in: Company News
Is your business intelligence solution everything you imagined it to be, or are you experiencing more problems than successes? Are you able to pull the data and information you need to make better business decisions? There’s nothing more frustrating than investing in a business solution only to have it not produce the results you expected; however, rather than going out and purchasing a new business software solution to fix the “problem,” you may only need to change how you use business intelligence.
Businesses can use business intelligence to strategically influence every part of the organization and transform key data and information into actionable insights to help businesses grow and respond to change. Both small and large businesses can use business intelligence to gain a thorough understanding of their business’ performance and form strategies to improve their future performance. While many companies view business intelligence as simply a data analytics tool, it is so much more. Business intelligence is a business solution capable of providing you with the answers you need to form strategic processes to support your plans for growth. While it can definitely help you analyze your data and understand patterns, it can also help you assess your current performance, forecast the future, and spur business action.
Business intelligence tools can help your company grow and succeed, but in order to do so, you have to use it correctly. We’ve created a list of practical ways you can use your business intelligence solution to support your business growth and plan for the future. Keep the following in mind as you explore how you can use business intelligence to expand your business:
- Use business intelligence (BI) as a benchmark tool
Before you can begin accomplishing your business goals, you need to have a clear understanding of where your business is positioned now. BI tools can collect the necessary data from a variety of predetermined sources (these can include invoices, online sales orders, packing slips, etc.) The software will then analyze that data and report on key trends to help you gain a clear picture of your business. Almost any question you have about the current state of your business can be answered by analyzing key data sources with your BI tools.
- Assess risk and identify areas for improvement
Business intelligence can help reduce business risk by providing users with an explanation on the relative profitability of every area of business. Business intelligence can also help you reduce the associated risk of unpredicted occurrences, such as losing a supplier to bankruptcy or losing a valuable customer to another company. By utilizing BI tools effectively, you can plan for these losses based on your current levels of supply and demand. When the time to make major business changes arrives, your business will be able to respond accordingly.
- Measure the ROI of employees, customers, products and suppliers
One of the major benefits of business intelligence is its ability to help you predict and measure the ROI of your business decisions. Business intelligence can be used to analyze the cost and ROI of partnering with a certain supplier or adding a new product. When used effectively, it is a great tool for helping you measure the ROI of pending business decisions and strategies.
Business intelligence is an excellent business forecasting tool. Many companies use their solutions to forecast inventory levels, customer behavior, and product demand. By monitoring the state of your business and collecting important data, you can gain an idea of your business’ future. While this information certainly cannot predict the future, it can help you create adequate plans for whatever the future brings.
Business intelligence is an invaluable tool to have in today’s marketplace. Knowing how to use it properly will improve your chances for success and allow you to focus on growing your business. Contact us today if you’d like to learn how you can better utilize your business intelligence tools. If you aren’t currently using business intelligence, let us know. We’d love to get you set up with a solution that integrates with your current business software.