Companies today have at their disposable massive amounts of information that may be used in guiding their business moves. Business owners are constantly looking for data that will boost their business and a good way to do this is through the application of BI which involves looking at data in order to make better decisions. The key benefit of business intelligence or BI technology is the fact that it enables businesses, both big and small to carry out a better analysis of their data.
How to Benefit from BI
Business intelligence enables organisations to get their data out of their operating systems and into the hands of decision makers without bogging the people or the systems down. BI technology systems are beneficial in that they allow for the pulling of data together from a multitude of operating systems for the generation of sophisticated reports. BI reports are designed to reflect what has happened, what is happening, as well as what will probably happen.
In using BI technology, a company is able to consolidate, analyse and normalise millions of transactions per week, thereby providing the most timely and accurate valuations in the marketplace. By leveraging historic and near real-time data, a company is able to optimise their customer satisfaction and service, thereby reducing their operational costs dramatically. Business intelligence also enables companies to look into their organisation’s future and prepare for it.
With business intelligence, a small business is able to effectively compete with a larger company for purposes of increasing their market share. When properly conducted, BI can provide insights into trend analysis that cannot otherwise be seen. BI technology can also offer insights into the costs of acquiring new customers over time, as well as how such costs relate to the gain or loss of customers.
In recent years, BI technology has undergone a rapid evolution that has seen vendors offering improved software that is affordable and easy to use. Newer business intelligence technologies including cloud, open source, visualisation technology, in-memory technology and Web 2.0 interfaces have made BI tools much more business friendly. BI vendors have also begun to cater to a younger segment of entrepreneurs with offerings of visualisation, iterative scenario analysis, collaborative decision making and gamification. The new users of these tools are increasingly a generation younger than those who pioneered them.
Other Things that BI Technology Can Do For You
Companies are today implementing business intelligence tools to perform tasks such as:
· Calculate the profitability of millions of individual customers every day
· Track the navigation paths of each visitor to their website
· Identify fraudulent activity in real time for thousands of transactions
· Provide service representatives with a 360-degree view – in near real time – of their customers’ activities