Business Intelligence, according to Wikipedia, “is the ability of an organization to collect, maintain, and organize data. This produces large amounts of information that can help develop new opportunities…the goal…is to support better business decision making.”
A number of companies have begun investing in business intelligence software to help them drive value out of the mass amounts of data on hand. BI helps a business in more ways than one (here’s 10), but most of all it helps with standardizing, sorting and
centralizing so it can be utilized by all.
Business Intelligence Dashboards Synthesize Data
They say a picture is worth a thousand words, but a dashboard may be worth thousands of dollars to your company. I’m not talking about the price of creating one; they’re relatively cheap nowadays and can be produced easily. But by creating a dashboard connected to your business intelligence software, you are enabled to make decisions anywhere, at any time.
No More Gambling With the Future
Many business owners and executives make their decisions on instinct. Although sometimes it works out, there’s no promise it will. Business Intelligence dashboards can help you find directional insight from historical data. It helps you quickly and easily analyze big data sets, and cut out the noise, giving you the opportunity to experiment with “what if” scenarios.
Executives, using the BI dashboard, can see if their gut instinct matches what the data predicts.
It Helps Everybody
BI is literally your company’s “intelligence”. By creating dashboards from all your business data, you give employees from different organizations access to see every factor impacting the report on the dashboard. It also will increase their efficiency because dashboards help eliminate the administrative tasks. Most times,
For example, your marketing department pushes out and collects a lot of data. BI dashboards give you the ability to see which campaigns and promotions are providing the most ROI. With this information, they can adjust accordingly. Thus saving the company money and driving growth.
Another example is how your human resources department can benefit. HR has always been the data champions. By turning this employee data into a visual representation, HR associates can see things like employee turnover, improve the hiring process, and even see the human capital value of different organizations.
Understand Customer Behavior
One of the best byproducts of a BI dashboard is visibility into your customer behavior. Dashboards can show you what customers are buying, not buying, what they’re looking at and what they’re not spending time on. This will help you decide which products you should spend more time on developing and promoting.
Overall, Business Intelligence dashboard can increase your chances of success, empower your employees to make informed data driven decisions, and reach your customer more effectively. Doesn’t sound too bad now does it? Before you get started with any BI software, make sure you know how to choose the right business intelligence tool.
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