There are several distinct issues which are critical for any businesses. At any point of time, there are customer issues, marketing issues, reporting issues, operational issues, implementation issues, and the list goes on. We are in a period where every issue of a business is critical and can impact the organizational growth and success. Hence, the challenge is to address all such issues using Business intelligence tool which can help to resolve business needs and issues with fewer impediments.
Why BI is the best to address Business issues ?
Business intelligence tool has the ability to collectively address business issues to a great extent. The emerging trends of BI have drawn organizations to consider and implement it in order to centralize better access repository and get a better understanding of key business metrics and to predict future performance.
The bumps in the global economy of recent years have impacted the growth of business intelligence (BI) software sales to an extent, but the sector still managed to evolve during the recession, as organizations globally were eager to make the most of limited resources with a BI solution that could help them be more efficient, spot areas of cost cuttings and identify new business opportunities. With the economic recovery in progress, companies now have better chances to make the most of their resources and modify loads of data into great opportunities.
In a world where we follow ‘Customer-Centric’ approach, ‘Customer issues and their behavior’ is a critical issue of business. Customer’s behavior is supposed to be the most unpredictable issue overages and hence it is very essential to analyze it. BI can solve this issue to a great extent and further assist in retaining a valuable customer.
Organizations today are piled up with huge and complex questions and are always exploring different options for important questions. BI is capable of producing optimum reports allowing the business user to interact with the reports whenever they require. BI effectively provides more accurate historical data with real-time updates, forecasting and trending, and predictive analysis, further eliminating the need to work on guesses. BI helps you to deal with ‘estimates’ rather than ‘guesstimates’.
BI provides the scope for the user to have a greater insight into all types of data as required which results in greater profitability. BI user can pull up a report at any point of time and can see the business trends like what happened to the business over some defined period of time. BI can also provide a 360 degrees view on customer and competitor experience and opportunities, which will solve the planning issues for the management team. BI can also be configured on mobiles devices like their iPhone, iPad, Droid or BlackBerry which provide the users to access key business metrics, reports and dashboards on the fly.
BI can tremendously increase business opportunities. With an in-depth view into business performance, BI helps the organization to identify the areas where there is a need for change to streamline. BI helps to identify the customer’s behavior and predict/forecast future trends and thus helps to achieve business goals. Increase ROI and explore new opportunities.
The goals of an organization are always directly dependent on the decisions made. A decision taken on basis of correct data and in-time are considered to be a good decision. To do the right thing at right time in right place with right people, the organizations need the right data and proper analysis of the available data. The major objective of the BI is to enhance the Decision Support System of the Organization. BI can gather different data (transactional) transform the data into meaningful information for analysis and decision and can represent the information in form of graphs, reports, dashboards etc. The reports are further analyzed and results in appropriate decisions that help to achieve organizational goals.
Thus with the help of Business Intelligence tool an organization can effectively increase its efficiency and productivity ultimately leading to the growth of the organization.