Business owners are remarkably smart when it comes to the business know-how and most business owners take into account various factors when making business decisions costs and revenue but how often does this just go on gut feeling rather than cold hard facts, business intelligence can give you some cold hard facts but it can do so much more read on...
Exactly what is business intelligence (BI)?
Business intelligence (BI) involves the use of tools and processes to capture and convert large amounts of raw unstructured data into meaningful and important information; enabling businesses to perform analysis and gain meaningful insights for informed decision making.
So why should businesses care about this?
As the global competitive landscape accelerates, some businesses are outsourcing their functions to large call centers and manufacturing facilities outside of the UK creating hard-to-beat products and services with lower pricing models.
As a result, other businesses may be finding it increasingly difficult to compete successfully. The hardest impacted will be small businesses, which make up the majority of business. To address some of these issues, BI increasingly becoming a top priority in a fight to determine the best way to gain or keep a competitive edge, or sometimes just survive.
These analysis tools can help companies to stay ahead of changing trends inside their business and become more agile in their activities to support business objectives. Without these powerful tools, many businesses will operate at a significant disadvantage with the gap increasing daily.
What are the benefits of business intelligence?
According to a 2014 Gartner report, implementing a business intelligence solution can include powerful features like at-at-glace dashboards, powerful management reports and business analytical tools, customisable based on user roles or needs.
As a business owner or executive, it is important to strive to become the channel for on-going improvement. Get up-close and personal with all that available data to find the hidden strengths and weaknesses in your business. Consider business intelligence and analytics and become an agent of true business transformation and success.
Contact James at Morph360Tech for more information an insights into Business Intelligence.