The foundation of business intelligence is analysis and reporting. Whether you are using a BI solution for what-if analysis related the end-user, extracting the potential of predictive analysis, or offering performance reports to managers, reporting is its basic nature.
This field of computer science extracts data from several resources, filters it, and transforms it into datasets containing relevant information. These datasets are further evaluated to offer meaningful information that can be utilized by the end user.
How is this data useful to an organization?
This data can be used by businesses to make informed decisions and drive growth. Simply put, using business intelligence, businesses can convert raw data to actionable insights.
The BI-Sruvey.com conducted a survey including 2,600 BI users. These users shortlisted four major benefits that can be acquired from BI by a business. Here are these four benefits:
- Quick reporting, planning, and analysis
- Accurate reporting, planning, and analysis
- Informed, enhanced business decisions
- Enhanced quality of data
Below we have explained some additional benefits of businesses intelligence for different businesses:
Better Decision Making
When information is dispersed in various parts of your organization, it is not possible to make informed business decisions. One of the major functions of business intelligence is to analyze data, keep reports up-to-date, and provide data-driven insights all the time. Your BI tool has the ability to offer you the information in real-time so that you can quickly make informed decisions based on facts and figures.
Enhanced Marketing and Sales
Let’s talk about sales first. When your sales executives have updated information regarding customer behavior, won’t they be able to grab up-sell and cross-sell opportunities?
Isn’t knowing the customer the first step towards converting a lead to the customer? If your BI tool can offer comprehensive data regarding the customer to the sales representatives, it would become a notch easier to convert leads.
When marketing teams have greater visibility of sales data, they know their target audience. This means that they can create personalized campaigns for this audience.
Additionally, BI tools make it easier to track and trace every activity of the campaign to ensure that their marketing efforts are profitable and generating revenue for the business.
Enhanced Customer Experience
One of the major reasons for having a BI tool is to understand customer requirements. With technological advancements, the customer is becoming more and more resistant to various marketing and sales efforts. Today, the customer is less receptive towards the traditional and many new techniques as well.
To penetrate the market in this scenario, a BI tool offers insights and reports, which helps various teams to understand the customer. When you understand the customer, you know what they need. When you know what they need, you can tweak and modify your services to match the requirements.
And when you are able to provide the customer with what he or she needs, you create a fruitful, everlasting customer experience.
The BI tool also monitors regular, elite users. When a user shows signs of disappointment or thinks of leaving, your BI tool will immediately hint you of the severity of the situation according to market conditions. You can create personalized strategies to retain elite users.
Business intelligence removes system bottlenecks, accelerate working, and help individual employees to prioritize important tasks. Further, the manager can overlook a comprehensive performance report and offer a detailed review of how an employee can increase performance. Eventually, the performance of the organization increases with the right decisions, correct working pattern, and streamlined processes.
While business intelligence is a super tool for many organizations, it is necessary to ensure that you correctly feed data to it. If you feed garbage to your tool, it will give garbage back. That is why a major step in business intelligence reporting is data cleansing. You can’t provide raw data to your tool. It will give you practically nothing in return. Hence, have the right data cleaning tool to increase performance and ROI.