Business intelligence is part of around 26% of businesses worldwide. This number might seem low considering how useful a BI platform can be. However, many businesses still don't know what BI is and how it helps a business to grow.
With the wide range of business intelligence tools available, there is a way to make a business intelligence platform work for you and your company's needs.
Read the list below to find out what BI is, how it works, and why you need it to make your business life easier.
Business intelligence is a broad term that encompasses many different areas of business. But it can be simply thought of as a way to analyze information using the power of technology.
This helps everyone involved in a business to study the data linked to their company and make decisions about its trajectory. Thanks to the strengths of modern technology, business information is easily sourced, stored, and studied to allow for better business management and planning.
Modern business analytics place data at the heart of everything a business does. Whether it's customer information or tracking how well a new product is doing, analyzing data and making decisions from it is what makes a business move forward.
However, data is not always easily collected or researched. This is especially true for large-scale businesses which may have a large amount of information to sort through.
Business intelligence is the key to making this analysis easier. It offers a way to store data collectively, so it can be easily studied and compared.
A modern BI platform gives employees the chance to see an endless amount of company data all in one convenient place.
A business intelligence platform simply refers to the place all this data is collected and stored. As today's modern business world is so driven by data collection and analysis, it is important to have a place to locate all the vital data that helps a business to function.
And a modern BI platform is not only for data storage. It is also used to compare sets of collected data to learn more about a particular product or trend.
Modern BI platforms allow the data your company collects to have a function and be usable. While this has always been the goal of businesses, having an active platform to do this on makes it easier. It also offers employees the chance to have easier access to this data.
With this access, employees can track changes and updates, leading to a more efficient workflow. Finding the right data also becomes less time-consuming with a modern BI platform.
The platforms available today are adept at sorting your business's data into systems so that it is easy to find.
A modern BI platform should work to make your business life easier. That's why they usually prioritize several key properties to ensure your information is stored easily and securely.
The first property of any modern BI platform is a high-quality uniform database. Having all data in one central location means questions surrounding new information can be easily answered.
Plus, because the data collected and stored is of high quality, your business is always getting the most relevant, accurate information to base any decisions on.
Modern BI platforms should also be easy to use and cost-effective. How cost-effective it is will depend on what you decide to use it for. However, it is likely you will reap the benefits of a BI system often.
You may not even realize how much data your business relies on to function. With the help of a modern BI platform, this data gets regulated, so you can utilize it as you see fit. That's what makes a BI platform one of the best business analytics tools available.
Another property of modern BI platforms is they allow different people increased flexibility in terms of what data they have access to. With this increased flexibility, decision-making processes merge easily between departments.
This increases workflow efficiency and develops productivity amongst your respective teams. This will help to grow your business.
A final key component of a modern BI platform is its capacity to be integrated with AI and data science. Whilst all the issues of doing this aren't perfected yet, it is something those designing BI platforms are working towards.
Again, this would ease the burden of work on employees and make production much smoother.
There are several reasons a business may decide to invest in a modern BI platform. The below list outlines just how a BI platform can help to grow and expand your business, and motivate your employees.
One advantage of a modern BI platform is that it enables data to be reported quickly and accurately. Employees can add data to templates and other outlines to make it readable and usable. This increases how fast data gets analyzed to use in decision-making processes.
Another advantage of using a BI platform is it allows data to be used to identify market trends. Having an insight into accurate market trends is at the core of any business. A BI platform helps to display and explain these trends best on the data it collects.
The business insights provided by a modern BI platform are truly invaluable. And customer trends aren't the only things it will keep track of. It can be used to gauge internal productivity and the predicted success of a particular department.
A modern business platform will also increase customer satisfaction. Because you can use a BI platform to understand how your customers behave, you can then make decisions based on what they like and what they don't. This makes gaining customer loyalty much easier.
Modern BI platforms can create better employee job satisfaction. Employees working in IT don't have to spend as much time dealing with colleague data requests.
Employees can have full access to all the data they need to help them make informed decisions. This allows them to feel more in control of their work and creates a sense of purpose in their role.
Of course, like any business tool, modern BI platforms do have some disadvantages. However, because they are a relatively modern tool, these kinks are continually being rectified and corrected.
Modern BI platforms work very well for large-scale companies with a lot of data to sort through. However, small or medium-sized businesses could become overwhelmed with the amount of information available.
This is particularly true of small, local businesses. These types of businesses tend to rely on their regular customers and don't necessarily need all the data that a BI platform can offer to function.
Because they are so efficient and widely used by businesses, the cost of a good modern BI platform can add up.
What you decide to pay for depends on what you want to use your BI platform for. However, if you are a business that relies on a lot of data to operate or have struggled with keeping data organized, the cost of a BI platform is worth it.
Like all technology these days, BI platforms come with a minor risk that data could be breached. It's a low risk, but it's worth considering before you choose to use one.
However, this is true for all data associated with your business, regardless of where you store it. Even if you keep it in paper files in your office, there is still a risk of theft or damage.
Implementing a BI platform into your business couldn't be easier. If you already have a business intelligence strategy, simply add a BI platform to this.
Use the data you already have on your business to get started. Add it to whatever BI platform you choose and sort it into relevant files.
Modern BI platforms are designed to be easy to use. So even if you have a lot of data to store, this process won't be too time-consuming.
To find out more about getting started with a BI platform, make sure to subscribe here.
A modern business intelligence platform is the key to growing your business. With the ability to store and study data easily, you can track changes and trends that help to keep your company up-to-date.
You'll also notice the improved relationship you have with your customers and employees. A modern BI platform will allow you to follow customer habits, and monitor employee productivity. This enables you to make changes where they matter most.
If you would like to learn more contact the helpful team for more information.