Every day managers take critical decisions based on the information available. With advancement in technology and customer expectations, businesses must remain on their toes. To ensure that they have a competitive edge, they should rely more on technology and less on manual tasks. This is where business intelligence tools come to rescue. BI tools rid you of Excel and Spreadsheets.
Every business has to pay attention to clients, markets, sales, operations and investments while keeping in mind the ROI. This means more data and a lot of hustle. This much data can mean trash if you can’t analyze or forecast or do anything fruitful with it. BI helps you gather, analyze and leverage a variety of data to gain a competitive edge and increase its prominence. Be it a small business or a large one, BI has something for all in its bag.
Here are the 7 main problems that a Business Intelligence tool can help you resolve:
More data, less information
Information is, in layman’s terms, processed data. Businesses have various sources and types of data on hand. If you can’t take that data to use, you will just fling the arrows in dark. You will never hit the target. With Business Intelligence solution, you get the most out of your data and that too in the form of charts and graphs. Data analysis and reporting gives you the bird eye view of your business, departments, functions, etc.
Poor business performance
Your product/service is great. You have good number of employees too. But if you can’t make the most of the data you have, you will eventually start losing. When you have access to meaningful analysis and reporting you can make strategic, well-informed decisions in less time. With a BI tool in place, you have real-time insights into your people’s and business’ performance. You get an idea of root cause of any crests and troughs in your data and manage them accordingly.
Narrow idea about the market
When you have piles of data on hand and don’t know what to do with it, your business will just be a chaos. One of the biggest advantage of a BI tool is that it helps you in demand forecasting and market study. Get all the required data in real-time and not at the month end. You can be proactive rather than reactive to the market condition.
Retaining clients is all about building long-term relationships. For this, you have to have insights about their needs, preferences, history and much more. Business Intelligence solution gives you valuable insights into customer behavior from different viewpoints. When you have this information on hand, you can predict their future needs, target specific products, stay in touch and create a notable customer experience.
Maintaining every department’s data in Excel is a cumbersome job. Adopting a BI tool and using it for your operations can benefit you a lot. You will have a sole source of information and that too in real-time. You can monitor and analyze the performance, access and share documents, and make decisions. The end result is a graphical representation on the data you requested, thus improving the operational efficiency.
Much of your time is wasted when you switch between tabs or systems for finding a single information. Business Intelligence solution is a single source of real-time information and which can be accessed from anywhere. You don’t have to worry about the compilation and analysis when you have a BI tool in place. Extracting data from various sources and presenting to you only whatever you asked for, BI makes it easier to stay connected and updated.
Developing custom reports
Creating a custom report for every new requirement needs much efforts and time. You have to rely on a tech person for this. By having a BI tool in business, you can get reports in minutes. Anyone can access and create the reports as per their needs. This feature not only increase the efficiency but also gives a better ROI in the long run.
There are many other problems solved by a BI tool which directly impacts your business productivity and efficiency. With changing trends, cloud BI tool is considered convenient and cost-effective by many businesses. In case you want to know more about a world class cloud BI tool, let us know.
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