Business Intelligence (BI) is a set of tools, applications, and software that converge to analyze information gathered and organize it as per requirements in order to aid in the decision-making process. Being an integral part of every other business enterprise BI is transforming the way analytics handle the day-to-day operations. BI comes bearing gifts in every module an enterprise can possibly have. It acts as a blanket that covers every possible aspect of management and operations for a firm. Apart from managing the existent it also opens the door for any upcoming functionality or a technology that can make the task easier. In this way, it marks its role in bringing strategic business opportunities via analyzing structured and unstructured data.
Now given the endless list of emoluments, it is only beneficial to learn enough to be able to find ways to exploit and exhaust BI to its fullest. Below are some ways that can help your firm do so.
1. Establishing Real-Time Facility
BI is all about value-addition to the business, the same business which can perform even better with real-time statistics in hand each time a data is analyzed. With the growing popularity of Intelligence methodology, the sources to procure it has become comparatively cheap and this acts in favor of including more specialized techniques to offer the best. Customers, when offered with real-time technology and data, are kept updated and this eventually builds a trust and invites transparency in the business. Having the charm of updated reports and data leads to better decisions that have the potential to turn the operations upside down for good.
2. Employee Performance
Manual management of employee portals is a pain and time-taking process. And the review of reports containing the performance statistics takes double time. It is hence, advisable to opt for BI to handle employee performance. A real-time report that mentions the time devoted to solving a bug, by who was it solved and with what precision based on the manager’s review can make the load a lot less. Tracking of real-time operations, hence, is profitable not only to monitor the employees but cuts the magnitude of time wasted by making it invested in required and proper places.
3. Customer Service and Less Workload
It is with the use of BI tools and techniques that reading the reviews of customers about products and monitoring the same is fast. Descriptions of products under customer reviews obtained by mining the data are deeming extremely helpful in enhancing the product and understanding consumer behavior. Apart from this, real-time tracking has reduced the groundwork drastically. Unlike earlier when thousands of excel sheets were needed to be reviewed, real-time tracking has reduced the time devoted here. This, in turn, has enabled the respective person to shell lesser time in the books.
4. Sales and Revenue
There are BI tools meant for just keeping a check on how much revenue a customer brings to a company. Consequently, it helps in making future sales decisions. This eventually enhances the revenue and makes the sales look good on paper. It is next to impossible to go through all the reports that might aid in decision making for increasing sales based on customer revenue influx as the sources of data are numerous and widely spread. Hence, having a circumstantial tool handy benefits the enterprise.
Emphasizing more on analysis and less on data is again a preferred technique nowadays but it is also vital to make sure that the sources are well managed in order to avoid redundancy and insecure connections. But once there are BI tools installed, it is easier to handle data, analyze it and make use of it for organizational benefits.