Great Tips to Profit from a Business Intelligence Strategy
Executives are always searching for ways to improve bottom line in their business and implementing a Business Intelligence Strategy is often considered as an approach to increase profits.
Jennifer Schiff (@JenniferLSchiff) discusses in a recent blog post 8 fundamental ways that implementing BI can assist businesses in increasing their profits and these can all be transferred when considering a business intelligence strategy.
The 8 points raised are:
- Get fast answers to critical business questions
- Align business activities with corporate strategy
- Empower employees
- Reduce time spent on data entry and manipulation
- Gain insights into customers
- Benchmark sales channel partners
- Identify areas for cost cutting
- Boost productivity (by monitoring employees’ use of the network/Internet)
The main point we believe is integral in profiting from implementing BI is to “Get fast answers to critical business questions” however all points are important to consider when developing a business intelligence strategy for any given business.
Jessica Twentyman (@jtwentyman) also discusses another critical topic recently in the Financial Times. She states more businesses are looking to implement self-service BI as part of their business intelligence strategy in order to to allow executives to access information more readily and make faster and better decisions.
She continues to include examples of how Aggregate Industries, Frankfurt Airport and ARI Fleet UK have profited from implementing business intelligence and adopting self service BI.
We believe self service business intelligence will become more popular and expect to see it grow as a trend with the rise of tools such as SaaS BI & Cloud BI.
You can find examples on how more businesses have made improvements to their bottom line through implementing a business intelligence strategy in our Case Studies section.