By: Luke Lonergan
Introduction
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In the current global business environment where global economic interdependence is prevalent, it is imperative to look for instruments that would facilitate effective acquiring, processing and analyzing vast amounts of data that come from different and dispersed sources. It is with the help of Business Intelligence tools that companies can make informed business decision on the go.
Business intelligence Benefits every company can gain • Faster and Easier Decisions • Formalise business strategy • Improved efficiency • Deliver Self Service BI • Decrease costs and increase profits • You Can Grade Leads
Faster and Easier Decisions • Good analytics organizations have figured out how to bring the insights as close to the coalface as possible to make decisions as easy and as fast as possible.� We have placed this as one of our business intelligence benefits as a good BI system will present actionable insights which turn into better and faster decisions.
Formalize Business Strategy •
Business Intelligence tooling plays a key role in large organizations by helping executives to formalize their business strategy. With tools such as balance scorecards and executive dashboards in place to place, a business can place goals in day to day management thinking and form one of the vital business intelligence benefits.
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“Business Intelligence has become vital for many looking to improve efficiency and return on investment. BI tools can transform raw data into meaningful and useful information with little effort from the end user.� Being able to get answers to difficult questions faster and easier makes room for improved efficiency and why it makes one of our business intelligence benefits.
Deliver Self Service BI •
Self Service business intelligence is making lots of moves in the BI industry. A Deloitte report earlier this year found that 96% of executives expect analytics to become more important, yet 42% said their employees currently lack skills to access analytics. With self service BI, users can access information easily with needed technical expertise.
Improves Sales and Negotiations •
A business intelligence system can be a valuable asset to a company's sales force because it provides access to up-to-theminute reports that identify sales trends, product improvements or additions, current customer preferences and unexplored markets. Detailed and current data is also a valuable backup to negotiations with suppliers or other vendors.
Identifies Opportunities •
Business intelligence can help a company assess its own capabilities; relative strengths and weaknesses against its competitors; identify market conditions; and respond quickly to change all to gain a advantage, according to the Journal of Theoretical and Applied Technology.
compare its trends and competitive Information
Eliminates Waste • A business intelligence system can point out areas of waste or loss that may have previously gone unnoticed in a large organization. Since a companywide business intelligence system works as a single, unified whole, it can analyze transactions between subsidiaries and departments to identify areas of overlap or inefficiency.
• Luke Lonergan is a visionary and big data expert who sees the opportunities to change the future in order to make the organization more robust and able to maintain the status at the forefront of the industry.