3 Advantages of a Good Business Intelligence System
Business intelligence (BI) is an umbrella term that refers to the technology solutions businesses use to collect, store, and analyze data that their sales, marketing, and manufacturing activities generate. This information provides actionable insight and reveals how and why improvements can be made throughout the organization. This guide explains more about the advantages of an effective BI system.
What Are the Benefits of Utilizing BI Technology Solutions?
1. Identify Trends and Opportunities
The data analysis permitted by BI lets you compare your business’s competitive advantages and weaknesses against rival companies. This lets you identify areas in which you need to improve as well as areas where you can capitalize on opportunities. For instance, BI could identify one or more underserved markets that neither you nor your competitors are currently targeting. Opportunities like this are invaluable but could be overlooked without the proper technical infrastructure and data analysis.
2. Improve Inventory Management
BI helps you track and manage inventory, ensuring that you don’t run out of raw materials and that customers don’t have to wait for products. This also means you don’t keep excess materials on hand, which can speed up the return on raw materials investment and eliminate the need for extra storage space.
3. Better Financial Reporting
Businesses are required to generate and file reports for tax purposes, and errors can lead to audits or other problems that affect your productivity. Moreover, financial reports are needed to show potential investors how the company is faring, and they allow management to evaluate operations and make effective executive decisions. A BI system can use raw organizational data to help generate spreadsheets, written reports, and visual aids like charts, tables, and graphs to produce clear and accurate business reports.
If you are in need of a business intelligence dashboard or other technology solutions to improve workplace processes, give us a call at 608-496-8660 or fill out the online form.
