About 73% of business data isn’t used in reporting or analytics. Without access to so much data, your business can make poor strategic decisions.
The main challenge for most of these companies is that there is so much data to analyze, it’s impossible to manage all of it.
That’s why companies are turning to business intelligence to help them make strategic decisions. What is business intelligence?
Read on to learn what business intelligence is and how you can use it to power your business.
What Is Business Intelligence?
Your business uses a broad range of systems to be more productive. Your sales team uses CRM to manage leads and sales. Your marketing team uses analytics for website traffic and conversions. Your customer service team has a system to see how much time is spent on each call.
Instead of looking in each individual program for analytics and reporting, business intelligence uses software to bring it all on one dashboard. Check out data science courses in Bangalore to know more.
You can see everything from customer retention to sales reports in one dashboard. That gives you all of the insights you need to respond to your business environment.
Benefits of Business Intelligence
You can start to see how access to the most important data in one place can be useful. There are some other benefits of using business intelligence.
The biggest advantage is that you can see your data come to life. Data visualization takes all of the numbers and turns them into easy to understand charts.
You can understand your customers and employees down to the individual level, too. You’ll be able to look at customer behavior to identify trends and position your company to be front and center.
Some business intelligence tools let you compare your business to the competition, giving you even more insights. You can take all of the data and spot ways to improve profitability across departments.
How to Add Business Intelligence to Your Company
Do you want to add business intelligence to your organization? You’ll need to get a clear idea as to what you want the tool to do. Know which systems and databases the tool should integrate with.
You also want to know what kind of reports you need. Most of all, you have to have a plan to turn the reports into decisions and actions.
Business intelligence was traditionally done by the IT department. They would generate reports for the executive team to decipher and make decisions.
Today’s business intelligence solutions are user-friendly. You want to have a solution that anyone can use. This article from Knowi compares a few of the major business intelligence tools.
Don’t Overlook Business Intelligence
Businesses need every advantage possible. If you want to gain a big edge over the competition, business intelligence is a must.
What is business intelligence? It’s a system that lets you understand your customers, serve them better, and make better business decisions. Do you want more tips to grow your business? Click on the Business tab at the top of the page for more useful insights. Apply for data science course to learn more.
