From production to customer service, successful organizations require consistency across all business functions to remain relevant. A huge part of this consistency depends on modern organizations transforming raw data into actionable insights. That’s where business intelligence (BI) technology comes in handy. According to Gartner Inc., the business intelligence market currently has an over $20 billion market size. It grows at an 8.5 percent rate with a significant promise of reaching $420 billion by 2027. Small and large enterprises are increasingly adopting business intelligence (BI) tools for several benefits. Here are a few reasons why your organization needs business intelligence software.
Improved Operational Efficiency
Data is a valuable asset in today’s rapidly transforming world. However, businesses generate large volumes of raw data from multiple sources, which threatens data discovery. The real challenge is identifying relevant pieces of data to support decision-making and influence operations. Business Intelligence tools unify these disparate data sources.
A Microstrategy survey conducted in 2019 reported that 64 percent of users claimed that BI analytics and data improved their productivity and efficiency. This is because users spend less time tracking down relevant data and can focus more on harnessing business-ready analytics to maximize the achievement and measurement of operational metrics. BI tools also increase access to relevant business analytics to identify operational weak spots and produce timely reports.
Increased Competitive Advantage
Many businesses find BI tools to be critical in enhancing competitiveness. In today’s highly saturated business world, companies need to move quickly in implementing scaled-up efforts and strategies. Many BI tools have data visualization dashboard features, which allow users to compare analytics from multiple competitors. By using these interactive dashboards, they can determine unique areas to differentiate offerings.
Product differentiation is a great way for businesses to stay ahead of the market. Differentiation can also happen in several other ways, including price points, location, and distribution networks. Businesses can also identify growth opportunities faster using machine learning-supported predictive analytics. The earlier a business can break ground in promising growth areas, the better its chances of establishing itself as a market leader.
Personalized Customer Experience
Personalization has become a flagship key performance indicator in measuring marketing and stakeholder management strategies. According to Forbes, about 90 percent of customers (especially millennials) feel frustrated when a business’s interactions aren’t tailored to their needs. But personalizing customer experiences is easier said than done. The average customer has about eight social media accounts, and customers’ expectations for businesses are endless.
BI tools come with unique integration capabilities creating a single unit through which businesses can monitor, assess, and evaluate customer interactions. That way, businesses can better understand customer behaviors and needs, tweaking their customer experience efforts accordingly.
Better Data-Driven Decisions
Data-driven decisions help businesses field agile operations and remain relevant in their industries. Supporting business decisions with big data has become crucial now more than ever. Business leaders consistently seek new ways to keep their heads above the COVID-19 waters, and business intelligence systems increase not only access to actionable insights but also data accuracy.
Furthermore, BI tools don’t need too much time to update your database with new data sets. Many BI systems favor real-time reporting, which affords businesses up-to-date information. Having unparalleled access to accurate insights can be an effective way for businesses of all sizes and industries to leverage business analytics for better decision-making.
All in all, efficient businesses always keep watch of new technologies and resources to improve their performance and enjoy scalability benefits. Business intelligence is one of such new ways, which is already gaining traction in the corporate space. The future of BI tools promises better data management when using automated tools, which ultimately improves operations and revenue. Jumping on the business intelligence bandwagon can never be a miss.