Business intelligence (BI) has been getting a lot of attention lately. In fact, it is one of the biggest focuses of CIOs today, per a 2015 Gartner study. However, why is there so much hype about business intelligence?
Business intelligence is a broad term that can be defined as a process to analyze raw data. CIO.com does a great job of describing this discipline and how it includes several activities, such as online analytical processing, data mining, querying and reporting. In general, business intelligence helps enterprises optimize performance and can go a long way in strategic planning. In essence, business intelligence is what allows enterprises to make superior business decisions.
Benefits of Business Intelligence
There are numerous advantages to business intelligence. For example, it can be utilized to cut expenses and identify new opportunities for the organization. Yet, those are only a few of the many benefits of business intelligence. Below are some of the many advantages.
Eliminates the hunt for data.
When multiple systems are being used within the enterprise, which is most often the case, the data tends to live in separate “silos.” Meaning the CRM is not connected with the accounting software or product data or inventory management. Enterprises spend a lot of time hunting for data and once they find it, they have to merge it and then attempt to create reports to analyze the data. There are now business intelligence tools that will connect all of this data together, which places the information in a centralized location—typically a dashboard—so that it can be viewed, analyzed and reports generated. Such business intelligence tools reduce inefficiencies within organizations.
You shouldn’t have to guess or estimate when making decisions that can greatly impact your enterprise. Piggybacking on the previous benefit in this list, by having all of the pertinent data available at your fingertips, you can get a greater feel for customer data, trends, forecasts and even predictions. Business intelligence tools also allow you to obtain answers much quicker because this information is so readily available.
Business intelligence within an enterprise is critical in spotting inefficient processes and also where costs can be cut. Because BI tools provide better reporting across the various data points in the enterprise, it is much simpler to spot areas where money is being wasted or where there is an opportunity to reduce expenses. For example, if your company is in manufacturing, a BI tool can shed light on manufacturing costs, giving your enterprise the ability to modify production faster.
Softeligent Can Solve Your Business Intelligence Needs
Softeligent is an agile SaaS solution that can connect critical data throughout your enterprise. Our software is customizable, making it flexible to your enterprise’s specific needs. Through our solution, you can quickly and easily manage your data and view reports that will better assist you with key business decisions.
For a free analysis and/or demo, fill out our contact form. A Softeligent representative will be able to show you the impressive features of our software platform and answer your questions.