With the business intelligence market growing, you can choose from countless tools for retrieving, analyzing, and gaining value from raw data. With Gartner predicting that the worldwide business intelligence and analytics market will reach $18.3 billion by the end of 2017, it is not surprising to see a huge surge in businesses embracing BI.
Six Amazing Benefits of Business Intelligence
A robust BI solution can help you bring together complex data and make informed business decisions in a span of minutes. Whether you are an industry giant, a midsize business, or an evolving startup, you can use BI to turn business data into business opportunities. Wondering how you can benefit from BI? Let’s examine 6 key benefits of business intelligence:
1. Enhance Business Productivity
In the race to reach and stay at the top, organizational productivity is often overlooked in business. But with BI tools, you can reach all your quantitative goals such as monthly sales or on-time delivery targets and track the progress of your business daily.
2. Improve Access to Crucial Information
With humongous amounts of data generated every second, accessing the right information at the right time to make a crucial business decision can get challenging. BI systems offer visualization tools that provide a better understanding of historical data, real-time updates, forecasts, and trends.
3. Boost ROI
When companies focus on things that are not aligned with the organizational strategy, they are sure to incur huge costs. BI enables you to establish metrics and KPIs that align with the organizational strategy, offering the needed visibility into business performance and ROI.
4. Fuel Strategic Decision-Making
Making key business decisions based on intuition can spell disaster; it’s preferable if they are made through analytics. BI software facilitates easy collection, rendering, and analysis of data using analytic tools.
5. Eliminate Waste
If you want to ensure business success, you need to first eliminate waste – anything that is not adding value to a company. BI systems help in identifying areas of waste, helping you improve your bottom line.
6. Identify Opportunities
BI systems analyze unstructured data based on both qualitative and quantitative metrics, and aid in understanding what happened, and why it happened.
Drive your Business Forward
The more people who have access to the right data, at the right place, and in the right form, the greater the value organizations will derive. IDC forecasts global spending on cognitive systems will reach nearly $31.3 billion in 2019. Gathering data from your business processes and analyzing it can help unearth some surprising and important insights.
BI software allows you to maximize business value by turning every employee into a decision maker. When armed with relevant, real-time information, employees can make data-driven, informed decisions that impact the company’s bottom line. Increase the productivity of your business, improve access to crucial information, improve your ROI, drive strategic decision making, eliminate waste, identify business opportunities ahead of time, and take your business to newer, never-reached-before levels.