Magazine / Business Intelligence Apr 30, 2021 11:15:00 AM

Business Intelligence: 5 reasons to introduce it into your company

As a set of strategies and tools used to collectanalyze 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 growsThis 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 scenariosintervene to improve the effectiveness of business plans, increase sales and/or revenues and much more. 

Why introduce BI software in the company 

Business Intelligence, thereforeallows 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 clearlythrough 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: 

  1. Facilitate data mining

Data extraction is a fundamental activity within a company, howeverthese can be stored in different databases, based on different technologies requiring different access credentialsoften not shared. Data may also be repetitivefragmented or managed by distant and unconnected unitswhich further complicates the reading and extraction for complete reporting. The use of Business Intelligence software allows you to easily solve these problemsfacilitating data mining and the consequent use of data for strategic purposes. 

BI software can, in factnot 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. 

  1. Make more accurate reports

BI software allow to collect and process data in real-time. Furthermorereinforced 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 Indicatorsrelated to specific areasThis 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 simplermore accessible and understandable way, making decisions easier. 

Report generation is a standard application of business intelligence software, which, in some casesallow you to automate the entire processcompletely replacing the use, for example, of spreadsheets and word processing programs. 

  1. 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 pastthrough 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 abletherefore, to make informed decisionsimplement strategic solutions and improve planning operations. 

Used effectively, Business Intelligence software allows you to control the market and quickly minimize possible risks and problemsAmong the various functionsit is possible, for example, to set notifications on precise changes in KPIs in order to have a clear, immediate vision and facilitate rapid intervention. 

  1. 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 desiresproviding 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. 

  1. 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 competitorsdetermine the effectiveness of campaignsunderstand 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 themlearn from their mistakes and successes, extract useful insights for their business and, finallydraw up more effective and competitive business plans. 

Business Intelligence, thereforeis not only a competitive advantage for modern companies but also an urgent need. From the processing of data from different sources to surveys on competitionpassing 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 precious resource aimed to guide and strengthen business decisions. 

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