What Is Business Intelligence & How It Makes A Difference?

The most common question asked after hearing the term BI is ‘What is Business Intelligence?‘. Even after a BI tool’s growth avenues and opportunities, many enquire about its worth.

 

A Business Intelligence(BI) is a technology-driven process that analyzes data and provides actionable insights which support executives, managers, and workers to take game-changing actions. 

 

The best BI tools help companies collect data from internal as well as external sources, whether through an organization’s IT system or otherwise. However, the process doesn’t stop here. Preparing for analysis, running queries against the data, creating visualizations and reports, and making them available through a central KPI dashboard, the list still doesn’t end. The analytical results are accessible to the company members for strategic and operational decision-making. 

 

Keeping the ultimate goal of business analytics software in mind-they can make a massive difference in the organization. 

 

Let’s read how. 

 

How do BI tools add value to organizational decision-making? 

 

The best BI tools usually offer any organization a range of business benefits. For instance, the C-suite executives and department managers can analyze and compare business performance with historical data. 

 

This performance monitoring process happens in real-time with the scope to take quick actions in times of new opportunities and anticipated issues. 

 

Continuous customer data analysis makes marketing, sales, and customer service efforts more effective. Advanced detection of the supply chain, manufacturing, and distribution bottlenecks becomes easier so that they can not cause any financial harm in the future. 

 

The KPI dashboard helps identify patterns in data to decipher the events in the future and bend them to favor the organization in the long run. It also helps the HR managers to boost employee productivity, reduce overhead costs of labor and improve profitability at a scale. 

 

In essence, ‘what is Business Intelligence’- if not something that reduces complexity in collecting and analyzing data and ensures its effective presentation in the form of relevant metrics. 

 

As a whole, the best BI tools can add value in the form of:

 

  1. Improving and optimizing the process of decision-making
  2. Enhancing operational efficiency and productivity
  3. Streamlining the internal business operations
  4. Building stronger business relationships
  5. Predicting trends, patterns, and events in advance
  6. Propel the business towards new business avenues
  7. Improved sales and profitability
  8. Cut through the competition

 

BI initiatives also provide narrower business benefits, making it easier for project managers to track the status of business projects and for organizations to gather competitive intelligence on their rivals. In addition, BI, data management and IT teams benefit from business intelligence, using it to analyze various aspects of technology and analytics operations.

 

Closing Words

 

As companies try to infuse data literacy in their employees, it becomes evident to use the best BI tools to improve the core business operations. Powered by Grow, attune your company to KPI metrics and give the members the autonomy to drive the organization towards ultimate success. 

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