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Business intelligence is a mixture of computer software and other tools that are designed to collect complex business data for a company and condenses it into reports. Many business people will tell you that their company became successful based on their instinct, but they will never share how much hard work was put in in order to get to a point where all that remains is instinct. Now, business intelligence can do the dirty work. Here are seven benefits that we can thank business intelligence for.
1. Offers facts
Business and gambling don’t go hand in hand; every business decision is supposed to be based on cold, hard facts. Well, when a business intelligence system goes company-wide, management can see detailed reports about every aspect of a business, everything from financial and production data, to customer data. For example, the management can read reports that synthesize this information for a predetermined topic, such as the current ROI for individual products or product lines. Business intelligence is the most practical way of obtaining strong, factual information.
2. Removes guesswork
While factual information is a huge benefit of business intelligence, it is equally important as removing guesswork. Many entrepreneurs act like running a business is a visit to the casino and this is definitely not the right way to go. ‘Making the best guess’ and ‘going with your gut’ aren’t terms that you’ll want to use in the world of business;in addition to the fact that relying on luck is not a way to become successful, few professionals will take you seriously if this is the way you do business. Business intelligence, thankfully, removes the need for guesswork by feeding you all the necessary information you need.
3. Removes waste
A business intelligence system can easily point out points of waste or loss, especially those that have somehow gone unnoticed. A company wide business intelligence system functions as one unit, which means that it can analyze transactions between subsidiaries and departments with the goal of identifying inefficiency and overlap. Running an efficient business is crucial and removing waste is the first step towards efficiency.
4. Identifies opportunities
The second step towards efficiency is knowledge, and business intelligence offers just that – a unique opportunity to assess a company’s own capabilities, compare its relative strengths and weaknesses against its competitors and identify trends and market conditions, while quickly responding to changes.This is how you achieve a competitive advantage. In other words, business intelligence helps decision makers act swiftly and, even more importantly, correctly, when opportunities arise.
5. Practicality and portability
Information is everywhere and so is the Internet.With the help of the cloud and quality business intelligence software, any qualified member of your team can access important company data when necessary. All you need is a modern smartphone or tablet device, internet connection and basic knowledge of technology (if you’re reading this, you probably have it).
6. Better inventory conduct
Efficient use of inventory is yet another vital factor in running a business and the key to achieving it is balancing between staying out of goods and overstocking unnecessary items. Well, BI offers easier time dealing with excess and obsolete stock as well as replenishment. Additionally, it helps you stay within safety levels of your stock.
7. More efficient historic overview
Finally, perhaps the most valuable thing about using BI software is that it gives you an accurate historical overview, by documenting all your data from start. This way, you will be able to learn from your own past. After all, history is the teacher of life!