How Can Business Intelligence Benefit My Business?
As we’ve discussed over the past few months, business intelligence (BI) is making its way into the realm of small and mid-sized businesses. As companies begin to realize the value of business intelligence (particularly its ability to provide real-time insight into key processes and data), more and more small and mid-sized businesses are adopting the solution. Insight into business information and data is a high priority in today’s market, but this is not the only value of business intelligence. We’ve created a list of top 4 advantages that business intelligence can deliver to small and mid-sized businesses:
1. Increased access to business information
The amount of data and business information that needs to be processed grows on a daily basis, and companies have no way of keeping up. With limited time and resources to sift through and analyze data, many companies miss out on key opportunities they could have gleaned from their business information and data. Business intelligence can provide you with a clear understanding of the transactional history in your database so you can forecast and plan for your business’ future.
With a good solution, you can:
- Generate reports automatically from real-time data in your company’s databases, improving your visibility and allowing you to see what goes on in your company at any given minute of the day.
- Drill down within your reports to quickly examine the underlying data to certain metrics and take corrective measures, if necessary.
- View dashboard reports to gain an idea of the health and well-being of your company. These dashboards will display current metrics and key performance indicators (KPIs) in graphs so trends are instantly visible.
- Run standard reports and customize these according to your requirements or create your own reports
- Customize reports to combine information from a variety of sources (including your ERP, CRM and HR software solutions)
2. Time savings and increased productivity
Small businesses do not have the resources larger businesses have and – as a result – have to get more done with fewer people. Business intelligence can help automate the reporting process so your employees can focus their attention elsewhere. Reports can be created using real-time information at the click of a button, and data is delivered in pre-formatted Excel reports and dashboards so executives can drill-down into transaction details.
Users can also automate a variety of management reports (including Dashboards and Sales Reports) so business executives get real-time, accurate, and well-presented reports to assist with their decision-making. This eliminates the need to sift through massive amounts of data and information to get a simple answer. By automating and streamlining the reporting process, executives can get the answers they need to make effective decisions for the business. By providing real-time reports on demand, business intelligence increases productivity, saves time, and allows companies to using the data and information in their system more effectively.
3. Improved decision-making
As we mentioned above, business intelligence can positively impact business executives’ ability to make effective decisions for the company. With real-time information at your fingertips, you can see business trends and make estimates based on facts. Business intelligence also encourages collaboration across the business, giving more people access to the information they need to make better decisions, faster. This insight increases productivity and creates a more proactive environment across the business so you can take advantage of opportunities early on.
4. Immediate return on investment (ROI)
While business intelligence has traditionally been stationed to big business, recent efforts have been made to make it accessible (and affordable) to small businesses. By investing in business intelligence, your business can increase its visibility, improve operational efficiencies, streamlines processes, and increase productivity. All of this combined will give you a rapid return on investment (ROI) and help you realize your strategic vision.
If you’d like to learn more about what business intelligence can do for your business, give us a call today. We offer a variety of BI options to choose from, including on-premise and Cloud solutions, and can even help you create custom reports!