Business Intelligence (BI) is a technological concept that involves leveraging an organization’s strategies and tactical information to analyze data and provide employees and clients with the necessary capabilities to achieve intended outcomes.
However, for this to happen, organizations need effective business intelligence tools. In this blog post, we discover six reasons organizations should start investing in such tools.
- Improved management
Business intelligence tools offer features that allow managers to monitor the results provided by each employee. This, in turn, motivates employees to be more aware of their tasks and to stay focused on delivering high-quality results.
- Informed Decision-making
Business intelligence tools provide top management with the necessary data to aid informed decision making. The dependence on “gut-feelings” is completely eliminated when businesses opt to rely on intelligence tools that provide comprehensive insights.
- Recording & storage of business data
As businesses expand, there is bound to be an increase in the amount of data it generates and collects. Business intelligence tools help businesses retain their historical data in a far more efficient manner while making them accessible for immediate use as well.
In other words, businesses have instant access to their history, which can play a big role in helping them understand and predict possible trends.
However, companies need to be GDPR compliant and make sure that personal data is not kept longer than necessary.
- Bottom-up approach to change
Studies have shown that a top-down mechanism of change is only beneficial during critical periods. However, if a change needs to be achieved on a more permanent basis, the bottom-up mechanism is the most effective.
BI solutions make this possible via intelligent analysis. Reporting occurs on a centralized basis, which results in employees across various departments having access to the same data. The practice of assumption-based decision making is done away with as identical results are obtained across the board.
In other words, only facts drive decisions.
- Actions can be tested
When businesses execute significant actions, they risk losing their results. However, with BI tools, testing is made possible, which, in turn, prevents this kind of loss. For instance, businesses can track important metrics to analyze a prospective action.
This way, the action is executed within a controlled environment, allowing businesses to assess its viability before the action is replicated in the real environment.
- Stakeholder satisfaction
With BI reporting, it is easier to convince and satisfy stakeholders. This is because stakeholders know that the business is heading in the right direction, as they now have access to the data that influences the concerned business’s decisions.
There are a lot of BI products out there which one can go for and which will allow you to start experiencing these benefits. As an expert in the field of BI, iMovo can help your company implement and sustain a product and guide you on how BI can complement your existing environment.