Business Intelligence or simply BI is considered a set of tools that help businesses gather and assess business data that would then help them make informed decisions for the sake of the business. BI covers most business aspects including finance, performance, marketing, and even customer support.
If you are having a hard time determining what is working for your businessand what is not, then BI tools might help you out. To answer the top asked questions in our platform, here is why BI is important for business growth.
It is a cost-effective solution
BI solutions and software are sure to cost your business but that is money well spent. Business intelligence is not a quick performance indicator. The BI concept is to assess everything from top to bottom.
That entails checking all aspects of your business operation and identifying factors that are irrelevant to your over-all operation. Most BI software available these days are easy to learn, meaning you don’t have to hire a third party to conduct it for you.
BI is proven to reduce cost especially with the evaluation of whether your business would benefit from outsourcing. Through BI, you can fully validate that your operation is suitable for an outsourcing model. That means saving more than 70% in overheads.
Fast and reliable reporting, analysis, and planning
Some businesses can assess their operation and KPI through manual means. However, a growing business requires are more automated approach. Through BI, you can accomplish important reports that address your business status. With those reports, you are then able to conduct a thorough analysis.
The next step would be to come up with a plan or a framework on how to resolve the issues that surfaced from the latest BI. As mentioned above, most BI software is easy to learn and use. That means you can assign someone to manage your business intelligence.
It is also a matter of data mining wherein you can see patterns in your business as well as trends. You can draw insights from all that information you gather.
Some businesses without BI mostly gamble with the decisions they make. They conduct their research though. However, most of the information they gather come from external sources meaning not connected to their business at all.
Business intelligence is not just about making informed decisions. It also minimizes risks or even eliminates it.
The BI structure is data-driven meaning everything being used to come up with business planning are valuable.
We understand that most people might still be reluctant to give this a try. But, if you want to learn more about business intelligence, contact us today. We can also connect you with real businesses that benefited greatly from BI solutions. Don’t take our word for it, take theirs.
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