BI makes it simple to search for and query data, understand trends, and make predictions for the future. From anticipating customers' needs to becoming a market leader, read on to discover what business intelligence can do for you.
BI has gained popularity over recent years as it proves to be a successful way of producing integrated data reporting. In this article we’ll examine five of the main benefits of business intelligence tools such as Power BI.
1. Knowledgeable decision-making
So many businesses rely on spreadsheets for recording data. There can be multiple problems with this. Typically, there are delays in collating data so it isn’t current. They’re also populated manually, a method prone to error, meaning there are often inaccuracies.
With shared data coming from various, potentially conflicting sources, there are inevitably inconsistencies. Often, different departments will waste time duplicating each other’s reports, with little coordination.
Spreadsheets cobbled together from various data sources are often unreliable, yet they are used to make significant business decisions.
One of the main benefits of business intelligence is the ability to analyse datasets from all departments and present users with one-view reports of business performance. Users have access to a variety of reports, graphs, charts and summaries which provide detailed intelligence about the state of their business, so decisions are better informed.
2. Anticipating customers’ needs
Most analytic methods used in business are limited to lines projected from a graph of data. There is a predictive element, but it’s not particularly insightful.
BI systems use predictive analytics and machine learning. This allows you to interpret complex data, finding biases and connections that would not otherwise be apparent. This is a platform for much more perceptive market intelligence, whether that be the variation of labour resource across the day, or potential questions from customers before they buy from you.
Having a detailed understanding of customer behaviour will allow you to provide great customer service as you anticipate new products and services that will benefit them.
3. Increased profits
It can be hard to tell which of your customers are the most profitable, and in turn which customers you should direct your efforts towards. There are two disadvantages to unprofitable customers – they are an operating loss, and they also divert valuable resources away from your more profitable customers. This is a significant cause of commercial inefficiency for many businesses.
However, when you can better understand your processes, you can identify their inefficiencies and focus on improving them. Business intelligence will help you pinpoint opportunities, make necessary changes, and later confirm their effectiveness, thus increasing your margins.
4. Market leadership
Being ahead of the curve is essential to become a market leader.
BI reporting will streamline your processes and unlock insights that you can transform into actions, meaning that you can stay ahead of the game by taking opportunities and adopting new technologies before others know about them.
Plus, the efficient processes and meaningful information afforded by BI will save precious time and resources which can be spent on growing your business instead.
With the right information to hand, you can respond, transform, and stay ahead of the game – these advantages make for a substantial differentiator.
5. Rapid growth
Great customer service leads to customer recruitment and retention.
When you can anticipate customers’ needs and make informed decisions, you can begin to demonstrate market leadership and increase your profits.
Once in this position, you will be all set for business growth. A well-designed BI system will grow with you to give outstanding ROI and deliver intelligence that will set you apart from the rest.
Start your BI journey today
Here at Air IT, our dedicated BI team provides an end-to-end, managed BI service, integrating all your data and solving reporting challenges. To find out more about the benefits of business intelligence, please contact us today to speak with our friendly team.