The Death of Business Intelligence

How can BI help your operation grow?

Posted in Business, Business Intelligence by neilwilson1984 on November 11, 2013

Business Intelligence (BI) software is becoming increasingly popular across some of the largest businesses in the world. It allows managers and leaders the chance to make more informed decisions than ever before, as well as helping them reach an increasingly larger audience.

However, while there is a greater level of uptake in BI use across the business world, for many people who are thinking about starting a business, the term will still be alien, and it is up to firms providing the software to let them know how BI can benefit them.

According to Nathan Robertson, writing for Business2Community, there are three main benefits that can be seen for companies from the use of BI.

The main goal

The business sector, and any number of the different markets therein, can be difficult to negotiate. The rapidly rising levels of data in recent years have also made it harder to analyse information available and adapt businesses accordingly.

However, BI software makes it easier to gather, analyse and dissect much much larger amounts of data and make decisions based on this.

It means that decision makers in any company are able to have a far easier time of seeing current market trends and customer bases, as well as the way they react, improving their own operation to meet the demands of consumers.

The range of information available can also be changeable, with some firms choosing to see a wide cross section of the data available, and others choosing to focus on key areas and the information pertaining to this to make more targeted decisions.

Accessibility

It used to be the case that BI was a big project with a focus on the largest companies in the world, but this is no longer the case as the market has diversified and adapted.

It is now the case that smaller firms can also benefit, with bespoke BI packages allowing them to find something that is less all-encompassing, and fits not only their needs better, but also their budget.

They can now find software that is function specific, broader intelligence solution suites that have been pre-programmed, solutions that are automatically integrated, software-as-a-service solutions as standard, whereas these all might have been out of reach to them in the past.

The bottom line

At the end of the day, when it comes to any business, the bottom line and the profits are the most important factors to consider.

According to Business2Community, this is an issue that is already being addressed with many firms, with some starting to report an increase in the obvious signs of success that exist for their own operation through the use of BI software. For many, it allows them to create contingency plans and safely manage their business goals.

The expert also said that while many smaller companies may not immediately see the benefits of BI over the likes of ad-hoc analysis and the use of the more traditional spreadsheets, the use of it now is a very useful tactic so they are aware of it when it does start to have positive effects when they start to grow.

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