7 key benefits of business intelligence
Posted: Tue Jan 21, 2025 4:51 am
It is clear that in the business world, the right decisions make the difference between a successful company and one that is not. To make good decisions, you need the right and timely information.
Your business data is one of the most valuable assets you can have. However, in the digital age, the amount of raw data is expanding exponentially. Hence the reason why so many organizations have turned to business intelligence (BI) solutions for their strategic decisions. Furthermore, it represents a differentiating factor within CRMs that makes its adoption by organizations irresistible.
What is business intelligence?
Business intelligence is a technology-driven process for analyzing data, converting it into knowledge, and presenting detailed information. It helps executives, managers, and other business leaders make informed, fast, accurate, and successful business decisions. It uses a wide variety of tools, applications, and methods including data mining, online analytical processing, queries, reports, and risk analysis. These enable relevant and reliable information to be delivered to the right people, at the right time, with the goal of achieving better and faster results.
But how does business intelligence actually work? It uses uk whatsapp lead the large volumes of information stored in databases, cleans it, then structures it, and finally turns it into relevant and actionable insights that help you make smarter business decisions. These data sources can come from marketing, sales, operations performance analytics, from a customer relationship management software system (e.g., Salesforce), supply chain data, etc.
BI-steps-process
With business intelligence, you gain insight and visibility into your business processes to identify incorrect or obsolete data, eliminate duplicates, and create key performance indicator (KPI) reports that will help you make strategic business decisions, increase profitability, productivity, and accelerate the efficient growth of your business through the process of extracting, transforming, and reusing your information (ETL, Extract, Transform, and Load).
Let's look at some of the key benefits of business intelligence.
Benefits of business intelligence
1- Correct data at the right time.
In the business world, having the right data at the right time is essential to making fast and accurate decisions. Business intelligence centralizes and structures all of your company's data. It helps you understand your business processes, streamline decision-making, and improve your ability to identify key opportunities and/or threats. All of this will allow you to plan for a successful future.
2- Visualize key information in a timely and accurate manner.
One of the key benefits of business intelligence is that it provides excellent data visualization capabilities. This allows you to create customizable, intuitive, and easy-to-interpret reports and dashboards that are also adaptable to the needs of each of your business departments. This way, managers in different areas will have up-to-date information in real time on the relevant data that really interests them.
3- Improve your business decisions.
Implementing business intelligence will allow you to access detailed and up-to-date information about your business, such as financial, production, customer data, etc. With all this information, you will be able to make evidence-based decisions quickly and safely, which translates into better business decisions.
4- Increases customer and employee satisfaction.
You will be able to analyze your customers' comments in real time. All this information supports your staff and sales managers to identify opportunities for improvement in your business, make the necessary changes, anticipate their needs, and provide them with excellent service that satisfies them.
Business intelligence primarily helps companies to know not only their customers, but also their employees. If you have relevant information about your employees available in real time, you will be able to serve them efficiently and be aware of their needs and concerns from the first contact with them.
5- Improves organizational collaboration.
Customized reports facilitate communication, allowing information to be shared with the rest of the company. Each department has the data it needs and, at the same time, the management team can have access to all of it. It improves control over the functional areas of the company.
6- Increases business productivity.
When data collection, selection and analysis is carried out using business intelligence tools, activities are carried out much faster than when manual or poorly structured tasks are still in place. In this way, processes become more agile and effective, and costs are significantly reduced, achieving high business efficiency.
Making decisions based on the real state of the company and market trends means acting with more assurance and less risk. By improving productivity and the time spent developing truly effective, data-driven strategies, it is possible to focus the company's efforts on improving sales and perfecting the business.
7- Identify new opportunities.
Identifying new opportunities and developing a strategy with supporting data can represent a competitive advantage and directly impact profitability in the medium and long term. Your employees can link external market data with internal data to detect new sales trends by analyzing customer data and market conditions, as well as detect business problems.
Remember that business intelligence consists of tools, technologies, applications, and practices used to collect, integrate, and analyze an organization's past and present data. There are countless business intelligence solutions available to you on AppExchange that will allow you to obtain valuable and actionable information in real time, from customized reports to control panels. Your management teams will now be able to make better and more informed decisions.
