a system that gathers and examines a lot of data to provide enterprises with a clear and complete picture of their data. A BI system’s objective is to provide stakeholders with a transparent and personalized picture of their data so they may make informed decisions. Many BI solutions are self-service, highly flexible, and straightforward to use. Data mining, infrastructure, visualization, analytics, and other procedures are all included in BI.
Pros of BI Systems
Software is only one component of business intelligence. The utilization of data in routine business operations is a comprehensive endeavor. The seven advantages of BI are translated into practical successes that demonstrate BI in action.
Advantages of BI
Benefits of business intelligence:
- quicker analysis, clear dashboards
- a rise in organizational effectiveness
- Decisions made in business using data
- increased client satisfaction
- increased contentment among employees
- Increased competitive advantage thanks to trusted and governed data.
Quicker Analysis, Clear Dashboards
BI solutions are made to do intensive data processing in the cloud or on the servers of your business. The data is then analyzed using user queries, drag-and-drop reports, and dashboards by BI tools after being collected from various sources and placed in a data warehouse. Lenovo improved reporting efficiency across many divisions by 95%, thanks to business intelligence. Multiple monthly reports were consolidated by their HR department into a single snapshot dashboard. Additionally, PepsiCo used the potential of BI to reduce analysis time by up to 90%. Business intelligence dashboards have the advantage of simplifying and simplifying data analysis, enabling non-technical users to tell stories with data without having to learn code.
A Rise in Organizational Effectiveness
BI gives executives the tools to access data, get a complete picture of their business, and compare their performance to that of the entire company. Leaders might find opportunities by taking an overall view of the organization. Pfizer uses BI systems to facilitate departmental communication and has created models to improve patient diagnosis and create quicker, more effective clinical trial processes. PEMCO, an insurance firm, uses Tableau to handle and quickly resolve claims. BI allows firms to leverage data to develop new programs and products for the business because they spend less time on data analysis and report compilation.
Decisions Made in Business Using Data
Better business decisions are made possible by accurate data and quick reporting capabilities. Before meeting with potential customers, MillerCoors’ sales team could access real-time data and sales estimates thanks to specialized mobile dashboards. Sales can now respond to clients’ or prospects’ demands with assurance because they are aware of the most recent facts. Leaders are no longer required to wait days or even weeks for reports and cope with the possibility of obsolete information.
Increased Client Satisfaction
Customer pleasure and experience can be directly impacted by business intelligence. More than 1,500 staff dashboards were produced by Verizon after BI tools were implemented across several divisions. These dashboards gathered operational data as well as text information from customer assistance chat sessions. Verizon was able to find areas to enhance customer service and cut the number of support calls by 43% using this data.
Increased Contentment Among Employees
IT organizations and analysts can respond to business user requirements more quickly thanks to BI solutions. With little training, departments that previously couldn’t access their own data without contacting analysts or IT may now begin data analysis. BI is made to be scalable, offering data solutions to departments that require them and to people who are insatiably curious about data. When Brown-Forman expanded its BI platform to 1,000 users worldwide, it discovered that it complemented its current data architecture. Non-technical consumers should have a seamless and simple viewing experience using BI software.
Trusted and Governed Data
BI systems improve data analysis and organizing. When using traditional data analysis, users must visit many databases to find the answers to their reporting queries because separate departments’ data is compartmentalized. A single data warehouse may now be created by combining all of these internal databases with other data sources, including customer, social, and even historical weather data. The same data can be accessed simultaneously by all departments within a company. Utilizing business intelligence technologies, the marketing firm Tinuiti centralized more than 100 data sources, saving its clients hundreds of hours of analysis time.
Greater Advantage in the Marketplace
When businesses are aware of their performance in the market, they can be more competitive. To determine when to enter and depart the market and how to best position itself, Rosenblatt Securities examined data from thousands of sources. Businesses can use BI to stay abreast of sectoral changes, track seasonal market shifts, and foresee client wants.