january 13, 2023

What are the benefits of business intelligence tools?

Business intelligence tools are valuable for businesses as they primarily deal with helping businesses speed up information analysis and performance evaluation. These tools help reduce inefficiencies, identify new revenue streams and areas where problems are causing income losses, thus identifying potential areas for future growth.

What are the specific benefits when using BI? There are certainly many benefits that businesses can witness first-hand, but here are a few specific ones:

Operational processes become more efficient
Data that gets analyses is more likely to be accurate
Sales, marketing and financial performance can be analysed historically and in real-time to make strategic decisions
Businesses better understand customer buying habits and shopping patterns
It becomes easier to identify benchmarks and compare data that is relevant
It’s possible to create alerts when an anomaly is automatically detected
Reports, dashboards and templates can be shared in real-time across departments and users can view the same data in various ways

You no longer need to be a data analyst or an IT specialist to collect, analyse and review data by using business intelligence tools. Self-service BI platforms have become the standard choice for many businesses across the globe, as their easy-to-understand reports can be viewed by anyone, from executives to operations teams.

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