How business intelligence works?
There are four keys steps that business intelligence follows to transform raw data into easy-to-digest insights for everyone in the organization to use. The first three—data collection, analysis, and visualization—set the stage for the final decision-making step. Before using BI, businesses had to do much of their analysis manually, but BI tools automate many of the processes and save companies time and effort.
Why companies benefit from using business intelligence tools ?
Because business intelligence tools speed up information analysis and performance evaluation, they’re valuable in helping companies reduce inefficiencies, flag potential problems, find new revenue streams, and identify areas of future growth.
Some of the specific benefits that businesses experience when using BI include:
- Increased efficiency of operational processes.
- Insight into customer behavior and shopping patterns.
- Accurate tracking of sales, marketing, and financial performance.
- Clear benchmarks based on historical and current data.
- Instant alerts about data anomalies and customer issues.
- Analyses that can be shared in real-time across departments.
Customer experience
Access all your customer information in one place, so you can direct resources to key areas that will positively impact customer engagement and support.
Sales and marketing
Gain visibility into sales and marketing performance, consumer behavior, and buying trends which ensures future marketing initiatives are effective and drive revenue.
Operations
Improve operations by automating routine analytics tasks, refining processes, reducing inefficiencies, and increasing productivity.
Finance
Use custom dashboards to get a holistic view of the company’s financial health, study historical data, calculate risk, and predict trends.
Inventory control
Automate data analysis and reporting to improve inventory management, accelerate fulfillment, and help anticipate buying trends.