Business intelligence (BI) refers to the set of processes and technologies in collecting and transforming raw data into useful information that a company can use to guide strategic business decisions. BI helps executives, managers, and other business end users identify new business opportunities and any process inefficiencies through tools and technologies such as dashboards and ad hoc reports.
BI has numerous benefits in businesses, regardless of industry or department. It can be used in diverse domains such as retail, sales, manufacturing, supply chain, and many more. In this blog post, we will discuss the top five benefits of BI that help drive businesses and increase their value. According to BI-Survey.com, the top five potential benefits of business intelligence systems are:
- Faster reporting, analysis, or planning.
- More accurate reporting, analysis, or planning.
- Better business decisions.
- Improved data quality.
- Improved employee satisfaction.
Faster reporting, analysis, or planning
For a finance department, keeping track of revenue, income, assets, and liabilities, and using that data to make positive changes in the business is impossible without BI. Financial reporting needs to be generated on the spot to avoid overwhelming data processing work at the last minute. With BI in place, you can generate accounts receivable and accounts payable reports and track balance sheet key metrics simultaneously through ad hoc reporting and dashboards.
More accurate reporting, analysis, or planning
Business data should be accurate for proper analysis results, and the reports being generated should also be accurate. Particularly, if a company makes important decisions based only on those reports, the reports must be managed effectively. Manual generation of reports is subject to errors as it depends on human efficiency and accuracy, which are influenced by time constraints and other external factors. Using a BI tool helps overcome this problem by providing consistent results, increasing productivity, and saving you time and money.
Better business decisions
A business should operate with a clear strategy, and any business processes should be aligned with that strategy. Focusing only on what matters and keeping track of what is going on in related domains helps executives and managers make better business decisions. With BI and its illumination of useful insights through data visualizations, executives can discover processes that can be streamlined, and managers can define better strategies to improve them. In a marketing company, executives can make better decisions that optimize their marketing strategies, and help them achieve a better return on investment.
Improved data quality
Data quality can be determined by its accuracy, consistency, uniqueness, and timeliness. Data may come from single source or multiple data stores. Good quality data should be accurate to the point that it is consistent across various data stores, unique (i.e. no data redundancy), and synchronized in a timely fashion from different stores. A BI data management tool can easily ensure these data quality characteristics and maintain that quality for processing. Based on a business’ data and security needs, we can set up a data warehouse from which all data can be read into a dashboard for business analysis.
Improved employee satisfaction
Employee productivity analysis lets you identify how satisfied employees are with their job. Keeping employees satisfied motivates them to achieve higher productivity, focus on the best leads, improve their operational efficiency, and do their part to increase business profits. A human resources department can benefit from a BI implementation that provides payroll tracking, employee productivity analysis, and employee satisfaction data.
BI plays a significant role in today’s business processes and helps companies grow their business value. Bold BI is business intelligence dashboard software by Syncfusion that empowers you to transform your data into actionable insights. If you have any questions, please post them in the comments section below. You can also contact us by submitting your questions through the Bold BI website. If you already have an account, you can log in to submit your support question. Bold BI dashboards now come with a 15-day free trial with no credit card information required. We welcome you to start a free trial and experience Bold BI for yourself.