What is Business Intelligence?

Business Intelligence is undoubtedly one of the most popular words in the current business landscape. The new BI models are easier to use, have straightforward interfaces, and can be understood even if they do not have technological knowledge. A great example of using data to improve business is Google Analytics.

Why is business intelligence critical?

Given the great accessibility that BI programs have today, the question that needs to be asked is: Do I need a business intelligence system in my company? Below we will mention some of the benefits of business intelligence for the company, including leveraging data intelligence.

It is prevalent for a company’s strategy to rely, to a certain extent, on theories. Despite being based on trends or experiences, they are no less than pretending to guess the future in a somewhat illusory way. The BI software helps eliminate that dark area as much as possible since it does not contribute based on opinions or beliefs. It simply offers objective data, one of the main benefits of Business Intelligence.

Better understand your business

Another great incentive to implement a BI tool is that you can get immediate answers to your business questions. You can make decisions without having to review many pages of reports and waste your time.

With BI programs, any member of your organization can access your company’s data, such as your business metrics, dashboards, and other essential reports. All you need is a connection to your data, and you can access the entire operation of your organization.

Increase your sales

BI platforms allow you to use customer data to improve traditional sales models. It also helps your sales staff implement cross-selling and up-selling techniques at the most appropriate points of sale. The BI allows us to find and analyze the buying habits of consumers. This information is beneficial because it translates into profitability for the company. In addition, it is possible to make loyalty campaigns more efficient, build predictive models to facilitate cross-selling and carry out promotions, and other strategies.

Have more control over your company

You can have better control over the functional areas of the company. A business intelligence system can cover areas such as production, inventory, marketing, shopping, and after-sales service since they all use data. The field of information to obtain and analyze is very vast. Centralizing it to cross-analyze and make decisions is an excellent benefit in costs and time.

In conclusion, the possibilities for the use of Business Intelligence and Analytics are increasing and vary according to the situation of each company and the time of each market. The fact is that the future of data analysis has arrived, and the opportunities were not stopped waiting for us. For IT leaders, the imperative is to advance internal efficiencies and the establishment. This will make it possible to generate additional value for the business based on data and information.