1. It removes guesswork
Too many times, running a business is treated almost like gambling, and it shouldn’t be that way. Executives are left with the option of ‘making the best guesses or ‘going with their gut feel.’ When it is your company’s future at stake, neither of these methods should be taken as a serious means to arriving at a strategy.
With Business Intelligence, you are given accurate data, updates in real time, trending and forecasting means and even allows you to predict “what-if” scenarios, therefore removing the need to guess or estimate.
2. Gives you quicker responses to your business-related queries.
Another great incentive for business intelligence users is that you can get immediate answers to your business questions. You can make quicker decisions based on these responses without having to go through pages and pages of written reports and lose valuable time.
3. Obtain important business metrics reports whenever and wherever you need them.
With today’s business intelligence software, any qualified member of the organization can gain access to important company data such as business metrics, dashboards and other critical reports through mobile devices. As long as there is Internet access, important business data can be accessed and utilized by key people from the organization.
4. Pinpoint up-selling as well as cross-selling opportunities.
Business Intelligence platforms enable you to make use of valuable customer data to make, polish and improve traditional models that will, in turn, help your sales personnel to cross-sell and up-sell goods at the most appropriate client touch points.
5. Develop efficiency.
There are many organizations that throw away valuable time looking for information from within their different data sources when they need help in gaining a deeper understanding of their business. When they do find this pertinent information, they still need to convert, merge and report said data, communicate their opinions about it and discuss whether it is accurate, etc. With a BI system in place, all of the needed data comes from one source and can be accessed from one dashboard and converted into a report. This saves much time and energy while removing inefficiencies from the process.
6. Gain a better understanding of your business’ past, present and future.
One of the biggest strengths of a BI system is letting you know your business stats over a given period of time such as how much pieces of a certain product were sold, in which location and by which customer representative. This data can be utilized so that an advantage over the competition can be developed. A complete view on customer behaviour and experience is provided by certain metrics and analyses, which in turn helps you plan better for your company’s future.