Have you ever come across the term “Business Intelligence”? The concept is all about the delivery and integration of relevant and useful business information in an organization. The pace of change today is the fastest it’ll ever be. As a business executive, one needs to make use of business intelligence to detect significant events and identify/monitor business trends in order to adapt quickly to their changing environment. The 21st century is regarded as the age of innovations, the ability of using data and information in real time has become a key to succeed for any and every organization. With the dawn of internet era, business decisions are nothing but access to quick information. After big data, business intelligence has transformed the entire business landscape.
Do we really need BI?
The question really boils down to this: Why should you waste your time learning to use the tech in particular? I’ll give you five solid reasons.
#1 Get Insights- One of the best advantages of investing in a business intelligence software is that it allows you to get accurate insights and analyze the current consumer buying trends. The moment you understand all these basic aspects, information must be taken into account while developing products that match the current consumption trends and consequently improve your profitability since you will be able to attract valuable customers.
#2 Improve efficiency- Improvement in efficiency is another crucial reason stating that one should invest in a business intelligence system. Sharing relevant information across different departments, will save time on reporting, processing and analyzing. This also eases in information sharing procedure which is more likely to reduce duplication of roles/duties within the organization and improve the accuracy and usefulness of the data generated by different departments.
#3 Smart decision making- Being a business owner, it is very important to have a firm grip on what your organization’s data is trying to convey. And all you require doing is convert your company’s information into structured, analyzable insight – in other words- time for strategic decision-making. For today’s customers, it is clear having up-to-date, data-driven intelligence at your fingertips not only leads to better business decisions but will ultimately contribute to a superior financial performance.
#4 A reduction in costs- Of course, there are certain costs associated with the implementation and operation, the reality is that the ROI is generally large enough to make up for those expenses. Making the most of BI tools will help in reducing/eliminating costs associated with data collection, report generation, and programming, and IT training. Always keep this in mind, added profit is likely to come only when the correct implementation is done.
#5 Universal platform compatibility– Businesses have started relying more and more on BYOD policies making easy for making easy for key decision makers to use mobile devices while working. From being accessible across any internet-enabled platform to allowing access to vital information, these Cloud-based BI tools feature such benefits which can be used whenever and wherever it is needed.
Best Business Intelligence Tools to Consider
Do you think business intelligence is a new concept? No! It is a comprehensive solution of data analysis mainly used by enterprises to make data-driven decisions. The entire process incorporates online analytical processing, data mining, process mining, business performance management, benchmarking, predictive analytics, prescriptive analytics, and the most important, reporting. Further below I would like to mention a few business intelligence software that can guide you in gaining insight, understanding customer behavior and grow business like never before.
Sisense– The king in the BI market and the award-winning software for 2016 from FinancesOnline. Sisense effectively simplifies complex data analyses and making big data insights pretty much accessible for startups as well as for fortune 500 companies. The tool has the capacity to collate data from multiple sources and that too without any pricey preparations. Sound’s interesting isn’t it! With the help of ElastiCube technology, the BI tool can import large sets of data and work with any CPU layout without compromising the quality of your results.
icCube– Being a SaaS end to end BI platform, IcCube specializes in deploying on premises, in the cloud and enjoy a short time to market for custom feature requests. Because of on-the-fly-authentication and authorization, icCube can integrate seamlessly with any application. In simple words, it has the ability to connect and combine any custom data source, direct access to Java and R, a web-based dashboard builder and the ability to graphically design widgets from scratch.
Clear Analytics– One of the most intuitive Excel-based solution that requires no training. Those who have basic knowledge in excel can learn the system at a fanatic pace, which also means businesses have the full potential to implement a fully-operational, self-service Business Intelligence system. And do you know what’s the best part; they have very little downtime and almost no learning curve. It may also interest you to know that clear analytics allows consolidation of data from multiple data sources and all within Excel.
Ducen– Running a successful business is no cake walk! Companies require keeping their eyes on every revenue-generating event and cost-saving opportunity while improving customer satisfaction and retention. Combining historical data with real-time operational data for analysis, business users can make more informed, proactive decisions.
Insightsquared– Last but certainly not the least, conducting a successful sales strategy can be only made if you are able to understand your valuable customer. Gathering information can be time-consuming and take staff away from the task of actually selling.
Conclusion
Reaping all the benefits of these business intelligence tools will ultimately result in improving performance skillfully, intelligently. Select the most competitive one that would work out for you!
Source: https://tweakyourbiz.com
Image Credit: DepositPhotos
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