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BI or business intelligence is beneficial for your processes, no matter how big your company is or how exactly you interact with clients. For one thing, it simplifies all the operations that involve data and, therefore, enhances your security as well as allows you to work faster. Let us take a closer look at various characteristics of BI software solutions and how you may benefit from implementing them.
A little about BI
What we call business intelligence is basically a system that is capable of both gathering and analyzing different sorts of information. As a person in charge, you can later use the collected data to optimize your processes or build further plans. This is very important as it allows you and all your investors to make acknowledged decisions based on facts rather than assumptions or dry statistics.
Good BI infrastructure also has customization potential and is easy to work with as it is understandable and simplistic.
What are the advantages BI provides?
Evidently, there are many:
- Enhancing the speed of your analysis
- Creating convenient dashboards
- Management tools
- Decision-making benefits
- User-friendly solutions
- Smarter planning
Let us talk about some of these advantages in detail.
Enhancing the speed of your analysis
It is obvious that analysis is not only an essential part of any business strategy, but it’s the very beginning. Apart from being precise, your analysis should also be quick in order to reflect the latest state of things. BI collects various data from various sources and compiles it into a format that is convenient for usage.
Trying to achieve the same without BI would cost you a lot more time and, consequently, more money. Moreover, it is hardly possible to achieve the same level of precision via other tools.
Business intelligence gives managers to see everything and control everything, regardless of how many processes they are in charge of. Seeing general information about various operations and processes from above allows managers to make informed decisions and improve the ones that require improvement.
This may be the ultimate approach for businesses that have multiple branches in different countries — it would be impossible for them to analyze all the data manually — No wonder giants like Phizer and Lenovo mark BI as an essential part of their management solutions.
As it was mentioned above, keeping their decisions informed is crucial even for small businesses. Therefore, you must be sure that all the data you process is as precise as possible. Nothing can be as trustworthy as BI as it was initially designed to fulfill your need for constant data updates.
An example: if you work in clothe manufacturing, you need to know exactly how various popular versions of your product are, how likely people in different areas are to purchase the mentioned item, what improvements could make it more attractive, what places are statistically the best to advertise your product in, etc. BI is irreplaceable for getting all this data as quickly as possible.
Customer support is one of the main parts of your users’ experience with your product. Of course, the number of calls your customer support gets depends on the kind of product you deal in or the kind of service you provide. It may also vary drastically for small and large businesses — the more clients you have, the more questions they are likely to have for you.
BI allows you to process a bigger number of calls and be more helpful to customers, as you can get all the data you need for this within a few clicks. For example, a call center worker in one of your regional departments will no longer have to contact any managers from the central office — they will have all the information that solving clients’ problems requires right on their computer.
For example, let us say you are an Internet provider, and your client calls a hotline to solve connection issues. If your contact center specialist has to look for all the information manually or call the central office in order to see what the problem is, it might take ages and leave your client unhappy. However, if you have an organized base of information that includes all the analysis, this process can be quick and painless both for your client and your employee.
If you are worried about how safe this is, you can research how to combine BI with a sufficient information security system. If anything, it is even easier to protect your client’s information with BI analyzing and collecting it.
Business intelligence is highly beneficial for all kinds of cooperation and partnership — not only can you share data with someone, but you can also share your analysis or collect information from them as long as you are allowed to.
You can analyze seasonal market specifics, your competitors, the specifics of particular areas or types of customers, etc. Information is power, and BI allows you to use this power to its fullest potential.
In conclusion, regardless of whether your business is large or small, BI can make it easier for you to make informed decisions based on the data it collects. It also allows you to save time, which basically means saving money and attracting more clients.
Suppose you are considering BI implementation for your company. In that case, the best decision is to look for software developers who have enough experience and expertise in business intelligence and crypto custody solutions to conduct this properly.