What Can Business Intelligence Services Do? – The business intelligence industry has gained significant adoption and traction in recent years. According to Gartner, the industry is home to over 46 percent of small businesses that have started enjoying its full benefits. These benefits can vary from one company to another making it. However, the capabilities of business intelligence are far more general and numerous. Here is a list of what business intelligence services can do.
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Data is essential for modern businesses, yet its management poses several risks and challenges. Businesses collect huge data volumes from multiple sources and data formats. Managing such a data environment can inhibit your access to accurate insights that are needed for strategic business decisions. That’s where business intelligence services come in handy. BI tools and services afford organizations a unified view of their data sets. This move away from siloed data environments can make it easier for business leaders to search and find relevant data. For instance, Pfizer uses BI platforms to enhance collaboration among various departments and develop models to improve patient diagnosis efforts and clinical trials. BI systems can significantly optimize time in the decision-making phase.
Increase Operational Efficiency
Business intelligence tools seek to improve operational efficiency. Often, businesses set KPIs to measure specific business operations. BI tools come with efficient analytic solutions that can thoroughly analyze your operational metrics and determine productivity’s weaknesses and inhibiting factors. BI solutions can compare past operational data with current data sets, identify wasteful lines, and help develop performance management tweaks for continuous improvement.
Your business can scale its operations by using BI systems and its single source of truth. Businesses can reduce the time spent pulling and cleaning data, freeing time for relevant tasks tied to significant business value. Apart from the productivity benefit of operational efficiency, business intelligence can help optimize revenue and profit levels over time. BI systems enable you to question your current status and drive you to answers that can cause things to change.
For example, if you received less revenue than your target in a particular quarter, you can filter your operational data for the first quarter, analyzing it from all angles, including clients, market favorability, suppliers, and employees to help determine what went wrong. With such insights, you can draft strategies for the upcoming quarters to drive positive results.
Improve Customer Experience
Customers in today’s digital economy demand several expectations from their businesses. About 81 percent of modern consumers may be upset when your business provides a service or experience that’s not personalized to their needs. A huge part of personalization involves knowing and understanding your customer enough to anticipate their needs and determine which experience best fits them.
Many BI tools have built-in data visualization dashboards that enable businesses to study customers’ journeys with your firm using data visualization dashboards. Several businesses have toed this line and have improved their customer service outputs significantly. Verizon deployed BI systems from multiple customer data sources, anticipating their needs before making a query. According to Verizon, this action ended in a 43 percent support call reduction since BI helps with insights into and improved customer experiences.
Identify Market Trends
Knowing the market is one thing. Understanding the trends enough to tell where the next billion-dollar market or growth comes from is another. Business intelligence is deeply rooted in analytics that can help businesses achieve the latter. You can secure your business’s future with BI, positioning it as one for the times since you have easy access to the market changes and how potential and existing customers react to these changes.
BI services afford businesses the insights to model best-case and worst-case scenarios when entering a new market. That way, they access where their strengths lie and identify which market can churn the optimum return on investments (ROI). This flexibility has become more crucial with businesses seeking to be more competitive and responsive to their customers’ specific needs.
Globally, business intelligence is pushing the limits to which businesses can serve their clients and improve their market position. Knowing these specific BI capabilities can guide you to decide if you’re yet to invest in BI for your business.