In a business world, governed by information, where does information really come from?
Business intelligence, is a collection of tools and techniques used to transform raw facts and figures otherwise known as data into more useful, information. Business Intelligence systems use large quantities of data, to produce information that’s aid to maintain and develop a system and even discover business opportunities. Some common functions of a business intelligence system are listed below:
1. Generating reports
2. Online Analytical Processing
4. Data mining
5. Process mining
6. Complex event processing
7. Business performance management
9. Text mining
10. Predictive analytics
11. Prescriptive analytics
Not sure how Business Intelligence can help improve your business?
Get answers to your critical business questions – faster!
BI System provides data at the moment of value to your company. Having a Business Intelligence system in place, you’ll be able to extract just the right information at rapid speeds! When you can get your hands on the information that means the most to you at the time, you can spend more time to efficiently analyze information and make better decisions. For an example, you would be able to take a look at sales cycles and understand what’s going to affect your business, and then take a course of action with higher accuracy and efficiency.
Align business activities with corporate strategy
Gurus in the business sector, often say that one major reason for organization to fail, is because people at the lower levels, don’t understand what the companies goals, strengths, visions and strategies are. Sometimes, even if they do, people don’t have a good understanding about how to align their own work or departments work with the organization’s goals and visions. This results in huge losses both in terms of monetary assets and also opportunity costs.
With Business intelligence, company leaders can establish metrics and key performance indicators aligned with the organizations strategy. BI software would help provide visibility and drive accountability and bring alignment of activities and outcomes with the desired strategic objectives.
The more people have access to data and valuable information, the greater value organizations will derive as a result. Business intelligence systems allows businesses to maximize information capital and turn every employee into a good decision maker. With the relevant real-time information, individuals have the ability to make data driven, informed decisions that push organizations towards success!
Reduce time spent on data entry and manipulation
A strong business intelligence system, if well configured can help eliminate the time spent copying and pasting data to make calculations. With BI’s everyone would work on the same platform, enter data into a system where everyone else would be able to access it. Report generation would be able to be completed much faster thanks to this concept. The time that would have been used to generate the report can now be used to analyze the outcome and drive better, more profitable decisions.
Gain insights into customers
BI software allows organizations to look into and understand customer behavior, offering greater visibility into what customer wants, when they want it and how they want it. This knowledge can direct profits for a company by leveraging existing data on consumer habits and maintaining valuable customers. You can also use the insights from a business intelligence system to understand who your most loyal customers are, and which of them have the potential to become loyal customers.
Benchmark sales channel partners
A BI system would also enable your sales teams to triage top and bottom performers. This could again be really useful and critical towards taking your business to the next level.
Identify areas for cost cutting
Cost cutting is a buzz-word in the industry today, that almost every organization talks about. Eliminate waste, increase productivity will result in higher profits. Business intelligence software can assist with decision making, which could result in lots of savings. Cutting excessive inventory, and thereby the cost to maintain it, is one of the easiest changes a company could make to immediately affect it’s bottom line. Retails would be able to clearly see and understand the inventory and thereby enable them to make better decisions about what to order and when so good don’t sit idly on warehouse shelves.
With a good understanding about what the customers want, and how much of it is really required, manufacturing control can be implemented. Further business intelligence systems can be implemented to eliminate costs by analyzing manufacturing processes.
Using business intelligence, have a look at your network, and have a look at what’s really going on. Most employees tend to waste time on unproductive websites which ultimately results in business losses. Blocking these websites could help increase productivity.
Because we have been in the industry, understand the market and have enough maturity to know what the exact solution that’ll match your business. We would be able to use this information to help you optimize your business.
Furthermore, imagine being able to access the entire business intelligence system on the go. On any mobile device. What more could you ask for?
Enjoy the flexibility that a business intelligence system offers.
Not sure if your employees will be able to handle it? Not confident that this is what your organization needs right now? Talk to us. We’ll help analyze your current system, understand how your business works, what your strengths and challenges are. Based on that, we’ll show you which business intelligence system to implement. Don’t worry, we don’t wash our hands off and leave. We’ll also help you migrate from your current system onto your new fancy system. We’ll help train your end users and your IT team to troubleshoot errors. What’s more, we’ll even be here to offer support whenever needed!
Come talk to us today, we’ll love to do business with you!