Business Intelligence is all about gaining new insights from existing data.
But many people put it into the too hard basket.
I understand. Getting your head around the world of big data and systems architecture and APIs and data visualisation is no mean feat, particularly if you find numbers a little intimidating.
But what if you had a system that did all the hard stuff for you, freeing you up to spend more time analysing information and less time interrogating data?
What benefits could you expect?
A car manufacturer would expect to see far different results (more targetted marketing, higher sales, more lean manufacturing) than a hospital (better identifying patient risk factors, reducing wait times, increasing safety) but that doesn’t mean that there aren’t some headline benefits any organisation could enjoy.
1. FASTER REPORTING AND DATA ANALYTICS
Making the right business decisions at the right time – or not doing so – can make or break a business.
Your business data is likely spread across different formats, some might be collected manually, and stored in different locations. Extracting this data, proving and demonstrating the relationships between disparate data sets, and turning it into relevant information, well, it can be a real pain in the neck. This is often why data lies underutilised or worse – not utilised at all.
BI presents a means to overcome this issue – and quickly. Allowing you to be agiler in the way you respond to issues.
2. MORE PRODUCTIVITY
You don’t know what you don’t know. Luckily, Business Intelligence enables you to find that stuff you don’t know.
With BI, you can see exactly what is happening in your organisation. What tasks are taking up time but posing little reward? What processes are cumbersome and in-need of streamlining? By collating, organising and visualising data, Business Intelligence can start to expose areas where your business is excelling and areas where there is room for improvement.
3. INCREASE ACCOUNTABILITY AND TRANSPERANCY
One of the most powerful aspects of Business Intelligence is the way it can transform teams and office culture.
By sharing information in a transparent way, you open the doors to having other members of your team problem solve and innovate. Everyone can see how they are tracking toward individual or company-wide goals, boosting accountability and enabling high-performing teams to flourish.
While the benefits vary, here are three key things any business – big or small – could expect when implementing a Business Intelligence solution.