january 21, 2023
How to recognise that a company needs to use Business Intelligence
Any company in any industry can employ Business Intelligence. It is especially worth pondering on implementing BI systems if:
— information from several sources needs to be integrated;
— operational access to business data needs to be provided;
— the number of users who need access to information or analytics has increased;
— new products are being introduced;
— there are changes in the IT environment;
— it is not possible to keep track of the company’s activities in certain areas;
— the company is growing rapidly.
BI systems can be a valuable tool for decision-making and strategy development. The resulting data can be used in a variety of areas: marketing, sales, supply chain, finance. For instance, it is possible to:
— measure the results of marketing campaigns;
— analyse cash flow, operating expenses and gross profit;
— forecast revenues and operations;
— obtain information on staffing processes;
— visualise the number of visitors to the website over time;
— track potential customers through sales channels;
— segment the audience by demographic characteristics;
— research customer behaviour and sales trends;
— carry out financial planning and forecasting;
— measure and forecast financial performance.
Business Intelligence takes company operations to the next level. Continuous data monitoring allows for smarter, more timely decision-making. The availability of historical and current data helps build the right forecasts for the business. Employees’ rapid access to analytics and operational data improves the quality of their work while reducing labour and time costs.