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Why Business Intelligence Is More Relevant Today

Why Business Intelligence Is More Relevant Today

In today’s business world, data plays a major role in building smart business management solutions. While data has always been a key in leading businesses ahead, it has evolved tremendously by showing insights into decision-making, planning processes, pivoting, budgeting and creating innovative business models.

If the Gartner predictions are true, by 2020, 75% of businesses will have implemented business analytics. This is mainly because business with effective business intelligence practices across the world has reaped $13.1 billion in additional revenue.

With businesses accumulating truckloads of unprocessed data, the need for data visualization tools and BI softwares are in huge demand. But what has led to such a huge demand for processed data through dynamic business intelligence and why are modern day businesses in a hurry to implement strategic business intelligence plans?

Here are some of the major reasons why business intelligence has managed to gain prominent exposure today:

Understanding Your Business Has Never Been This Easier

A business built on specific goals and standards is backed up by accurate statistics. You need to learn your business in order to make a significant change. Today’s businesses are purely customer-driven. But how do you know your customer’s expectations when they visit your store?

That’s purely Business Analytics. Here’s how it works.

Customers engage with brands in different ways and across different channels. When you dig down deeper into customer needs, you understand the core of your business by transforming data into actionable information. It tells you what your future holds. You get the bigger picture. You identify the hidden opportunities because every bit of data creates valuable information and makes a difference in your conversion rates.This boosts your confidence and helps you steer in the right direction because you are no longer shooting in the dark.

So Much Work In Less Time

When you run a business, there’s not much room for wild guesses. Similarly, you can’t afford to waste time and slog your decisions. Hasty decisions can ruin your business. Hence,when your decisions are fact-based, it becomes easy for you to conclude. This is possible through business intelligence. You get detailed information on different departments and streamline your operations based on the result. Businesses can gain real-time and in-depth analysis about market trends in order to make the right move.

You can also use BI to control all your important processes and communications. Automated reports are generated from information gathered across various departments. This way, processes are not incomplete and unstructured. Such BI systems increase productivity and improve efficiency.

Check out the classic example of how BI tools came to the rescue of Toyota by showing that they were double paying ($812,000)their shippers.

Cost Efficient With Less IT Intervention

As business intelligence is becoming dynamic and powerful, it’s important to make data easily accessible and condensed to any type of end user. The growing complexities and demand for data has introduced self service BI. Through this, anyone can perform data analysis and generate the required reports with nil technical knowledge or without the help of an IT team, data analysts and other experts.

Analysts Claudia Imhoff and Colin White defined self-service BI as “the facilities within the BI environment that enable BI users to become more self-reliant and less dependent on the IT organization.”Companies with limited budgets can make use of self service BI because of its significantly lower cost. It’s flexible and highly scalable which is why more businesses are gearing to adopt self service BI strategies in 2017.

Embracing Business Intelligence In Multichannel Interaction

Successful multichannel interaction requires optimal data from trusted sources. With vast data available from social media, referral sources, website activities, comprehensive contact forms, customer reviews and surveys and much more, you need business intelligence to effectively segment all these data.

For delivering first hand customer experience, businesses are encouraging multichannelretailing. This not only boosts customer experience but also increases your revenueas people prefer shopping on sites that are compatible across different devices.

For example: Once you get your customer’s demographic datafrom a source (say, socialmedia), you can use location intelligence to create location-based relationship with your customers. This will give you real-time insights on your consumer’s interests based on their whereabouts. It may sound like violation of privacy, but when used properly such business intelligence strategies will help to exceed your customer expectations.
 
By investing in highly skilled business intelligence systems, you take the ultimate step in controlling your business’ data. It’s an agile strategy that strengthens your company’s ability to make intelligent and faster decisions. Whether it’s your marketing, customer relations, sales, finance or administration, BI can help you break all odds and subsequently increase your market support.

 

Want to discuss further about your Business Intelligence strategies?

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