Business Intelligence (BI) helps companies with rich data resources to make informed strategic decisions, improving operational efficiency and business productivity. While systems such as Business intelligence can help different aspects in a company, here we take a look at the main benefits of business intelligence that helps businesses grow by enhancing decision-making.
What is business intelligence?
Your company’s processes can be optimised, which will generate savings and improve quality as well as productivity, but to do this it’s important to have access to the data that they generate.
“Improving processes” is all very well but can be less than helpful when you don’t know what needs to be improved. To do this, the first step is to correctly analyse information related to your production activities and cross-reference this data with other analyses, for example, the market and the cost of each process or even the impact that it has on the product’s final price — all of this is possible with BI.
The digitised age of business tools has enabled businesses to take technology and use it for growth. Business intelligence allows companies to use the power of big data by analysing this and uncovering trends and solutions. The good news is that automating this task means that precise reports are always in the hands of business leaders, helping them make changes with less chance of making an error. Ultimately leading to improved decision-making for your business.
Reporting based on accurate and timely information helps companies measure the performance of their processes. Business intelligence helps companies make better and more informed decisions about strategic issues by providing crucial information on the current and historical performance of the company along with future trends, expected demand, customer behaviour and so forth.
Why is it important to be careful with business intelligence?
While BI is very useful for organising your company’s data, the results are only as good as the correctness of the data in the first place – quality in then quality out. So, despite a BI systems efficiency, it can provide misleading data for decision-making if not carefully managed. To overcome this, a deep analysis of the data origin is essential before making decisions based on what the business intelligence presents.
BI is an investment catering for all business sizes allowing them to use the power of business intelligence not just the very large corporations. In fact, BI is more accessible for small to medium businesses today than ever before. So, to get the most out of your investment on a BI solution be sure to choose a system that will automatically analyse both the content and context of data that is collected. This will help ensure your business is accessing the full benefits of efficient and improved decision-making BI systems can present.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.