We have entered the era of new business intelligence (BI). Since volumes of data received from disparate sources are overgrowing, enterprises face the increasing demand for new business intelligence software able to process and convert all the information into a consistent, actionable, and useful form that can become a competitive advantage of an enterprise.
The digital transformation software solutions allow various areas of business management, such as financial, supply chain, sales and marketing, and customer service, to stay interrelated and exchange data with each other more effectively. The convergence of Advanced Analytics and Big Data opens up new opportunities for improved operational efficiency, better-informed business decisions, and forecasting scenarios in different functional areas of a company.
Much-promising features and benefits of digital transformation software aren’t limited by those mentioned above. Let’s take a more in-depth insight into the ten most significant benefits of business intelligence solutions.
Faster and More Accurate Reporting
Business intelligence software allows us to collect and process real-time data. Therefore, empowered by AI-driven solutions, companies can benefit from real-time analytics and organize the continually updating information into more accurate and always relevant reports.
Employees can use various templates or customized reports to monitor KPIs related to specific areas, like financial, operational, or sales. It enables them to uncover problems and react to them immediately, timely eliminating more significant risks to a business. Most often, such kind of software visualizes information in a convenient, easy to access, and understandable way. It also allows you to view a report in different modes, including dynamic charts, graphs, and pivot tables. Some software solutions are interactive, which means users can play with variables to access the information even faster.
Better-Informed Business Decisions
BI helps to estimate business performance more precisely and get a clearer understanding of internal organization processes. It allows team leaders to access employee productivity and the overall success of a particular department. In other words, business intelligence software empowers the executives to see what is working and what is not inside of the company. They can set up alerts and notifications about the significant changes in KPIs to always stay on the top of metrics and handle problems more easily.
This kind of software helps enterprises analyze vast arrays of data, make better-informed solutions, and build more actionable business plans. Used effectively, BI tools can help a company to dominate the market and mitigate possible risks quickly.
Enhanced Competitive Analysis
The capacity to collect and process massive data sets is a competitive advantage in itself. Moreover, predicting, budgeting, and intelligent planning strengthen a business position in the marketplace and help stay at the top of the competition. However, business intelligence software can increase your company’s resilience by monitoring and analyzing not only your data but also those of competitors.
You can track competitor sales performance, determine the effectiveness of marketing campaigns, and learn what helps them to create a unique offering, and differentiate their products (or services) in the market, crowded with hundreds of alternatives. With this information, you can learn from your competitor’s mistakes and extract valuable insights to run your own marketing and business management smarter.
Data Mining
Business intelligence tools are beneficial for data mining. The last term implies a process of defining patterns in data to identify trends and get insights. It can be broken down into five simple steps, including the data collection, warehousing, organization, analysis, and presentation. Some BI tools can perform all of these processes while others require the support of other data storage platforms, business analytics tools, and Big Data solutions.
Business intelligence software handles vast amounts of constantly incoming data that cannot be processed by weaker programs and always delivers fresh information in an easy-to-access form. So that it ensures that a business makes highly informed decisions without missing anything important.
It allows defining short-term, middle-term, and long-term trends in company spending, staffing, operations, and client development. Armed with BI tools, enterprises can catch fleeting opportunities, build more efficient strategies, and take advantage of the market.
Increased Customer Satisfaction
Business intelligence systems allow us to learn more about the customer and deliver a better offering and service. They help define and investigate customer behavior and purchasing patterns. With this information, employees can anticipate customer needs and provide solutions to their real needs.
Moreover, many companies are now taking customer feedback in real-time. This information can complement their vision of the customer, receive invaluable insights about customer experience, and create a better mCommerce application.
Establish Benchmarking
The business has always required the magic wand that can help make fast and successful decisions. Often executives are too busy to conduct in-depth and large-scale research of a particular issue that is important for business success. Fortunately, modern business intelligence tools allow companies to save a lot of time and enhance investigations. Using BI software is like having continuous in-depth research running and compiling data for groundbreaking decision-making.
Benchmarking is a valuable data analysis tool companies apply to assess their productivity, revenue, and overall project performance in comparison with competitive brands. Enterprises are often struggling with benchmarking, but business intelligence software can simplify it by always providing real-time information in easy-to-understand reports.
Benchmarking reports offer neat and actual data, allowing companies to evaluate their productivity against individual KPIs or trends over time and provide a trustworthy insight into the company’s current state. Benchmarking reports, combined with predictive analytics, empower businesses to implement their strategies and stay ahead of their competitors pro-actively.
Improved Operational Efficiency
BI software combines data from multiple sources into one highly structured and consistent informational flow that helps enterprises to establish better internal management. So that employees and managers can save time monitoring information, focus on creating timely reports, and run other critical activities more effectively.
Increased Revenue
All businesses are interested in growing their revenue. Business intelligence software helps companies ask the right questions about their processes and a target audience. It allows them to conduct detailed (and continuous) research of their customers, watch their competitors, and identify the latest trends. They can compare data across different dimensions, determine the inefficiencies in sales and operational activities, and make more efficient business decisions. All this should help a company grow revenue.
Lower Margins
Profit margins are another concern for most enterprises. Luckily, business intelligence software can help analyze the organization’s weakens and expand margins. Aggregated sales data allow companies to investigate their target groups and empower sales teams to create more efficient strategies and plans on their budgets.
Sales Intelligence
Reports and data produced by business intelligence tools are particularly helpful when you need to back up your claims with real data when negotiating with potential customers. They can also empower you to make quick sales with real-time information accessible in mobile reports.
When it comes to sales and marketing, nothing can be as persuasive as a beautiful visualization of hard data supporting your arguments. BI tools allow you to create and determine trends in customer preferences allowing you to be the first in your industry to know what to offer to potential clients to maximize sales.
Bottom Line
We live in times when to stay ahead of the competition means keeping abreast of the latest business technology innovations. Business intelligence software is now at the frontier of enterprise management disruptions. It helps executives track their businesses’ pulse in various functional areas, including financial, human resources, operational, sales and marketing, supply chain, and others.
Business intelligence software is becoming not only a competitive advantage for modern enterprises but also an urgent need. It empowers them to process vast amounts of data compiled from different sources, efficiently conduct competitor and target audience research, make highly informed decisions, and build data-driven and much-promising plans. I have been happy to introduce this ultimate overview of the ten most significant advantages of business intelligence software. I hope it will inspire you to equip your business with emerging tech to succeed in 2020.