Your business data is one of the most valuable assets you can have. However, in the digital age, the amount of raw data is expanding exponentially. Hence the reason why so many organizations have turned to business intelligence (BI) solutions for their strategic decisions. Furthermore, it represents a differentiating factor within CRMs that makes its adoption by organizations irresistible.
What is business intelligence?
Business intelligence is a technology-driven process for analyzing data, converting it into knowledge, and presenting detailed information. It helps executives, managers, and other business leaders make informed, fast, accurate, and successful business decisions. It uses a wide variety of tools, applications, and methods including data mining, online analytical processing, queries, reports, and risk analysis. These enable relevant and reliable information to be delivered to the right people, at the right time, with the goal of achieving better and faster results.
But how does business intelligence actually work? It uses uk whatsapp lead the large volumes of information stored in databases, cleans it, then structures it, and finally turns it into relevant and actionable insights that help you make smarter business decisions. These data sources can come from marketing, sales, operations performance analytics, from a customer relationship management software system (e.g., Salesforce), supply chain data, etc.
BI-steps-process
With business intelligence, you gain insight and visibility into your business processes to identify incorrect or obsolete data, eliminate duplicates, and create key performance indicator (KPI) reports that will help you make strategic business decisions, increase profitability, productivity, and accelerate the efficient growth of your business through the process of extracting, transforming, and reusing your information (ETL, Extract, Transform, and Load).
Let's look at some of the key benefits of business intelligence.
Benefits of business intelligence
1- Correct data at the right time.
In the business world, having the right data at the right time is essential to making fast and accurate decisions. Business intelligence centralizes and structures all of your company's data. It helps you understand your business processes, streamline decision-making, and improve your ability to identify key opportunities and/or threats. All of this will allow you to plan for a successful future.
2- Visualize key information in a timely and accurate manner.
One of the key benefits of business intelligence is that it provides excellent data visualization capabilities. This allows you to create customizable, intuitive, and easy-to-interpret reports and dashboards that are also adaptable to the needs of each of your business departments. This way, managers in different areas will have up-to-date information in real time on the relevant data that really interests them.
3- Improve your business decisions.
Implementing business intelligence will allow you to access detailed and up-to-date information about your business, such as financial, production, customer data, etc. With all this information, you will be able to make evidence-based decisions quickly and safely, which translates into better business decisions.
4- Increases customer and employee satisfaction.
You will be able to analyze your customers' comments in real time. All this information supports your staff and sales managers to identify opportunities for improvement in your business, make the necessary changes, anticipate their needs, and provide them with excellent service that satisfies them.
Business intelligence primarily helps companies to know not only their customers, but also their employees. If you have relevant information about your employees available in real time, you will be able to serve them efficiently and be aware of their needs and concerns from the first contact with them.
5- Improves organizational collaboration.
Customized reports facilitate communication, allowing information to be shared with the rest of the company. Each department has the data it needs and, at the same time, the management team can have access to all of it. It improves control over the functional areas of the company.
6- Increases business productivity.
When data collection, selection and analysis is carried out using business intelligence tools, activities are carried out much faster than when manual or poorly structured tasks are still in place. In this way, processes become more agile and effective, and costs are significantly reduced, achieving high business efficiency.
Making decisions based on the real state of the company and market trends means acting with more assurance and less risk. By improving productivity and the time spent developing truly effective, data-driven strategies, it is possible to focus the company's efforts on improving sales and perfecting the business.
7- Identify new opportunities.
Identifying new opportunities and developing a strategy with supporting data can represent a competitive advantage and directly impact profitability in the medium and long term. Your employees can link external market data with internal data to detect new sales trends by analyzing customer data and market conditions, as well as detect business problems.
Remember that business intelligence consists of tools, technologies, applications, and practices used to collect, integrate, and analyze an organization's past and present data. There are countless business intelligence solutions available to you on AppExchange that will allow you to obtain valuable and actionable information in real time, from customized reports to control panels. Your management teams will now be able to make better and more informed decisions.