In the modern business landscape, information is power. It’s through this power that competitive advantages can be gained. However, even more critical than data collection is proper data management: analyzing that data to makes sales and improve the business.
Simply put, in today’s world there’s just too much information, and an overwhelming amount of information with no tools on how manage it is just as useful as no information at all. Business intelligence software combats those challenges. Here are five benefits of adopting it in your business:
1) Integration of Information
Good business intelligence software will have the ability to get the data out of the silos, where they are stored under different databases, programs or unconnected departments, and successfully integrate them at one place for the team to sort through. This removal of barrier between various silos provides the groundwork for more accurate pictures of the past, present and future of the business.
Many business intelligence tools are ranked by collaboration. Collaboration makes it easier to compare data from different levels, providing multiple insights. Collaboration in broader terms also refers to how well-connected the staff can be within the program, whether they’re information sharing, chatting, or viewing the same files and reports at once.
2) Tapping into Multiple Data Resources
Any software you use must have the capability to support multiple data sources. As a business owner, you appreciate the flexibility in every piece of software you integrate into everyday operations. To provide actionable intelligence, it’s essential to have a tool that integrates data from different sources. For example, you might want data from your legacy database coupled with data from Hadoop and Data Mart. With business intelligence software, you have the ability to congregate each of them to help move towards the business transformation you were looking for.
3) Short Learning Curve
Business intelligence software has low learning curves, allowing employees to quickly catch on. This type of learning curve is crucial to promote the effectiveness of the software; otherwise, businesses would stick to the traditional methods of data analysis. Not all business intelligence software is created equal, however. To find the most common choice for business intelligence software, you’ll need to do your research. Each comes equipped with its own unique set of features and options.
4) Business Intelligence on Mobile Phones
In today’s high-paced world, it’s important to have access to data anytime, anywhere. With mobile business intelligence, it’s simple to leverage dashboards and reports on the go. Any executive member can make decisions based on software analysis, no matter how far they are from the office. This is critical for businesses because dealing with time-sensitive issues like scoring a deal, responding to an inquiry from a big client, or making an upsell. Timely responses to these matters can all have huge impacts on the bottom line. It also affects the reputation of the business: being quick to communicate and make on-the-fly decisions is important. Other great mobile-optimized business intelligence features include the ability to zoom into the visualizations, sort or filter the graphs on the app, highlight certain areas, and much more.
5) Data Visualizations
The primary purpose of using business intelligence software is to make sense of the data in the easiest manner possible. Visualizations help facilitate the process of understanding and analyzing reports Otherwise, you’d see long paragraphs with endless numbers, and being able to crunch those numbers into something meaningful and easy to comprehend is difficult.
Business intelligence software has progressed throughout the years. Now it features interactive dashboards that allow you to create both standard and advanced graphs for the huge amount of data stored. When shopping for your business intelligence software, consider the visualization options available and the design principles they follow to create better dashboards.