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Benefits of a BI Solution


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  • Published: 1/1/0001 12:00:00 AM
  • minute read

benefits of a BI solution

 

In today’s business world, being quick to adapt to change is essential for survival. It’s a jungle out there and the analytics captured by your business intelligence is your compass. A BI solution can be tailored for your business to capture the data you need. Virtually every small, midsized, and large business can benefit from a BI solution.

Some high level benefits of a BI solution are:

  1. Eliminate Guesswork
    Don’t rely on ‘best guesses’, or ‘gut feelings’ to run your business. Business intelligence can provide more accurate historical data, real-time updates, synthesis between departmental data, forecasting and trending, and even predictive 'what if?' analyses.

  2. Reliable insights to make faster business decisions
    Rather than reading though pages and pages of printed reports, a BI solution can give you quick answers to business questions through instantly generated reports and dashboards. By tracking KPIs against key business goals it is possible to see how your business is performing today and not when it’s too late to impact performance.

  3. Data available on the fly
    A BI solution can give you and your team access to analytics anytime, anywhere, on any device. BI software that is mobile ready can allow system users to log in from their mobile devices while out of the office. This gives sales and marketing people access to critical business information on the fly.

  4. Improve efficiency
    Many companies rely solely on Excel spreadsheets as their BI tool. This requires compiling data from multiple databases, which is time consuming and prone to error. BI software solutions make it easy for everyone, from decision makers to functional teams, to access and analyze up-to-date information in a centralized place and eliminate the need to manually enter data into spreadsheets. Furthermore, a BI solution removes the need for departments to waste time ‘hunting’ for analytics to gain insights because everyone can access the data in one place.

  5. Align the organization towards its business objectives
    BI solutions align each person within an organization to work towards a common goal by centralizing KPI definitions and ensuring a common interpretation of them. It is known that the most successful organizations are those that succeed to make every person in the organization work towards a common goal.

If you’re not using a BI solution or are relying on Excel spreadsheets as your BI tool, despite the initial costs, a BI solution is well worth the resources it requires. A BI solution is essential if you are planning to stay competitive in the long term and build a business of meaningful scale. The benefits of a BI solution are solid, and few other systems offer the unique strategic benefits that business intelligence does.

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