According to 2022 statistics from BI Survey, 70% of organizations think that data discovery and visualization are vital. This is because data visualization plays a critical role in simplifying complex data by using maps, infographics, charts, and graphs. Due to this, it becomes easier to identify patterns, trends, and data relations essential for decision-making.
In fact, today, major record-keeping organizations like financial institutions, retail companies, higher education institutions, etc., are major industries leveraging cloud business intelligence. This is because not only it streamlines their operations and data, but it also reduces storage risk. Additionally, it also reports insights for increasing business performance and revenue at reduced costs.
As per Information Week, business intelligence trends for 2022 have shown that one in every three companies will be using decision intelligence through business intelligence in the coming years. Thus, making a transition to business intelligence now will increase your competitiveness.
One of the biggest advantages of implementing business intelligence for your decisions is that not only will it increase your accuracy while also being real-time, but it will also remove the need for assumptions and guesswork while making critical decisions for your business.
Lastly, the popularity of business intelligence has grown so much in recent years that it is expected that by 2025, the global business intelligence market will grow to $33.3 billion.
Thus, if you want to stay ahead of your competition, and secure the health of your financial statements as well as the success of your business, then it is vital that you understand how you can leverage business intelligence for your business.
This article will help you by covering the following topics:
- What is Business Intelligence?
- What are the 10 Ways to Leverage Business Intelligence for Your Business?
- FAQs Related to Business Intelligence
- How can Deskera Help You in the Implementation of Business Intelligence?
- Key Takeaways
- Related Articles
What is Business Intelligence?
Business intelligence (BI) refers to the technologies, tools, and techniques that organizations use to collect, store, access, and analyze data to inform their business decisions.
BI can include a wide range of activities, such as data warehousing, reporting, online analytical processing (OLAP), and data mining, as well as the use of dashboards and other visualization tools to present the data in an easy-to-understand format.
The goal of BI is to help organizations make more informed decisions by providing them with accurate, timely, and relevant information about their operations, customers, and markets.
The implementation of business intelligence will thus lead to higher net revenue, high net profit, better operational metrics, and business metrics, as well as increased customer retention and customer loyalty.
What are the 10 Ways to Leverage Business Intelligence for Your Business?
The ten ways to leverage business intelligence for your business are:
Business intelligence implementation leads to data visualization by using tools like charts and graphs to represent data in a clear and easily understandable format.
Reporting and Analysis
With the implementation of business intelligence in your business, creating reports and analyzing data to identify trends and patterns that can inform your business decisions becomes faster, updated in real-time, and more accurate. This thus allows for data-driven decision-making, which leads to improved cash flow and higher net profits.
With the implementation of business intelligence, you will be able to have interactive dashboards that will allow you and your employees to quickly access and analyze important data.
This will help to provide a clear overview of key metrics and KPIs, such that you are able to design strategies that will encourage returning customers, as well as higher returns on investment with the lowered cost of goods sold or cost of goods manufactured.
With the implementation of business intelligence in your business, you will be able to use data and statistical models to predict future outcomes and inform decision-making.
Once you have implemented business intelligence in your business, you will be able to use algorithms to analyze data and make predictions or identify patterns.
In fact, business intelligence allows for automating data analysis and predictions. This will lead to a higher ratio of operating income against operating expenses. It will also lead to higher gross profits for your business.
With the implementation of business intelligence in your business, you will be able to extract valuable information from large data sets. This will help you uncover hidden insights and patterns in the data, which in turn will help you develop accurate marketing strategies, shop floor scheduling, as well as a sales strategy.
With the implementation of business intelligence, you will be able to track key performance indicators in real time to quickly identify and respond to changes. This will help in ensuring timely and effective action.
In fact, these insights will also help you figure out your safety stock levels, as well as reorder points in your inventory. This will help you satisfy your customers, which will lead to higher sales referrals, and therefore increased profits.
Collaboration and Sharing
With business intelligence implementation in your business, you will be able to allow multiple users to access and analyze data and share insights and findings. This will help to foster a culture of data-driven decision-making.
The added benefit of this would also be that it will ensure end-to-end traceability of your supply chain, which in turn will improve your inventory management, warehouse management, as well as after-sales service, even if it involves product recalls.
It will also ensure that different departments of your business are on the same page and everyone knows what needs to be done, when, and how. This will also help in better managing workplace stress, as well as preventing undue pressure on your net working capital.
