The importance of Business Intelligence tools for better decision making
Business Intelligence tools have limitless potential for business performance to guide organisations into the future. There are many options on the market for Business Intelligence software, but all guide organisations in making strategic decisions based on statistical data and evidence, rather than intuition.
Business intelligence (BI) is a technology-driven process for analysing data and delivering actionable information that helps teams make informed business decisions.
In this information era, data has gained the lead role and becoming essential for market analysts and business managers. However, data collection is not enough. Without evaluation, context and comparison, a number doesn't mean more than just a number. Once organisations start to analyse, globally, their databases and information, they achieve better management of their efforts while offering more value to their customers and users. Here is where the BI experts take the stage: evaluating performance and guiding decision-making.
BI software and systems provide options suited to specific business needs. They include comprehensive platforms, data visualisation, embedded software applications, location intelligence software and self-service software built for non-tech users.
Today, this technology is applied a little by all industries with great benefits: retail, pharmaceutical industry, media, e-commerce, hotels, transport, banking and finance, and government institutions. Every BI software use algorithms to extract valuable insights, so there is no surprise that these tools have revolutionised the market.
Generally, these organisations collect data through various internal and external Business Analytics resources, such as social media, e-commerce platforms, loyalty programs, customer ratings, CRM platforms, payment methods or competitor portal analysis. The BI tools gather the data from all these channels in a single point. Once this information is centralised, it is then analysed to reveal the organisation's status quo, behaviour patterns and new trends.
These platforms transform raw information into something valuable through data visualisation such as graphs, maps, tables and reports.
BI tools are incredibly versatile and used to monitor performance, identify which strategy has the best result, but also to discover new business opportunities, help identify patterns in the vast amount of data, make fact-based decisions and improve the customer experience.
Without a doubt, risk reduction and revenue growth, whenever homework is successfully done, that is, listening to and getting to know consumers and their needs, keeping a close eye on the competition and improving processes. These tools generate insights that allow companies to predict and understand the behaviour of their target audience and reduce decision-making process time. A simple dashboard gives them the opportunity to, with the same resources, deliver a much better result. This is the power of BI optimisation.
Employees want to feel heard and be part of the solution. As a result, to encourage teamwork and maintain a competitive edge, many companies use Business Analytics and Intelligence to foster transparency and improve collaboration in the workplace. These tools encorage and increase confidence levels, directing everyone in the right direction.
Business Intelligence tools allow leaders to gain a holistic view of their business.
So let’s transform your data into performance together.