What are the top 5 business intelligence benefits that a company receives after a successful implementation? We have scoured the web over the last few weeks to pull together leading insights from experts to analyse their thoughts and present a list of 5 relevant benefits.
Faster and Easier Decisions
Neil Mason recently posted an article in which he stated “Good analytics organizations have figured out how to bring the insights as close to the coalface as possible to make decisions as easy and as fast as possible.” We have placed this as one of our business intelligence benefits as a good BI system will present actionable insights which turn into better and faster decisions.
Decrease costs and increase profits
One of the business intelligence benefits that is regularly discussed, and for good reason. A BI trends report on Resource Nation expresses “Businesses, marketers and decision-makers are becoming more data driven in an effort to decrease costs and increase profits. CFOs are using data to predict trends that could affect the success of their business’s bottom line.” When a business is making decisions with facts and not feelings they know how it will affect their profits and when.
Formalise business strategy
“Business Intelligence tooling plays a key role in large organizations by helping executives to formalize their business strategy,” quoted Ian Tomlin (@ictomo) in a piece on Business2Community. With tools such as balance scorecards and executive dashboards in place to place, a business can place goals in day to day management thinking and form one of the vital business intelligence benefits.
Improving efficiency can be done in many ways and business intelligence is one as Julie A. Melton (@JulieWigdzinski) believes. Her recent article in InsideARM says “Business Intelligence has become vital for many looking to improve efficiency and return on investment. BI tools can transform raw data into meaningful and useful information with little effort from the end user.” Being able to get answers to difficult questions faster and easier makes room for improved efficiency and why it makes one of our business intelligence benefits.
Deliver Self Service BI
Self Service business intelligence is making lots of moves in the BI industry. A Deloitte report earlier this year found that 96% of executives expect analytics to become more important, yet 42% said their employees currently lack skills to access analytics. With self service BI, users can access information easily with needed technical expertise. A view that is shared by Ian Tomlin who wrote “You don’t need a BI department to access the capabilities of BI”. This is one of our business intelligence benefits because tools should now have the functionality of Self Service to allow business users access the information they need, when they need it.