Business Intelligence, also known as BI, represents a set of strategies and technologies used by companies for the data analysis of related business information. Back in the days, business intelligence was used almost exclusively by enterprise executives. With its help, they have gathered insights about different aspects of the business. Of course, business intelligence is still an important element of the decision-making and planning process, but thanks to modern technology the term means so much more today. Modern companies need real-time business intelligence that they can use at any time and any place and with the help of different kinds of devices. Time is money is a saying that has never been more accurate than today.
One of the best ways to understand what business intelligence represents is to focus on the areas where it’s used. In other words, we will provide some BI examples and show you how this approach makes businesses more successful.
Cloud business intelligence
First and foremost, we must say that cloud technology has become extremely popular among both commercial and non-commercial users. Cloud technology is used by many CRMs, file storage platforms, social media platforms, etc. When business intelligence is on the cloud, you can expect almost 100% uptime as well as smooth scalability. There is no need to invest in expensive in-house hardware when you can use cloud technology. Keep in mind that using this technology for this purpose can be risky and that’s why you need to opt for reputable service providers.
Business intelligence for boosting sales
It turns out that business intelligence has already helped hundreds of shipping, manufacturing and retail businesses to boost their profit. With the help of this technology, you can determine the performance of your sales. You can optimize the areas where you are successful and make some changes in the areas where your performance is poor.
Gathering information and analyzing sales data for each customer can help you identify trends. With this information, you can prepare your business for expansion and growth. BI is here to help business owners find out what their target audience is purchasing and what they are avoiding. There’s no doubt that information like this can help you increase sales.
Business intelligence is good for financial management
When you have BI tools on your side, you will have an opportunity to make financial data analysis simpler. If you have the best tools, you can make combinations of real-time data and financial statements and as a result of that you will be able to increase revenue and handle expenses in the best possible way.
Business intelligence tools include solutions that come with charts, graphs, infographics and dashboards that help you analyze cash flow and balance sheets. When you have access to info like this, it’s easier to keep your business in good financial shape. Finally, you can use BI to manage rebates in an easier way.
Handling inventory has never been easier
Out of stock? Having too much stock? These are two things that no retailer wants to hear. In the past, retailers had a very difficult task of managing their inventories manually. It took a lot of time and manpower to manage inventory in a good way. Now, thanks to BI tools, you can simplify this process. These tools can help you collect data, analyze the supply chain and optimize inventory. The best solutions can also help you identify trends and prepare well for seasonal changes.
With just one click, you can see inventory levels. You will also identify inventory that is not doing well for a long time. This is a great solution for those who want to make effective sales campaigns. Managing your inventory in a proper way should be one of your priorities and business intelligence can help you conduct this activity easily.
Let your staff focus on more important tasks
There are many different business intelligence solutions that business owners and managers can use. But, the best one is the solution that you can use without much effort. The main goal here is to make your staff members analyze and write down their needs. We are talking about the things that a BI tool can handle.
Instead of talking to the IT staff, even non-IT staff will be able to reap the benefits of modern technology because the most successful BI solutions are easy to use and you don’t need to be a tech-savvy person to do that.
As you can see, business intelligence can be a great addition to your business operations. This concept makes your job easier by helping you get timely information. It also helps the staff and, in some way, it helps your clients too. Now that you know how great BI is, it’s time to find a way to implement it in your operations.