Business Intelligence: 5 reasons to introduce it into your company
As a set of strategies and tools used to collect, analyze and validate corporate data and information, Business Intelligence is a crucial ally for companies aspiring to make strategic decisions based on Big Data and to exploit the latter to achieve measurable objectives.
The use of BI software within companies is now essential. With the exponential growth of data from different sources, in fact, the need for analysis tools and professionals capable of understanding, processing and converting the information received into a clear, unique and consistent format also grows. This is the only way data can translate into a real competitive advantage.
The introduction in the company of Business Intelligence software solutions allows the interconnection of different areas of business management (finance, supply chain, marketing, sales, customer service, etc.) and a more effective exchange of data. In this way, it is possible to understand and predict scenarios, intervene to improve the effectiveness of business plans, increase sales and/or revenues and much more.
Why introduce BI software in the company
Business Intelligence, therefore, allows for the improvement of all those activities that are based on the use or on analysis of data and information. Specifically, BI provides numerous tools to interpret market trends, condition and orient business strategies according to the needs of the target audience or internal objectives and represent data clearly, through reports and dashboards. It also offers benefits in terms of performance improvement.
Among the main reasons for introducing Business Intelligence in your company there are:
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Facilitate data mining
Data extraction is a fundamental activity within a company, however, these can be stored in different databases, based on different technologies requiring different access credentials, often not shared. Data may also be repetitive, fragmented or managed by distant and unconnected units, which further complicates the reading and extraction for complete reporting. The use of Business Intelligence software allows you to easily solve these problems, facilitating data mining and the consequent use of data for strategic purposes.
BI software can, in fact, not only extract and put together data from different sources but also manage the constant entry of vast quantities of Big Data, returning updated information in an easy to access and read format.
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Make more accurate reports
BI software allow to collect and process data in real-time. Furthermore, reinforced by AI-driven solutions, companies can benefit from real-time analysis and thus organize information in more accurate and always updated reports.
The reports can also be customized in order to monitor specific KPIs (Key Performance Indicators) related to specific areas. This way, it becomes easier and more immediate to identify and solve any problems. The data, in the form of business intelligence dashboards and reports, display complex information in a simpler, more accessible and understandable way, making decisions easier.
Report generation is a standard application of business intelligence software, which, in some cases, allow you to automate the entire process, completely replacing the use, for example, of spreadsheets and word processing programs.
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Make more informed decisions
Through the use of BI tools, it is possible to clearly identify what works and what doesn't within the company. These allow, in fact, to evaluate performance in an extremely precise way, showing what happens in the present and what has happened in the past, through the integration of data from different sources and which offer a 360-degree view of the business.
From the analysis of the reports, managers and business units are able, therefore, to make informed decisions, implement strategic solutions and improve planning operations.
Used effectively, Business Intelligence software allows you to control the market and quickly minimize possible risks and problems. Among the various functions, it is possible, for example, to set notifications on precise changes in KPIs in order to have a clear, immediate vision and facilitate rapid intervention.
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Increase customer satisfaction
Business Intelligence systems allow you to acquire real-time information on real and/or potential customers, essential for developing targeted offers and services. BI tools make it possible to identify and define the behaviour of buyer personas and extrapolate real patterns. In this way it is possible to anticipate actions and desires, providing answers to real needs. The data processed in this way, combined with real-time feedback, allow the development of an increasingly broad and functional knowledge of the customer for the purposes of the business.
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Facilitate comparative analysis
The ability to collect and process large amounts of data is an advantage in itself. In addition, BI software allows strengthening the resilience of companies, monitoring and analyzing not only their own data but also those of competitors.
Business Intelligence tools can, in fact, be used to trace the performance of competitors, determine the effectiveness of campaigns, understand what differentiates their products and services within the market. This information allows not only to analyze and compare the activities of competitors, but also to understand them, learn from their mistakes and successes, extract useful insights for their business and, finally, draw up more effective and competitive business plans.
Business Intelligence, therefore, is not only a competitive advantage for modern companies but also an urgent need. From the processing of data from different sources to surveys on competition, passing through the analysis of performance and customer behaviour, BI is a tool capable of transforming the Big Data generated by the various company departments into a precious resource aimed to guide and strengthen business decisions.
