What is business intelligence?
Business intelligence is the technology, practices, and applications for the collection, analysis, integration, and presentation of business-related data.
Business intelligence systems allow you to quickly access your internal data. That means efficiently analysing internal information for trends which can help you make smart decisions.
These applications also help empower your employees. The more people who can access your data, the greater value you’ll see as every employee becomes a decision maker. When your team members are armed with real-time, relevant information, they can make informed decisions that improve customer service and increase productivity.
Business intelligence also helps companies become more efficient from an operational perspective. The amount of time your employees spend on data entry and manipulation preparing operational reports and KPIs is greatly reduced, as they can instead generate both summarised and detailed reports with the press of a button. The time saved can be spent in other areas of your business.
In order to remain competitive, you need to know what your customers want. Business intelligence software allows you to see patterns within the behaviours of your customers, and shows you what they do and don’t want. This knowledge can help you respond to shifts in the marketplace, turn your current customers into raving fans, and attract new customers.
One of the best reasons to choose business intelligence applications? It’ll quickly pay for itself:
- Decision makers will be able to identify areas where you can cut costs and improve productivity
- Retailers can easily see where they can cut excessive inventory
- Managers can analyse staff hours based on need
Efficiency can be maximised- from production to distribution.