Digital disruption, a key facet of Industrial Revolution 4.0 that is well underway, is an enabler of greenfield applications and opportunities. As transformative ecosystems lower the entry barriers for competition, businesses rooted in legacy frameworks are finding it increasingly challenging to acquire and retain customers. Contrary, agile, innovative business practices enable harnessing these opportunities and thus ensure long-term viability.
So, why do intelligent businesses use business intelligence? Before we hop on that let’s define BI. Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis and management of business information. Put simply, it is the process of transforming data into valuable information that can guide decisions, identify trends, and drive growth.
4 key aspects of why intelligent businesses use business intelligence:
Business intelligence can help companies make better decisions by showing present and historical data within their business context. BI helps to provide performance and competitor benchmarks to make the organization run smoother and more efficiently. Putting the data used in business decisions within easy reach of decision-makers “at the click of the button” ensures that the organization can make better, more informed decisions.
Often during tough times, organizations will cut costs down to the bone without the ability to understand where the true fat is. Efforts should be focused on protecting growth and profitability through informed decision-making. Reliable and timely data is the most important factor in this process. The most value is created when inputs to the model can be flexed and the outputs are displayed in near real-time via an easy to interpret dashboard.
Which are most and least profitable? Whose buying trajectory is increasing and whose is diminishing? How is the product mix changing and how does this impact profits and losses? What is most important to my customers? Are they happy with my products and services? Organizations that understand their customer base and have an insight into how their customers’ behavior is likely to change will be ahead of the game.
For any business, it’s always the people that are the greatest asset. Employee health and wellbeing are crucial to business success. Real-time intelligence helps HR professionals and business leaders to understand what’s happening with their people and forward plans to ensure business success is maintained and that employees are happy with the workplace.
Analytics, data, and technology are the main ingredients for sustainable growth. But this brings up a lot of questions – What kinds of data do you need to analyze? What’s the right technology to enable business growth? What are the best tools for your business? Finding all the right answers can be daunting, especially if you lack the budget, staff, and/or know-how to implement complex tools. But it doesn’t have to be that way. Connect with us for a coffee to learn more about some breakthrough business stories centered around BI.