After implementing business intelligence, enabling mobile access to business intelligence tools and data will allow you and your employees to access insights and make decisions on the go. This will help in providing flexibility and convenience. It will also lead to better risk management and impromptu damage control or implementation of damage preventive measures, as and when needed.
Integrating with Other Systems
Integrating your business intelligence tools and data with other systems, such as CRM, ERP, and MRP systems, will help you in gaining a more comprehensive view of the business. This will help to provide a holistic view of your business operations.
Additionally, it will also ensure that you are complying with all the regulations and taxations. This will put you on the right side of the law and lead to positive brand awareness while also saving you from additional expenses.
FAQs Related to Business Intelligence
- What is business intelligence?
Business intelligence (BI) is the process of collecting, storing, analyzing, and providing access to data to help organizations make more informed business decisions.
- What are the benefits of business intelligence?
Business intelligence can help organizations gain insights into their operations, identify trends and patterns, improve performance, and make data-driven decisions.
- What are the key components of a business intelligence system?
A business intelligence system typically includes data integration, data visualization, dashboards and reports, self-service BI, predictive analytics, collaboration and sharing, mobile access, advanced analytics, data governance, and scalability.
- How does business intelligence differ from data analytics?
Business intelligence and data analytics are often used interchangeably, but they are not the same thing. Business intelligence focuses on providing insights to support decision-making, while data analytics is a broader term that includes various techniques for analyzing data, such as statistical modeling and machine learning.
- What are some common business intelligence tools?
Common business intelligence tools include data visualization software, reporting tools, dashboard software, and data mining tools.
- How does business intelligence support decision-making?
Business intelligence provides organizations with access to relevant data, insights, and metrics, which can help inform and improve decision-making.
- What are the benefits of self-service BI?
Self-service BI allows users to create their own reports and analyses without the need for IT assistance. This can improve the speed and flexibility of decision-making and empower users to take ownership of their data.
- How do you implement a business intelligence system?
Implementing a business intelligence system typically involves several steps, such as gathering requirements, designing the BI architecture, integrating and cleaning data, developing reports and dashboards, and deploying and maintaining the system.
- How do you measure the success of a business intelligence system?
Measuring the success of a business intelligence system can involve evaluating the system's adoption rate, the impact on business decisions, the return on investment, and the satisfaction of users.
- How do you ensure data governance and security in a business intelligence system?
Ensuring data governance and security in a business intelligence system can involve implementing role-based access control, data encryption, data backups, and monitoring for suspicious activity. It's also important to stay up to date with industry regulations and compliance standards.
How can Deskera Help You in the Implementation of Business Intelligence?
Deskera can help you in the implementation of business intelligence by providing you with a comprehensive suite of business intelligence solutions. This suite consists of Deskera Books, Deskera CRM, Deskera People, and Deskera MRP.
Deskera's business intelligence solutions provide you with the ability to analyze data, uncover insights, and make informed decisions. Deskera's solutions enable you to analyze data from multiple sources, create interactive dashboards, and generate detailed reports.
Additionally, Deskera's solutions offer powerful predictive analytics capabilities, allowing you to identify trends, assess the impact of decisions, and forecast future outcomes. In fact, Deskera has also made it easy and convenient for you to export your existing data from different sources to its platform.
Lastly, with Deskera as your business intelligence system, you will also have the ability to control access to data, ensure data quality, and enforce compliance with regulatory requirements.
In fact, Deskera also has the ability to handle large amounts of data and support a growing number of users without compromising performance or stability.
BI(Business Intelligence) is a set of processes, architectures, and technologies that convert raw data into meaningful information that drives profitable business actions. In fact, business intelligence will have a direct impact on your organization’s tactical, strategic, and operational business decisions.
This is because the implementation of business intelligence leads to the faster generation of actionable insights, which leads to increased operational efficiency through accurate strategic planning. This leads to not only a reduction in costs and better risk management but also improved customer experience, thereby improving your competitiveness.
In fact, the ten ways in which you can leverage business intelligence for your business are:
- Data Visualization
- Reporting and Analysis
- Predictive Analytics
- Machine Learning
- Data Mining
- Real-Time Monitoring
- Collaboration and Sharing
- Mobile BI
- Integrating with Other Systems
Thus, implementing a business intelligence solution like Deskera will make your business more productive, competitive, and profitable.