7 Reasons Why Business Intelligence Is Vital To Business Success
We live in the age of information… and information is power! The bad thing is, we are now often buried under information. It’s difficult to make sense of it without any special tools.
Many small business owners and managers have been slow to adopt Business Intelligence (BI), mainly due to lack of knowledge of what exactly BI is, it can be time-consuming to review and there is a concern that it really has any benefit for them. The truth is, it should be an integral part of any operation.
A very short but fitting definition is: “Business Intelligence is essentially timely, accurate, high-value, and actionable business insights, and the work processes and technologies used to obtain them.”
Why should you care about BI? It’s not only for enterprise companies – virtually every small, mid-sized and large business can benefit from BI. There are many upsides to BI solutions, and companies should be adopting them, here are seven reasons why.
1.Boost productivity. Through traditional data gathering methods, users need to compile and analyze data and write related reports. This can be incredibly time consuming, especially for small businesses that may not have the employees to do it. With a BI program, you can pull data and create the reports at the click of a button thus freeing up time and resources allowing employees to be more productive on their own tasks.
2.To gain sales & market intelligence. Whether you are a sales person or a marketer, you probably like to keep track of your customers – probably using a Customer Relationship Management (CRM) solution to help you.A CRM solution collects the data about your customers and tries to make sense of it, presents it to you in various tables and charts. That may include the entire sales cycle, from winning new customers, to servicing and tracking existing customers, to providing post-sales services.
