As companies become increasingly data-driven, leveraging business intelligence capabilities has become crucial to achieving their goals. Designed to serve decision makers within an enterprise, business intelligence allows them a 360-degree, transparent view of all the information required for mitigating risks and increasing the chances of success.
What is business intelligence?
Business intelligence, or BI, is a critical for operating in an ultra-competitive age. It refers to the broad set of tools and practices that focus on leveraging both external and internal company data for driving superior business results. It also encapsulates the techniques and methodologies involved in the collection, transformation, analysis, and presentation of relevant data and information.
Well-implemented BI can significantly improve the performance of any company, as it ensures that internal resources are optimized, decisions are informed by data, and outcomes are error-free. But in order for BI to work for the company, ensuring that data is reliable is paramount. That’s why many companies rely on experts to gather, transform, and analyze relevant data to meet their unique business intelligence needs.
Here are four critical ways in which BI can help companies thrive.
1. Stay ahead of the competition
Being aware of one’s competition is an essential part of business management. BI helps businesses maintain an edge in the market by constantly utilizing data to gain insight into their competitors. It allows data sourced from different verticals in the organization to yield value and compliments it with market research and trends to constantly optimize company operations.
Current BI tools and solutions also make it easy for various stakeholders in an organization to securely access competitive intelligence and make agile real-time decisions free from delays and bottlenecks. As a result, organizations gain a complete view of their industry with actionable insights that allow them to maintain a competitive advantage.
2. Survive and flourish during disruption
In the last few years, we’ve seen a remarkable uptick in the number of industries and business facing disruption. Even large organizations that have been in business for years are not immune. Being resistant or slow to change is no longer an option.
BI allows companies to navigate disruption by staying on top of trends and gaining foresight on competitive threats. Through timely, accurate and complete knowledge about the market and competitive landscape and emerging technologies, companies can reorient their business strategies and flourish during times of disruption.
3. Improvements in processes and productivity
The cornerstone of all BI lies in its use of data to reveal opportunities and risks. Modern enterprises generate massive volumes of data at every level and stage of their operations. The sub-sets of data within each division, vertical, and business unit, also holds immense internal stakeholder value. By analyzing this data using advanced BI techniques, companies have been able to improve their processes and productivity in surprising places.
For example, Queensland Health, the Australian public sector company, was able to optimize their equipment, expenditures, measure ROI, and employee hiring practices, by efficiently leveraging internal data using business intelligence tools. Doing so has allowed them to make better decisions for enhancing patient care while optimizing resources.
4. Engage and entice customers
Analytics-powered BI techniques and tools can transform the way companies deal with customers. By leveraging the power of data, BI tools can decipher hidden patterns and trends in consumer behavior. Previously, research that would take weeks, months or years to execute, can now happen in a matter of hours or days thanks to automated BI processes. For companies, this means they can identify patterns based on past customer data and adapt their practices accordingly to maximize satisfaction and conversion.
BI tools allow customers to gain insight into customer behavior and preferences, thereby allowing companies to meet their needs better. This, in turn, allows companies to make their products and services more attuned to customer demands and enhance business growth.
Netscribes works with some of the world’s leading BI companies to enhance the quality of their data and insights through efficient data management, powered by technology and governed by humans.
Contact us to find out how Netscribes can help your business harness the power of data.