Humanity has fully entered the digital age, and it has dramatically altered the way we work. However, the one area that has been impacted the most is the private sector. We now have an array of tools that give real-time insights into both; our customers and our businesses.
Unfortunately, you can take the horse to the stream, but you can’t make it drink. The tools exist, but it's up to individuals and businesses to find them and take advantage of them. That is why business intelligence should be a key tool in any modern business strategy.
WHAT IS BUSINESS INTELLIGENCE?
Simply put, Business intelligence synergizes software and services to transform data into actionable insights. These insights ought to form the foundation of an organization’s strategic and tactical business decisions. BI tools access and analyze data sets and present analytical findings in reports, summaries, dashboards, graphs, charts, and maps to provide users with detailed intelligence about the state of the business.
A few examples of business intelligence fueled insights and advantages are stated below;
Leaders have limited time, and need bite-sized insights that don’t bog them down. BI dashboards can help them visualize cash burn, pipeline, revenue, employee engagement, and more.
BI tools can handle not only budgets but give visual insights into potential problem areas, overall business health, and financial data as well.
BI can drastically improve sales KPIs via visualizing the entire sales cycle, highlight conversions, churn rates, tracking pipeline, total revenue, and more
WHY DOES BUSINESS INTELLIGENCE MATTER?
The ability to extract insights from data is a competitive advantage, that allows an organization to increase its customer base, boost employee productivity, and helps mold a better product. Business intelligence informs you about what is happening in real-time, why it's happening, how to stop or take advantage of it, and how to predict what will happen next. Your data will give you all those answers.
HOW TO BEST TAKE ADVANTAGE OF BUSINESS INTELLIGENCE
You might be thinking “Fine, this sounds awesome, but how do I use it?” There is a wide range of business intelligence solutions on the market that can assist you in tracking relevant metrics. They have evolved from the older methods like spreadsheets to more advanced solutions. Sure, a spreadsheet can get the job done, however, your data can be utilized to its full potential only with a more sophisticated and elegant BI tool.
Quantum’s business intelligence tools eliminate the need to manually gather, record, and organize your data. It will do the heavy lifting for you: tracking and reporting relevant metrics; render data in a visually intuitive manner, and collate everything in an attractive dashboard that can then be shared within your team, with your leadership, and relevant stakeholders.
We are awash in an ocean of data. But the only way to successfully navigate this data stream is by using tools that can properly access and act on the data being generated. Only then can the advantages and benefits for the business be fully realized. The right implementation can increase productivity, improve competitiveness and enable the business to make faster and smarter decisions.
To learn more about how you can start doing that right now and how BI can help your business, request a demo now.