If you are not using a BI tool for your business there are many business intelligence benefits passing you by. Implementing business intelligence would see you gain a heap of benefits and we have picked out a selection of four for you to consider.
There are many business intelligence benefits, the first of these is the ability to gain a greater insight into your data and company. Louis Columbus (@LouisColumbus) of Forbes discusses this saying “The real analytics payoff in the enterprise begins when business analysts can achieve customer and market insights faster than their competitors. In the consumer packaged goods industry, every week counts in a new product launch and product lifecycle.” In fast moving industries the ability to gain these insights at a greater can really make all the difference in gaining a competitive advantage and learning how to improve constantly.
Business Intelligence equips users with the ability to make better decisions by showing them the behavioural patterns of their consumers. Countax, a Garden Tractor manufacturer and Matillion customer needed to improve their ability to make use of business data in decision making. Lisa Vedder, Management Accountant of Countax said “Our departments are using this analysis and reporting capability to guide strategic direction and decide where to target energy. We didn’t have this level of visibility before.” Countax have been able to make better decisions in terms of strategic direction thanks to their Cloud BI tool and is just one of many business intelligence benefits they have gained.
Another of the many business intelligence benefits that you could be missing out on is improved productivity and efficiency. As business intelligence helps you make better decisions faster it is a great tool for increasing efficiency. This is discussed by Andre W. Klein in Business2Community, “Business Intelligence tools are easily integrated with existing applications, they are less complicated and come at a lower price. On the other hand, the wide vision of all the business operations obtained via this software are, without a doubt, advantages that will greatly improve an organization´s business processes and increase productivity levels with a quick return on investment.” Businesses exist to make money, for this reason improving productivity and efficiency is something that businesses should always strive to achieve.
Integrated data warehousing
The last of the business intelligence benefits to be discussed is the benefit of an integrated data warehouse. This method is discussed by Suzanna Franco in ITweb “The data is integrated from multiple transactional systems, across multiple business functions, which gives a single, integrated view of the customer, the supplier, of staff members and the product.” This can provide several benefits it’s self as Matillion customer Henry Colbeck found out. Anne Beaney, IT Manager of Henry Colbeck said that “Reports are already faster, tidier and less complex to prepare. We can provide [users] with template reports that they can manipulate themselves. Reports will update automatically when the user opens them. This gives us a more self-serve culture rather than asking one person to provide a multitude of reports”
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