Business Intelligence, the umbrella term that is used to describe the methodology or the systems that organizations use to collect, compartmentalize, and analyze data to measure current performance and/or make forecasts for the future, has stopped being the exclusive preserve of large enterprises. In today’s competitive world, regardless of the size of the organization, it is necessary that managers have tools to track and analyze past performance to create a more informed roadmap for future operations. It is also a very helpful tool during the long-term strategic planning process of an organization.
Spreadsheets and graphs are only good enough for so long, though. Neither are they decisive nor are they comprehensive. Larger organizations need to crunch a lot of numbers, and traditional methods fall flat in the face of the massive amounts of data that these organizations collect and the number of forecasts they have to make.
This is where business intelligence software comes in. The technology component of the business intelligence system, this software allows organizations to track and collect data from diverse sources, and using interactive dashboards, analyze the data to prepare reports and different business scenarios that help understand past performance and the future business direction.
BI software provides users with a host of benefits, some of them being:
Track and analyze anything and everything. Want to know how much the procurement division overspent or underspent? How many deals your sales rep closed? Do you need to hire more resources?
BI software gives you the answer to anything. It can help you measure pretty much anything and everything you want to.
Now everyone’s an expert. The dashboards and reports are easy and intuitive to use, which means that anyone can use it and become an expert decision-maker.
Streamline the data collection/dissemination process. Larger organizations tend to collect data from multiple sources and will need to make the results available to multiple personnel through multiple sources. You can streamline the collection and dissemination processes using analytics and reporting software.
Data-driven thinking. Data-driven thinking is one of the most standardized and scientific techniques. Using this software, you can inculcate this into your organization.
SaaS method of delivery. Web-based business intelligence software adds more value as it also includes the various benefits associated with the SaaS model like multi-tenancy, low IT infrastructure costs, etc…
Do you now have enough reasons to use business intelligence software? Click on the links for some more!