26 Aug Business Intelligence Benefits
What does Business Intelligence help companies with?
Business intelligence helps companies make smart decisions when it comes to managing their businesses. Business Intelligence can increase profits, identify marketing efforts, update procedure and examine employee performance.
Business Intelligence refers to a wide range of web applications and tools used to collect, store, manage, report and analyze existing data in a range of formats to help with business decisions. BI application development includes features like:
- Online analytical processing (OLAP)
- Queries and reporting
- Data management and statistical analysis.
It can collect data from different software like CRM, MIS and ERP.
What kind of solutions does Business Intelligence offer?
Business Intelligence (BI) solutions can be used to evaluate a collection of key business metrics such as:
- Supply & demand
- Geographical spread of customer-base.
Data is stored in data warehouses and can be analyzed and examined to create reports on past and current business performance in addition to predicting future business tendency and patterns to allow accurate business goals to be set and accurately tracked in a timely manner. Business Intelligence helps in gaining a competitive advantage over your competition and improves efficiency.
What are the advantages of Business Intelligence?
- Improves operational effectiveness and efficiency which reduces costs and increases business profits
- Identifies Business opportunities
- Access to accurate information about sales and marketing strategies
- Access to timely and reliable business information that helps make better business decisions
- Keeps track of the progress of business objectives and goals with standard data projection abilities
- Improves knowledge sharing throughout your company to support association and organization
- Builds up a greater understanding of customer requirements and the customer decision making process
- Predicts future behavior of prospects and clients
Can every business benefit from Business Intelligence?
Web based BI applications are very easy to use for the managing of all business environments. In the modern era, web based BI applications help the viewing and analyzing of data. Business Intelligence also offers a huge support in creating complex reports and integrating the advantages of BI analytics and reporting into their regular business transactions.
What is the importance and what are the advantages of Business Intelligence software?
BI applications help companies in efficiently running their businesses. Undoubtedly, Business Intelligence software helps in educating employees about the business, products and how to position one's product in the market and beat the competitors. Every business has different requirements and therefore it is important to ensure that you get a BI system developed through experienced Business Intelligence developers who truly understand the requirements and can deliver accordingly. With BI software you would be able to easily stay up to date with all of the latest information pertaining to the staff efficiency and performance, seasonal sales figures, advertising campaign results, buying trends, demographic and geographical data about customers, etc. The large organizations are already in a win-win situation with the BI because they can, in advance, analyze and study the data and make smart and precise decisions.
Mondy Holten, SAP BI Consultant
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