Five Reasons for Business Intelligence

The application of the business intelligence process to your organization can be complex and difficult, while at the same time limitless.  

The primary goal of business intelligence is to replicate and aggregate data from your business operations (sales, manufacturing, staffing, financials, etc.) in order to make the best decisions for company efficiency and success.  

Overall, BI allows all sizes of companies to make better business decisions using historical and current data.  Even smaller companies that do not accumulate a large volume of data can gain considerable benefits from better use of analytics. Below are our top five reasons that any size company should consider a business intelligence solution.

1 – Accuracy and Timeliness

No doubt standardizing on a common reporting platform for your organization can improve the time it takes to identify and address a process problem.

Each operational, transactional, human resource, and financial system will typically have a built-in reporting function but limited in abilities and compatibility across the organization. We often hear this described as a “Silo of Information”.

A business intelligence platform standardizes and brings that data into a single solution that is readily consumable across the business.  To be able to confidently act on information, you must have accurate and actionable data in one place at any given time.

2 – Proactiveness

When your company uses business intelligence, you are taking initiative to understand how your business operates at a holistic level. Improving the overall efficiency of the business will make the company more competitive and improve the quality of services. Business Intelligence is all about gaining, building, or maintaining a competitive advantage. You will have the tools and information to be able to analyze and uncover information within your company to maintain or build your competitive advantage in a single common view.   Increased efficiencies could be improving customer service call times, lowering returns by catching reasons for product defects sooner, which in time offers ways to increase revenue. In the long term, the data can reduce costs of goods and services sold, improving ROI. Business intelligence can provide predictive analysis of data from lowering costs of supplies to processes that go into provided a service or manufacturing a product. The ability to predict a problem and stop it from happening can have a huge effect on the success of a company.  

3 – Depth of Detail:  Better than human

BI helps leadership use data in forms that can be very powerful providing a high-level macro view to granular business process information.  By combining data from disparate operational systems into a single point of trusted data BI can provide insights that manual or intuitive analysis cannot perform. When combining key data from operational systems, HR systems, and financial systems, and others into a seamless tool, a better business language repository is created for reporting on metrics necessary for executive management to make informed decisions.

4 – Agility  

Do you want to create an organization that can adapt to change easily and make decisions that can be applied in multiple processes at once to improve success?  BI provides the data to allow for flexible and immediate changes in processes within and across organizational structures.

Forrester defines Agile BI as an:
Approach that combines processes, methodologies, organizational structure, tools and technologies that enable strategic, tactical, and operational decision-makers to be more flexible and more responsive to the fast pace of customer, business and regulatory requirements changes.
By using BI implementations, changes in business operations need to happen to make the intelligence useful and control and untamed business process. 

5 – Visibility:  More than a thousand words

BI is not just about gathering data but about making sense of it in a way that can be quickly grasped.  This is accomplished through visualization applications for creating infographics and designing charts that convey a message to the user. BI also offers dashboards, as well as performance scorecards. Key performance indicators (KPIs) and business metrics are much easier to understand when displayed as visualized data in a cohesive “story”.

BI combines information from the different parts of your business, then applications convert that raw data into reports, charts, and other analytical tools to provide actionable insights. BI can be used in any number of different ways across many divisions of the company.    

These are just a few of the key components to a successful BI strategy that can delivery repeatable value to any organization. To find out more about our BI Strategy Roadmap use the form on the side of this page.

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By |2018-09-02T17:39:47+00:00December 29th, 2016|BI, Business, Business Intelligence, Kingfisher|0 Comments

About the Author:

Haley Graduated from University of Georgia Grady College of Journalism and has worked with state government and Fortune 500 companies in communications, public relations, and marketing. She currently holds the position of Marketing Manager at Consultancy by Kingfisher. In her role, she oversees Kingfisher’s internal marketing initiatives and outgoing communications.