Business Intelligence: 5 Reasons to Utilize It

Business intelligence technology solutions can help companies become more efficient, while seeking new business and cost reduction opportunities. Having relevant business information at your fingertips can provide significant advantages over your competition, especially if this information was previously not tracked well or at all. By putting a business intelligence solution in the centre of your operations, you will then be able to automatically collect real-time data as you conduct your day-to-day business.

  • Stop guessing - You should not be operating on “gut feelings” or “best guesses” to steer your company’s future. The reality is that many business owners do. This is not because they want to, but because they lack structured data to make truly informed decisions. Access to this kind of information will provide more accurate historical data, real-time updates, inter-department shared information and much more, especially in customized solutions. 
  • Get business answers, quicker - Business intelligence solutions provide quicker or even instant access to information which may normally take hours of reading through printed reports.
  • Increase upselling opportunities - Sales representatives can leverage customer data, project status or purchase history for the purpose of upselling. Also, if your product is delivered to the client in the form of a project built over time, sales reps could be automatically notified at strategic points in the project’s lifecycle to communicate with the client on specific upselling opportunities. 
  • Improve streamlined operations - With access to live key performance indicators of a business, decision makers can quickly and confidently revise their operations to become more streamlined.
  • Improve efficiency - Many companies do not have centralized data, and waste a significant amount of time collecting, converting, merging and reporting business data on a regular basis. Business intelligence solutions can automate many of these tasks.

Business intelligence is not new, larger organizations have been utilizing it since computers were introduced to businesses. Applying business intelligence principles to a small or medium sized business can dramatically improve the way they operate.

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