Have you thought about adopting a business intelligence (BI) platform? BI is an umbrella term for process analysis, performance benchmarking, and data mining. It refers to the applications and tools used by organizations to analyze information for the purpose of improving their performance.
The adoption of BI into a business model provides numerous benefits, such as accurate analysis, faster reporting, improved customer and employee satisfaction, higher revenue, data-driven decisions, etc. Nowadays, there are various BI solutions, such as the Birst advanced BI platform, connecting departments within enterprises.
Learn more about the benefits of adopting such a platform.
Data visualization
One of the most important advantages of using a business intelligence platform is data visualization. Statistical analytics has a tendency to become more complicated not just to operate but to understand as well. It’s challenging when it comes to the circulation of insights that are data-driven across an organization.
Moreover, business intelligence platforms offer a quick overview of massive data. They play an essential role in analytics projects by allowing simpler recognition of data, which otherwise goes unnoticed with text-based reports. It relies on bars, pies, infographics, heat maps, etc.
Faster analysis
Another benefit of using a business intelligence platform is the opportunity for faster analysis. These platforms are designed to perform heavy-duty data processing both in the cloud and the servers of your company. BI tools collect information from numerous sources into a data warehouse and then analyze it based on dashboards, the queries of users, and reports.
In addition, these platforms help organizations improve reporting efficiency across departments and reduce analysis time. BI dashboards make the process of information analysis easier and allow users to rely on information when telling stories without any coding knowledge. Click here to gain a better understanding of business intelligence.
Better organizational efficiency
Another reason to adopt a BI platform is the possibility of improving organizational efficiency. It enables users to acquire a better view of their operations and to benchmark their results against larger organizations. The collaboration between departments improves, which leads to better business growth.
Furthermore, when companies spend a lower amount of time on making reports and analyzing data, their employees will be able to use the gathered information to develop new products and programs. For instance, an insurance company that has adopted a BI platform is likely to manage claims, as well as close them much faster than before.
Data-driven decisions
Organizations that rely on BI platforms are considered capable of making better data-driven decisions. Accurate data and rapid reporting are essentials in the process of decision-making. Customizable data is vital for employees to get the information they require without sorting through piles of data.
For example, sales teams can use such information and sales forecasts prior to having meetings with prospective clients. During these meetings, sales representatives can discuss the needs of prospects and clients by knowing the information they use is up-to-date. Leaders will no longer wait for days, even weeks, for reports to be produced while taking the risk of using outdated information.
Improved customer satisfaction
Another crucial benefit of adopting a BI platform is the improvement of customer satisfaction. Sales and market data have the potential to reveal important trends and patterns, which provide insight into the behavior of customers. Such information can be used to increase client retention, as well as to engage new customers. Follow this link, https://www.business2community.com/customer-experience/how-can-you-measure-and-improve-customer-satisfaction-02410334, to learn how to measure and improve customer satisfaction.
Additionally, the gathered information is also helpful in determining the buying patterns of customers, which has a positive influence on improving customer experience. Businesses can predict the needs of customers and meet their expectations. BI platforms help not just small businesses but also large organizations to predict customer demands correctly. Also, companies can use the information from customer support chat sessions to improve customer service.
Increased employee satisfaction
Business intelligence platforms improve not only customer satisfaction but also the satisfaction of employees. Analysts and IT departments no longer spend too much time providing a response to user requests. Also, departments that rely on the IT sector for getting the data they need can analyze information on their own with the help of little training.
Moreover, BI solutions are created to be scalable in order to address the needs of businesses. It’s important for BI platforms to fit the data infrastructure of businesses that already exist. They should provide an excellent user experience, which benefits not just technical but non-technical users as well.
Performance measurement
Another benefit of adopting a BI platform is the ability to monitor and measure the performance of a particular company. Performance measurement is vital for managing and understanding the operations of an organization. The metrics used for measuring performance vary across companies due to the differences in their objectives.
Every company is supposed to have key performance indicators, which are used to track and measure its growth. Apart from sales results and financial statements, BI solutions enable organizations to take advantage of various metrics, such as employee productivity, employee satisfaction, a timeframe of task completion, etc.
Data organization
Business intelligence platforms provide better organization and analysis of information. The traditional analysis approach siloes data from different departments, meaning users must access a couple of databases to get their questions answered.
In contrast, BI not only combines internal databases but also connects them with external information sources like social and customer data. Consequently, all departments within an organization can access the same information at one time. This further improves the communication between departments.
Increased revenue
Last but not least, businesses intelligence platforms are capable of increasing the revenue of companies. Besides making significant savings on their expenses, businesses also stand to gain from monitoring competitors, markets, and operations.
By eliminating the barriers between information sources, these solutions provide users with accurate forecasts. Such forecasts assist them in devising the right strategies for revenue growth.
Final word
BI is a must to improve the communication between departments!