Business intelligence (BI) is a vital part of an organization’s success. According to statistics, the BI market is growing at a tremendous rate—meaning it should reach a Compound Annual Growth Rate of 7.6% by 2025.
The reason for this exponential growth is that BI helps organizations make better operations decisions and save time and money by providing more targeted information for managers, teams and clients.
But, what exactly is business intelligence? What is Business Intelligence used for? What are the signs saying your business needs BI?
Find answers and more in this article.
What is Business Intelligence?
BI is the process of using data to gain insights that improve business processes and facilitate better decisions. It uses big data to help companies gain a competitive advantage. BI is an important part of most organizations’ strategy, providing valuable information on customers, key trends, and competitive strategies.
Who is BI software development for?
Business owners and C-level personnel
Company owners use BI software to keep track of their company’s finances and make sure it’s on the right track with regard to overall growth. BI is also a must-have for C-level executives who need to stay up-to-date on their companies’ operations, growth and overall health.
Heads of departments
BI software provides managers and heads of departments with more detailed and relevant information about each department’s performance and progress toward goals set by senior management.
Data analyst and business analyst
Data and business analysts use BI software to analyze data relating to market trends, customer behaviour, and supply chains. Custom data processing allows companies to make better recommendations based on trends or patterns that emerge over time.
Markers That Say Your Business Needs Business Intelligence
Here are 3 signs that indicate the need for business intelligence:
- You have no data organization strategy
With a data organization plan, you can answer questions like:
- What kind of data is valuable?
- Where do you store this valuable data?
- And how do you make the most of it?
Thus, a data organization strategy should be a top priority when developing an internal data management plan. This includes creating a process for collecting and organizing data (ETL), as well as assigning roles and responsibilities within your company.
Sounds like too much work? That’s why your company is in need of Business Intelligence.
- You’re not using data to make informed business decisions
Great decisions are backed by data. If you’re not making use of all available information about your customer and market, you’re missing out on opportunities to improve your operations and profits.
- You’re depending on monthly reports for information about your company’s performance.
You cannot depend only on monthly reports to assess KPIs for your company. Markets and customers change rapidly in today’s world. Using only monthly reports limits your company’s flexibility and your ability to run multiple experiments. This isn’t good for business growth.
How can BI make a Difference and Improve Your Business?
Why use business intelligence?
- Faster decision-making
With BI, you get real-time reports so you can review your organization’s processes and investigate whether any changes could lead to an increase in productivity or profitability. Decision-making based on KPIs, customer behaviour and market trends becomes much quicker and more intelligent using business intelligence.
- Conducting experiments and measuring outcomes
Experiments are essential to uncover new avenues to capture leads and drive sales. Well-tailored BI solutions help marketers explore alternative ways to track and convert potential customers and evaluate the performance of said experiments against predefined business metrics.
- Optimizing a sales strategy
BI solutions can increase the efficiency of your sales team to impressive levels. They’ll provide your sales team with charts that say which angles of your sales efforts are yielding the most profits. This way, you know just where to redirect your sales budget.
More Features of Business Intelligence
There’s a lot more to Business Intelligence software than what we’ve talked about so far. Here are few more features of BI software that can add value to your company.
360-degree customer view
BI solutions provide you with a 360-degree customer view of your organization, so you can see what’s happening at any given time in any location. Now you can quickly identify the areas for improvement and make changes in real-time.
Efficient work of departments
BI solutions help improve the efficiency of your company by providing information about customers, orders, sales and more to all relevant departments: marketing, sales, operations and finance.
Real-time data visualization
BI solutions have a powerful feature called real-time data visualization that allows companies to analyze the data they get from different sources and make changes in real-time based on the results they see. This allows managers to see what’s happening instantly.
BI solutions can make a huge difference in your organization. BI software development does, however, require much expertise. Broscorp is a leading software development company that will help you build custom business intelligence solutions to improve strategic decisions, identify issues, discover potential trends, and find new revenue or growth opportunities.