In our previous article we talked about reporting and its importance in improving the performance of the different departments of the company. Today, our post will be dedicated to Business Intelligence, a set of tools of which reporting is a part and which today represents an effective way to improve decision-making within the organization.
The analysis of useful data within the company is essential to evaluate performance and establish what the next steps will be. However, the collection and analysis of this data is not an easy task; it needs the right tools to be carried out, that is exactly what Business Intelligence is all about.
Maybe you are thinking of applying it within your company, or you are already using it on a smaller scale. In any case it’s a good idea to read this information we have prepared for you. Discover below all the advantages of Business Intelligence and get ready to fully optimize your decision-making.
What exactly is Business Intelligence about?
The term Business Intelligence is not new at all, in fact it has existed for more or less 20 years. However, the progress in technology and the emergence of solutions related to data analysis have contributed to its popularization.
Specifically, Business Intelligence refers to a set of technologies that allow companies to analyze data for the benefit of their decision-making. The main purpose of BI is to help companies understand their environment; and support them to create intelligent strategies based on useful information.
Business Intelligence, for it to work properly, must make the data go through the following phases:
Data collection, cleaning and consolidation: This phase involves extracting data from systems and then adapting it for decision-making. Also, when we say cleaning, we refer to the process of filtering information to extract only that which is really useful.
Structured data storage: Once we have extracted (using a tool) the useful data; this information must be stored in a system that allows it to be centralized and accessed when necessary.
Distribution: In this phase, information accessibility is simplified and segmented according to functions and types of use.
Exploitation: Since the data is stored and centralized, it is possible to use it to make strategic decisions.
Advantages that Business Intelligence can bring to the company
#1 Increase in productivity
It is very common for companies to constantly face the problem of having to manage their data manually; and unfortunately when the process of collecting, analyzing and explaining data is handled by an employee who does not have the right tools to automate the task, the workflow definitely slows down.
Through BI on the other hand, any member of the company can retrieve data and create reports with just a click of the mouse. This frees up a lot of time and resources, allowing employees to focus on their core tasks.
#2 Greater Effectiveness
A fundamental part of project implementation is the establishment of clear and achievable objectives. However, how many times have you set goals that seem achievable but are ultimately impossible to accomplish? This usually happens when times are not well managed and the right information; and channels are not used during communication between the members involved.
With Business Intelligence you can monitor the relevant information in a simple way and make it accessible to those who need it. In addition, through BI you can establish correct reference points; study and avoid past mistakes and ensure the success of your projects. This exponentially increases the possibility of achieving all the objectives you set in your projects.
#3 Optimized ROI
Decisions based on concrete facts and solid numbers are definitely less risky from a financial point of view. By automating manual tasks, streamlining time management, reducing operating costs; and optimizing decision-making, companies that use BI to their advantage can achieve greater ROI.
#4 Continuous Improvement
With Business Intelligence you will have the opportunity to turn your company’s information into intelligent actions. This also implies that with the data analysis you will be able to detect errors; and weak points to transform them into strengths for your business.
Business Intelligence is essential to optimize the way you solve problems within the company. So take advantage of BI tools to promote a culture of continuous improvement among the members of the organization.
Finally, always remember, technology is a key ally in the progress of your company; so do not hesitate to integrate into your IT ecosystem all the tools you believe necessary to improve your internal processes.
If you are looking for a solution that allows you to provide a quality support service and also gives you centralized access to all the data you need to better understand your customers; we recommend that you take a look at Freshdesk.
Don’t wait any longer, make the most of the information you manage through the right tools. Contact us for high-tech solutions and professional advice. At GB Advisors we offer you in one place everything you need to carry out successful projects.