Business Intelligence (BI) is an important tool for companies seeking to optimise profits and increase sales. The software compiles data from sources within your company’s technology solution(s) and provides reports and analysis to help you improve your marketing strategy and business decisions.
Turn information into valuable data
Your business probably processes a huge amount of information. While managing it all may seem like a headache, an embedded analytics solution can turn that information into data that drives decisions. In effect, using business intelligence software gives you instant access to all your company’s data in one place. With BI software, you can turn information overload into new business opportunities. This can lead to significant increases in sales, for example by using data to avoid situations where shops run out of product.
Capitalising on real-time information
Investing in real-time business intelligence software helps to increase revenue. For example, tracking minute-by-minute data allows you to know when and how to change prices. The tool also helps determine which customers are most valuable by tracking the amount and frequency of their purchases. In addition, Business Intelligence can show you where you need to cut back. Perhaps your company has a product or service that is not selling well. You might consider eliminating it from your product line. Or you may find a lower price from another supplier. By reducing your expenses, you can increase your company’s results.
A tool to improve collaboration
Cloud storage is not the only feature of BI software. With collaborative capabilities, your work will benefit from the input of your entire team. Collaborative Business Intelligence puts you on the same page as your colleagues and even allows you to post questions and comments on the work they have done. Best of all, you won’t be searching for the information you need in disparate emails, spreadsheets and reports. You’ll have the information you need right in front of you, and in the same place where you can build on that knowledge with others.