5 Key Benefits of Business Intelligence You Need to Implement

By Ashutosh Jha → Last Updated on Monday, February 25, 2019
One of the healthcare industry’s top priorities for 2019 is leveraging data. The goal? To deliver better business intelligence (BI). BI isn't a goal for healthcare only.

Industries across the spectrum see the value of harnessing data for analytic purposes. Traditional reporting can't handle the vast influx of data, but BI systems can.

Benefits of Business Intelligence
This article details five key benefits of business intelligence (BI) that apply to any size business.

How Is BI Used? Benefits of Business Intellegence

BI is the application of technologies to collect, integrate, analyze, and present information. The resulting data-driven support enhances decision making. Here are the benefits you'll enjoy once you adopt a BI system.

1. Increased Workflow

Why is business intelligence important? Management and their teams often hit stalls because they are waiting for a BI report. The company may draw data from different sources. If they do, the IT department needs time to compile it.

Centralizing data sources through BI applications streamlines this process. Further, it creates a single point of access for non-technical users. Information delivers faster and in an easy-to-access format.

2. Use Historical Data and Real-Time Data

The challenge of traditional reporting is gathering and comprehending large amounts of data. Data reporting using BI becomes a seamless process.

Machine-learning algorithms can report future patterns, trends, and values using historical data.

Real-time data analysis is a powerful reporting tool. With it, you can put in place alarms that warn about any business anomaly. With such a tool, organizations can increase efficiency and decrease costs.

They can react to an emergent problem without the delay of waiting for a typed report.

An example of data reporting is VolQuant trading software. VoQuant uses analytics to perform backtesting in the financial sector. Select this link to see their updates.

3. Customer Analysis

Customers buy from brands they trust. If you can analyze customer emotions, you can predict their behavior. With that knowledge, you can increase sales and provide a smoother customer experience.

Today, customers interact with companies in several ways, including social media, email, and virtual assistants. This creates endless opportunity for BI reporting.

Information from these sources plus face-to-face interactions creates a comprehensive customer profile.

4. Operational Forecasting and Optimization

Performance indicators measure success. And you need the right tracking and analysis tool to interpret them. BI reporting does more than track. It includes forecasting based on predictive analytics and artificial intelligence (AI).

BI highlights data reporting from several angles. IT provides insights that could otherwise go unnoticed by traditional reporting.

5. Cost Optimization

All businesses focus on their expenses and return on investment (ROI). Often, they neglect to analyze costs and savings. Business reporting software measures savings as well as ROI.

This leads to more savings long-term. Investing in BI tools creates cost savings as well. Large and small businesses alike can calculate data in a short amount of time.

Start Reaping the Benefits of Business Intelligence

It all boils down to this. Implementing a BI system means making intelligent business decisions. The benefits of business intelligence listed in this article meet this critical need.

BI software applications meet this need because they are responsive, flexible, and smart.

If you enjoyed this article, please visit us again to read more about analytics in business.

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Ashutosh Jha

Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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