How Does a Business Intelligence Solution Help Your Business?
Decision making is part of the routine of strategic positions. In this scenario, it is essential to have technology support so that each step is even more precise in pursuit of the company’s development and the achievement of goals. In a Business Intelligence solution, BI software is one of the key tools for achieving this accuracy.
This happens because the tool is able to integrate different data sources and turn them into relevant information to aid in the decision-making process. Faced with this information base, it becomes easier to be precise in action. In this post, you will understand more about BI software and know how these solutions can help you. Check it out!
What are BI tools?
Business Intelligence is using data collection, organization, analysis, action, and monitoring to make better decisions and to know if the investments made are bringing good results.
As the above explanation makes clear, BI is not just a tool, as many people think. When it comes to relying on robust software to deliver the full value you expect, Business Intelligence (BI) goes way beyond that.
Leaders and managers should keep in mind that BI is a set of processes and tools that aim to deliver the right information to the right person at the right time.
With analytical work, this data can be consolidated to provide important metrics. Through these numbers, leaders and managers are able to detect trends and opportunities to define the directions of the business.
Each operation, management, and strategic department can use this data in the way that is most convenient to its objectives. It is therefore important that there is easy access to this information, as this is what ensures that everyone receives relevant data. Thus, each sector can access them and produce their own indicators and reports.
The importance of BI in the digital age
In the digital age, any activity performed leaves information traces. BI tools are used precisely to give access to this data and allow one to evaluate what they represent. With this work, it is possible to understand the performance of the company, identify the sources of income, and point out what can be improved.
What are the benefits of BI solutions?
The use of BI software brings real benefits to companies’ everyday life — from strategic decision support to cost reduction. After all, the data collected allow us to evaluate historical performance, which serves as an information basis for long-term management.
In addition, it is possible to measure what has performed well and thus strengthen strategies that work well. Next, check out the key benefits of BI solutions.
Agility in decision making
Organized data represent time optimization. BI software allows you to have more agile access to information that is important for decision making. This represents a number of advantages since in business the faster a move is made, the more positive results are gained.
Reduction of costs
It is possible to obtain a detailed survey of the company’s activities costs. This assessment helps you understand how capital is invested, especially in processes, products, services, and customers.
Business Intelligence solutions help you identify, for example, which services are inefficient and represent overspending. The same can be done with customers who require a lot of effort, but do not offer compatible profits. This in-depth observation helps you cut costs and invest wisely.
Obtaining new revenue
Analyzing market data helps identifying new revenue opportunities. The external data are fundamental in this work since they show which activities should be the focus of the company’s efforts. Thus, the expansion of business performance is facilitated.
External data also provides insights into trends. It is possible to know, for example, what the consumer buys, how he or she pays, and what he or she looks for in products — all this through the data collected by the BI software.
Trends help driving the company’s efforts with the necessary adaptations. The proposal is to move closer and closer to what the consumer wants and thus to remain competitive in the market and to increase profits.
The analysis of certain factors helps creating a perspective on the future of the company. Current performance, billing, and market and consumer trends are the key points to be evaluated. This is predictive work.
Assessing activity history and the current timing provides insight into the present. Hence, the company can direct management to act in a preventive way, identifying future movements and preparing for them.
Business strategy help
The main benefit of BI software is its support for strategic management. The large volume of reports, metrics, and indicators supports more accurate management, with each step being informed.
Thus, the possibility of success in the decisions made and in the defined direction for the business is considerably increased. Thus, intuition is replaced by concrete and precise data.
How to choose a BI solution?
BI and analytics solutions enable you to capture, organize, and analyze data. Choosing the right tool is an important part of this process, and to be safe, some aspects must be evaluated. Next, see what criteria to consider!
Evaluate project objectives
Define what you want with BI software in advance. The project should define the choice of a solution, not the other way around. It is easier to decide the right tool when you know what you need, and what results you want to achieve.
Start with a smaller project scope
The adaptation process may take a while, so it’s worth starting with a project that has a smaller scope and is very well defined. Look for software that offers only what you need, otherwise the usability experienced by employees may be impaired.
Count on the support of experts
It is essential that you have the support of specialists in building BI solutions. This is important in determining the best architecture, processes, and tools needed for project success.
Choose a tool that integrates with multiple sources
An efficient BI solution needs to capture data from multiple sources. This interferes with the quality and depth of the records. Any limitations prevent proper analysis and results in poor reports and indicators.
The software you choose needs to fit the budget of the company. There are different options in the market, with different costs, always associated with the range of functionalities. Find out exactly what you need and choose a solution that meets those needs and is cost-compatible with the company’s reality.
Choose an easy-to-use solution
The easier the use of the tool, the better the adaptation of the employees. If this happens quickly, the business can experience data analysis sooner, which is decisive in the strategic management of the enterprise.
Quality data, competent staff, and good testing and analysis are essential to the organization. The key to success is to join them with efficient BI software.
Do you want to find adequate solutions for the strategic management of your company? Contact us to find out how we can help you!
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