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The term “business intelligence” refers to the various technologies that collect, store, integrate and analyze data in a business. Business intelligence tools and software are designed to make decision-making easier. Further, these tools will make decision-making more accurate regardless of the size of your business.
According to Statista, revenue from business intelligence and analytics software in 2017 in the US amounted to $18.3 billion. What’s more, this figure is expected to continue to rise. That’s because more businesses are expected to begin making use of these technologies.
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Benefits of Business Intelligence
The increased demand for these tools arises from their many benefits, including:
1. Reduced Costs
By analyzing all reports and data, you can view how much you spent on specific things in your business. This knowledge will help you to reduce unnecessary expenses. All departments of your business will contribute data. Therefore, you will be able to identify areas that are inefficient. You’ll gain understanding about where there are too many expenses. In this way, you will be minimizing waste and increasing your revenue.
2. Increased Competitiveness
Business intelligence tools allow you to get insights into various aspects of your business. This includes business trends. This can put you one step ahead of your competitors.
From your reports, you can:
- Analyze your strengths
- Identify your weaknesses
- Work on the issues
Therefore, you will be able to eliminate numerous weaknesses and issues.
3. Greater Customer Satisfaction
You will be able to monitor customer behavior and market trends. Therefore, you will gain insight into what customers need now. You can then provide the products or services customers need.
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4. New Business Opportunities
You can go through all the data in your company within a short time. Therefore, you will be able to spot new opportunities that you might have missed before. Moreover, tools will help you to identify your most valuable customers. They will also reveal ways to gain new customers.
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Opportunities you might want to identify include:
- Market trends
- Market conditions
- Proper resource allocation
- Business insights
5. Improved Decision-Making
Most of the time, you might still make business decisions based on a hunch. However, this may not always turn out to be successful. Instead, use business intelligence technologies to make more informed decisions. Better decisions will lead to better results.
Additionally, business intelligence will give you access to up-to-the-minute reports. Therefore, you will have the latest information when you’re making business decisions.
6. Self-Service Capabilities
Business intelligence has self-service capabilities. This means that you and your employees can access key metrics and reports without waiting for IT. Business intelligence tools provide the same data for all users, with easy accessibility.
Several software companies provide business intelligence software. Therefore, you can select one based on the size of your business and the complexity of your operations.
Business intelligence is the best way of analyzing all your data without overlooking small but key metrics. The most important benefit of using these technologies is the ability to make timely and accurate business decisions that lead to business growth.
Begin applying business intelligence solutions today. You’ll soon be delivering best practices and data to your business. What’s more, your company will develop in unique and innovative ways.