Today’s business landscape is data-first, demanding an alignment among various departments such as sales, human resources, marketing to improve business performance. To achieve this, businesses need to make sense of their data across their departments to drive their decision-making. Business intelligence teams use this to help improve overall business performance.
What is BI Tools?
Business intelligence (BI) tools involve a variety of technologies with a goal to unearth and show insights around specific business operations. They help businesses predict future conditions through understanding the complex data of an organization. Though primarily used by analytics professionals and data scientists, some business intelligence tools can carry out self-service as well as automated analysis.
What are the Benefits of Business Intelligence?
(Data-driven decision making)
Leveraging business intelligence tools to understand all the aspects of a business makes it a data-driven business. The opportunities for a business to actualize its true potential can be seized by using the business’s data to drive every decision it makes.
New actionable insights:
In the past, it would have been harder to generate insights from working with siloed teams using dissimilar software. Business intelligence helps businesses generate actionable insights since BI tools combine many data sources to point out correlations between departments. As such, these actionable insights offer businesses an advantage they never previously had.
Business intelligence helps enterprises track their goals. Through data visualization, enterprises can measure their key performance indicators in real-time. Business intelligence tools can then be used to understand why an enterprise is exceeding or failing to meet its KPIs, and swift changes made where necessary to improve performance.
Increased customer satisfaction:
Business intelligence assists businesses to understand the behavior of their customers. Real-time consumer feedback can help businesses confidently improve their products and services to satisfy existing customers and attract new ones too.