The business intelligence market around the world is forecasted to grow from $23 billion in 2020 to $33 billion by 2025. Are you prepared for the massive business changes that this technology will bring about?
Are you wondering if business intelligence applications can bring value to your company? If yes, then this overview is for you.
What Is Business Intelligence?
Business intelligence (BI) is a set of processes and software technologies that gather and convert all kinds of business data into meaningful information. Its purpose is to support optimal business decisions.
In this case, “meaningful information” is the kind that enables business decision-makers at all levels to make informed decisions.
Organizations analyze the data they collect to identify any trends. They look at issues that present an opportunity for improvement.
Who Uses BI?
Business intelligence data can benefit any company that’s in business.
More and more industries, from healthcare to financial services, are enhancing their decision-making through BI.
They’re applying their practices to all areas of business, including HR, finance, sales, marketing, and executive leadership.
What Does BI Enable Businesses to Do?
A common way to visualize and interact with data is through a business analytics dashboard. Dashboards require almost no technical expertise to interpret, but the visual impact they can make could be far-reaching.
The alternative would be to have a business intelligence analyst or another highly technical professional handle the data alone, but that’s not the most practical approach.
Instead, BI aims to be accessible to anyone who needs to make decisions, regardless of technical expertise.
What Are Some Business Intelligence Applications?
Three popular and useful business intelligence tools are Tableau, Power BI, and Knowi.
Why Invest in BI?
Business intelligence empowers you to identify trends and problem areas, enhance your decision-making, and set educated benchmarks and KPIs that rely on fact, not intuition.
Here are 5 reasons to take the possibilities of BI seriously.
Boost Productivity to Increase Revenue
Having data available to help you make business decisions can make those decisions more productive and help you delegate more effectively. It also leads to concrete improvements that increase revenue.
Improve Process Visibility to Make Real-Time Decisions
With a few clicks, you can get an idea of what’s happening at all levels of your business. If an issue needs to be addressed, you can identify and take care of it right away.
It’s difficult to reach business goals if they are fuzzy or if no one’s accountable for them.
BI can lead to goal clarity, which allows you to assign accountability and follow up at predetermined times.
Streamlines Business Processes
The more you know, the less money you waste. The ability to automate processes and gather insights about bottlenecks is a powerful advantage.
Improve Customer Satisfaction
You can learn all kinds of information about your customers through BI. With that data, you can implement ways to serve them in the best way possible. You can aim to delight.
Are You Ready for the BI Revolution?
Business intelligence applications can give you more insights into your organization than you ever thought possible.
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