Business Intelligence is a technology driven process where raw data is converted into useful information through different tools and software applications. The usage of Business Intelligence tools enable insight on data and information, allowing businesses to make that information highly useful, as well as actionable. According to a Gartner report, the total spending on business intelligence software and analytical tools is going to surpass 17 Billion dollars by the end of 2016, which shows how interested businesses are, in efficiently using data for analysis, and making data-driven decisions.
What are the key benefits that are making businesses want to use Business Intelligence tools every year? Let’s find out by looking at the key benefits that these tools have to offer.
Swift Decision Making
One of the key benefits of using Business Intelligence systems include accelerated and enhanced decision making. Through Business Intelligence, businesses can have a centralized database management system, where a user can login at any time to investigate any data, and extract the information required. With access to information from the past, decision making automatically becomes simpler for managers, where they can take action based on numbers.
Timely Recognition of Trends
Business intelligence allows managers to quickly identify trends that directly impact business operations. The results derived from business intelligence can help with better and accurate planning and forecasting. It can help in devising customer support strategies that work well and remove those which have a negative outcome. Essentially, the recognition of trends is simpler in theory as well as in practice with the usage of data, statistical inference, and intelligent analysis of that data. BI tools enable businesses to easily spot patterns, which can help them invest in the right direction.
In-Depth Analysis and Reporting
By deploying business intelligence systems, it has become increasingly simple for businesses to access essential business reports, metrics, and key information required by sales and marketing. Business intelligence tools categorized as ‘guided analysis and reporting’, and ‘self-service business intelligence’, allow businesses to both use static as well as fluid data, for extraction, segmentation, analysis, and reporting.
Higher Customer Satisfaction
Business intelligence tools help businesses quickly measure how happy their customers are with their services, by gaining an insight into their behavior. The tools allow businesses to perform market and customer analysis, leading to the identification of issues such as slow customer response time, extra time taken to resolve issues, key areas where customers are facing problems in a specific geographical area, etc. Businesses can work on resolving such issues through the use of tools such as chat software, which provides live chat solutions on websites. The analysis of data pertaining to customer support, can not only aid the organization in streamlining its customer service process, it can also help them in coming up with more innovative and effective marketing and promotional strategies, leading to highly focused customer service which will eventually result in higher customer satisfaction levels.