Before business intelligence existed, organizations had to manage the information they based decision-making in a manual and cumbersome way.
Even though computers became widespread and it was possible to put them at the service of business processes, it took time and refinement to achieve the desired analysis and storage capacity.
Today, big data and powerful BI ( Business Intelligence) tools accompany businesses throughout their business management. In this article, we will tell you the advantages of carrying out correct information management.
What is Business Intelligence, And How Does It Work?
The concept of business intelligence or Business intelligence (BI) contemplates the set of efforts that organizations allocate to improve their business processes to make better decisions that allow them to grow.
These efforts consider:
- the analysis of historical data (previously captured and stored thanks to big data )
- the optimization of analytical tools
- the use of technologies.
Business Intelligence: Tools & Advantages For The Company
From the analysis of a database, there are several advantages that business analytics and, more specifically, business intelligence tools bring to the business world.
In what processes can BI intervene in the company or apply it so that you can benefit from it?
Every day, each company department generates a whole series of data, which needs to be ordered, analyzed, and validated. Converting a set of data into complete business reports is one of the advantages offered by analytical tools.
For example, performs advanced data analytics by centralizing all functions of a business in one place. Thanks to the power of this tool, you get dashboards, reports, and embedded analytics in real-time, easily.
In this way, problems, trends,, and opportunities are identified in time, making better decisions.
The workflow in the company can be optimized by using BI solutions in the different internal processes. Some examples of the application of business intelligence are:
- Financial control → optimization of financial management thanks to a digital Chief Financial Officer ( CFO ).
- The commercial processes → customer acquisition and loyalty through a CRM system.
- Inventory management → redesign of the storage logistics process, thanks to a Decision Support System (DSS).
- The production process → global vision of the business performance indicators with the implementation of an Executive Information System (EIS).
- The supply chain → guarantees the quality of the data to be analyzed using follow-up and monitoring techniques and tools that ensure continuous improvement.
- Also Read: How Business Intelligence Can Transform Your Business
Generation of New and Better Opportunities
Creating and implementing balanced scorecards to monitor performance indicators allows companies to increase their sales force and, therefore, the business’s profitability.
Determining the performance of your sales department, thanks to the knowledge of data in real-time, guarantees you the speed of response and the ability to adapt to market needs.
With an AI platform like IBM Analytics, you can visualize, analyze, and share your company’s performance, thanks to the fact that you can create attractive dashboards and reports, following a series of recommendations and sales standards. Sharing these dashboards with the entire team makes it easy for you to guide them toward their sales goals.
Centralization of Information
All operational data stored in the company’s relational database can be centralized and offer you a global vision of the business that allows you to draw conclusions and implement strategies based on them.
Increased Competitive Advantage
In front of the other players in the market, you must be able to stand out. This is achieved thanks to reliable tools that allow you to obtain better results than your competition.
The visualization of data through integrated AI functionalities makes you identify meaningful insights and can share them. For example, working collaboratively with the same data to create reports from popular applications such as Microsoft Office, Microsoft Teams, and Excel is possible with Power BI.
With this Microsoft BI tool, you make fast and controlled decisions that drive strategic actions and ensure your competitive advantage.