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What is BI, and how can it unlock your business potential

POSTED FEB 06, 2020

In the age of information overload and with the amount of data generated by companies growing exponentially, the first priority of any organization is the right data management solution that can transform this raw intelligence into actionable insights. Since its inception in the 1960s, business intelligence has come a very long way with exceptional developments that other business technologies today. It's always on the cards for any organization that looks to build the future with data-driven business decisions.

Saying that, lets first understand what BI is and then look into how it can assist you in understanding your business better.

What is Business Intelligence?

To put it very simple, BI usually relates to an array of software tools that provide agile and real-time insights about an organization's current state, using the available data. BI has a direct influence on every aspect of the organization's business decisions (strategic, tactical and operational). Business intelligence, along with business analytics, can unveil many unexplored areas of business knowledge. Whether it's building everlasting customer relationships, evaluating the marketplace, a more in-depth understanding of your product performance, measuring KPIs or estimating ROI, accurate data analysis can open up many gates of business opportunities.

How BI unlocks your business potential?

Advanced Competitive Intelligence

To put it very simple, BI usually relates to an array of software tools that provide agile and real-time insights about an organization's current state, using the available data. BI has a direct influence on every aspect of the organization's business decisions (strategic, tactical and operational). Business intelligence, along with business analytics, can unveil many unexplored areas of business knowledge. Whether it's building everlasting customer relationships, evaluating the marketplace, a more in-depth understanding of your product performance, measuring KPIs or estimating ROI, accurate data analysis can open up many gates of business opportunities.

Powerful Market Intelligence

Effective use of BI with analytical BI tools can unearth valuable market intelligence on many aspects of the business. Analyzing customer behaviour and their purchase patterns can open doors for predictive analysis with which organizations can be more responsive to the market trends and plan production according to it.

Effective Data Integration

Data is stored in various software and in several file formats across varied departments in every organization make data analysis and reporting complex. With an effective BI strategy in place, you can integrate every single byte of data existing in various forms and transform them into real-time value-adding pieces of information.

Efficient Business Model

The BI market is predicted to rocketeer and all thanks to e-commerce. Anything you want is just a click away now. This means business owners must build a multichannel business model and better place themselves in the market. They have to be very cautious with investing in the right marketing initiatives and should live up to the market trends. With Bi, organizations are in a better position to analyze their own data, consider external factors and device a better business model that is long-lasting and result oriented.

Robust and real-time reports

With instant access to every business data already stored in the right format and the right location, imagine how it can transform your decision-making capabilities. It saves much time and human efforts as reports and dashboards can be generated in a flash. As reports are generated on real-time data, it delivers insights at that particular instance and can profoundly influence business decisions and outcomes.

Accessible Insights

A power-packed BI solution can power you with crucial business information to make data-driven decisions on the go on any device.

You don't have to wait for someone from the office to share you a report that you need to make a quick decision when you are on vacation, or you can even get a deeper knowledge of a client while you are on the road to the client's place, all on your mobile. This can make a difference in closing a new deal, enhancing your customer service and many more business aspects.

Better decisions everywhere

Effective business intelligence is not just implementing technology alone — it should also redefine the workflow of the company and prepare for the future. With the range of benefits BI has to offer, it is critical for any business to make use of it and eliminate guesswork.