Why Our Team Utilize Business Intelligence Tools – Data provides more reliable insight into organizational outcomes than intuition alone can. This is why most managers build dashboards to monitor their sales pipeline, revenue generated, and churn rates: to get real-time updates on the overall progress of their team. While those are important metrics, reliance on high-level summaries alone can cause leaders to miss crucial opportunities to grow their business smarter.
To bridge the knowledge gap between what executives see and what deep data analysis reveals, companies increasingly leverage business intelligence (BI) software to help guide the their next steps. Business intelligence takes into account the impact and influence that certain actions have on various organizational results and emerges the best recommendations that your team can take to drive key metrics and long-term success.
Why Our Team Utilize Business Intelligence Tools
In this article, we explore what business intelligence is, ways it can benefit your company, and how to choose the best BI tool for your organization.
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One way to define business intelligence is to say that it is an automated and intelligent process that leverages technology to analyze the relationships between different company metrics and their underlying causes. This helps users identify organizational inefficiencies, opportunities for improvement, and areas for sustained growth. BI makes it easier to translate otherwise abstract information into tactical business strategies. In order to accomplish this, business intelligence integrates data from internal and external sources to highlight these hidden correlations.
Often, organizations use business intelligence software to create real-time dashboards that summarize their team’s overall performance, along with segmented reports that describe past and current trends in order to forecast future behaviour. Advanced BI solutions also incorporate artificial intelligence (AI) to help you better understand the effects and implications of certain actions. The conclusions developed by BI systems help drive better informed decisions, which can facilitate productivity improvements and faster company growth.
Business intelligence can give your organization the edge it needs to beat the competition. While basic data-driven insights are good, a deeper look into the relationships between process variables can optimize the way you do business.
By 2020, research company Gartner predicts that the market for business intelligence and analytics tools will reach $22.8 billion. Indeed, enterprises everywhere have begun to recognize the potential and power of a strong BI system, and a number of companies now produce their own platforms to analyze your data. Now that you have a complete understanding and can answer the question, “What is business intelligence?” as well as breaking down the advantages it offers, you can begin your search for the perfect BI software to suit your organizational needs.
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In the past, business intelligence solutions were best suited to large enterprises that could afford to collect and store large amounts of customer and organizational data. These days, even small businesses can benefit from a solid BI platform as they begin to generate many data points worth analyzing, especially since the insights you gain can have a significant impact on the bottom line. of your bottom. Of course, it is crucial that your organization maintains good data collection practices, as bad or limited data can lead to false conclusions.
When you collect the right data and apply business intelligence to it, you unlock enormous potential to build an even bigger business. In fact, Nucleus Research found that for every dollar companies spend on analytics, on average, that investment generated a return of $10.66 in 2011 and $13.01 in 2014. Between the potential revenue gained, costs saved, and efficiency improvements you can leverage well. BI Insights, it is clear that every organization should at least consider whether it is ready to license and exploit new business intelligence software.
Danny Wong is an entrepreneur, businessman and writer. He is the co-founder of Blank Label, an award-winning luxury menswear company, and leads marketing for Receiptful, a platform to supercharge all customer interactions for e-commerce stores , and Tenfold, a seamless click-to-dial solution for high-performing sales teams. To connect, tweet him @dannywong1190 or message him on LinkedIn. For more of his clips, visit his portfolio.
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</pBusiness intelligence (BI ) refers to the procedure and technical infrastructure that collects, stores, and analyzes the data produced by the activities of a company.
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BI is a broad term that includes data mining, process analysis, performance benchmarking, and descriptive analytics. BI analyzes all data generated by a business and presents easy-to-digest reports, performance measures, and trends that inform management decisions.
The need for BI was derived from the concept that managers with inaccurate or incomplete information tend, on average, to make worse decisions than if they had better information. Creators of financial models recognize this as “garbage in, garbage out.”
BI tries to solve this problem by analyzing actual data that is ideally presented on a dashboard of quick metrics designed to support better decisions.
Many companies can benefit from incorporating BI solutions; managers with inaccurate or incomplete information tend, on average, to make worse decisions than if they had better information.
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These requirements mean finding more ways to collect information that is not already being recorded, checking the information for errors, and structuring the information in a way that makes broad analysis possible.
In practice, however, companies have data that is not structured or in different formats that does not make it easy to collect and analyze. Software firms therefore provide business intelligence solutions to optimize the information gathered from the data. These are enterprise-level software applications designed to connect a company’s data and analytics.
Although software solutions continue to evolve and become increasingly sophisticated, data scientists still have to manage the trade-offs between speed and depth of reporting.
Some of the insights that emerge from big data have companies scrambling to capture it all, but data analysts can usually filter the sources to find a selection of data points that can represent the strength of a process or field. of the business as a whole. This can reduce the need to capture and reformat everything for analysis, saving analytical time and increasing reporting speed.
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BI tools and software come in a wide variety of forms. Let’s take a quick look at some common types of BI solutions.
There are many reasons why companies adopt BI. Many use it to support different functions such as leasing, compliance, production and marketing. BI is a core business value; it’s hard to find an area of business that doesn’t benefit from better information to work with.
Some of the many benefits that companies can experience after adopting BI in their business models include faster and more accurate reporting and analysis, improved data quality, better employee satisfaction, reduced costs, and increased income, and the ability to make better business decisions.
BI was derived to help businesses avoid the problem of “garbage in and garbage out,” which results from inaccurate or insufficient data analysis.
Modern Business Intelligence & Dashboard Platform
If, for example, you are in charge of production schedules for several beverage factories and sales are showing strong month-on-month growth in a particular region, you can approve extra shifts in near real time to ensure that Your factories can meet the demand.
Similarly, you can quickly idle down that same production if a cooler than normal summer starts to affect sales. This production manipulation is a limited example of how BI can increase profits and reduce costs when used properly.
Lowe’s Corp, which operates the nation’s second largest home improvement retail chain, is one of the earliest companies to adopt BI tools. Specifically, it relied on BI tools to optimize its supply chain, analyze products to identify potential fraud, and resolve problems with collective delivery charges from its stores.
Coca-Cola Bottling had a problem with its daily manual reporting processes: they limited access to real-time sales and operations data.
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But by replacing the manual process with an automated BI system, the company completely simplified the process and saved 260 hours a year (or more than six 40-hour work weeks). Now, the company’s team can quickly analyze metrics such as delivery operations, budget, and profitability with just a few clicks.
Power BI is a business analytics product offered by software giant Microsoft. According to the company, it enables both individuals and businesses to connect, model, and visualize data using a scalable platform.
Self-service BI is an approach to analytics that allows individuals without a technical background to access and explore data. In other words, it gives people across the organization, not just those in the IT department, to have control over the data.
Disadvantages to self-service BI include a false sense of security in end users, high licensing costs, lack of data granularity, and sometimes too much accessibility.
Business Intelligence (bi) Services
One of IBM’s flagship BI products is its Cognos Analytics tool, which the company touts as an all-inclusive, AI-powered BI solution.
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