In today’s business world, companies are making strident efforts to devise ways to gain better control of their investments. They constantly search for information and ways to optimise their operational efficiency and generate the best value.
Business intelligence (BI) comprises tools and strategies to gather and analyse information to enhance decision-making and performance, and it is becoming an invaluable aid for businesses. BI is more important than ever, given how saturated the markets are.
What makes BI such an essential tool for businesses? Let’s find out.
1. Boost Productivity
Business intelligence enables businesses to optimise productivity and performance. If operational processes are running into bottlenecks, a BI tool can identify the root cause, refine operational processes, and take productivity up a notch.
For instance, HR systems or HR software such as EasyWork allows businesses to streamline their HR procedures and reward employees using a reward system a.k.a. a smart point system that motivates and rewards employees accordingly. This enables businesses to become more efficient, leading to an increase in productivity.
2. Gain Customer Insights
Customers are likely to stick with a business that offers the service they want. Learning customer behaviours is important for businesses that want to make the most out of their customer relationships. It is very difficult to address customers’ interests without knowing what they are.
Using a BI tool to gather data on customer behaviour across your business channels helps improve your customer engagement and boost your business growth. Customer data can be tracked from email marketing and social media campaigns.
3. Improve Decision Making
BI provides business organisations with data that helps them make well-informed decisions. Businesses that use BI tools have experienced operational improvements. They offer a voluminous amount of data from which they can rapidly generate organised data.
Data provided in real-time enables the BI team to make better decisions for efficient results. Results can be generated quickly and implemented in the right place to make future business decisions. For example, HR software such as EasyWork keeps employee attendance records on the cloud using its smart attendance system.
Since employee attendance data is systematically and safely stored on the cloud and can be retrieved anytime, businesses are able to make informed decisions when it comes to employee performance, job promotions and job demotions.
4. Enable Evidence-Based Management
There’s been a shift from intuitive business management to a fact-focused approach. Businesses nowadays cannot afford to make decisions that are not fact-based and may cost them a lot when decisions are revised and reversed. Successful organisations are thriving by making use of evidence-based data in their decision-making.
Evidence-driven data leaves no room for guesswork. With no room for guesswork, the chances of making errors are limited if not extinguished. BI tools are efficient at providing accurate data for business operations, one of the features contributing to their increase in appeal.
5. Control Inventory
One of the beauties of BI tools is that they make the process of controlling inventory seamless and efficient. Order fulfilment is all the rage in e-commerce and retail businesses. Customers crave impressive order fulfilment. Optimal inventory control is important to determine where the inventory is located and how quickly it moves.
BI tools can monitor inventories to prevent companies from running out of stock or running into bottlenecks. Running out of stock and overstocking is among the bothersome problems e-commerce businesses encounter from time to time. BI tools come with dashboards that keep managers informed with real-time information.
6. Increase Sales
Data is required to improve sales marketing. That is what many businesses today are banking on to make sales. BI technology offers businesses in-depth data to optimise their sales and marketing strategies.
It comes with tools that measure sales activities and identify consumer trends and behaviour through sales information dashboards. Such a feature helps businesses track customer activities, learn their behaviours, and utilise that information to enhance their marketing techniques. This feature makes BI technology highly sought-after.
7. Increase Available Information
Businesses require constant information to make strategic decisions. With a mobile device, business data is readily available. This benefit of BI tools can boost businesses and help them stay ahead of the competition.
8. Get a General View of Your Business
BI gathers all business information into a unified dashboard. Here you will find information such as sales figures, employee records, marketing campaigns, and more to help you acquire a holistic
In a Nutshell
Business intelligence relies on the power of business analytics, data, tools and systems to help organisations make well-informed decisions, increase efficiency and productivity, and achieve organisational goals.
Organisations that are quick to make full use of business intelligence and its powerful tools can gain a significant competitive advantage over their competitors.