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Top 8 Advantages of Using Business Intelligence

Let’s get something straight here, Business Intelligence (BI) is a tool that let’s you easily detect and analyze critical information for your organization! This feature makes it simple for decision-makers at all levels to understand, evaluate, track, predict and act on information all the time. Overall, when it’s utilized properly, the organization can leverage real-time data to gain profit and efficiency.

There are, however, more specific advantages of using Business Intelligence such as:

  1. Zero Guesstimations

    Guesstimating shouldn’t have to be your go-to when talking about decisions that need to be made for the business. The detailed and up-to-date data that you find through Business Intelligence sheds a light on the important and critical parts of your organization so you can make decisions based on solid information.

  2. Easy Analysis

    The preset reports and dashboards in the system allow you to visually analyze all areas of your organization and detect the pain points at a glance. This way, the decisions can be focused on issues that require it in a timely manner.

  3. Central Alignment

    Companies with Business Intelligence are more aligned with metrics and execute more work since they are on the same page. The scheduled distribution of reports to key personnel helps teams follow a path consistent with the company’s objectives.

  4. Quick Consolidation of Data

    Having information available but scattered around is no good for anyone, specially not when pressing issues require immediate attention. The BI tool consolidates all the data needed automatically to be able to show you the reports you need anytime and anywhere.

  5. Easier Than Spreadsheets

    A lot of organizations still use dynamic tables and macros to consolidate data but really, how effective is that? Information needs to be uploaded and cross-referenced and nobody has time for that. A feature that automatically gathers all the data from your daily-operations system can make this process so much more efficient.

  6. Improved Sales Information

    Business Intelligence provides what is probably one of the most important aspects of sales: identifying customer preferences which will in turn help you know your customer better.

  7. Better Inventory Management

    Not just inventory management but the entire procurement process as well! With the procurement reports, you can easily spot market trends, unable-source products and metrics.

  8. Tracking Team Performance

    Tracking results with Business Intelligence isn’t necessarily just for customers or market. The feature allows you to see if the teams hit their marks individually and as a whole you can easily identify who, why and where a goal wasn’t met.

 

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Originally published Wednesday, Feb 22, 2017

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