Business Intelligence, BI is a concept that involves the delivery and integration of relevant and useful business information in an organisation. In the past it was usually, only the IT and analytics department that had access to company analytics and data. Now with a new steam of self service business intelligence software such as Microsoft Power BI, it is now easier than ever to put relevant business intelligence in the hands of the decision makers. Therefore making it easier for companies to adapt quickly to their changing environments and scenarios. Given the huge implications business intelligence can have for your company. Training your employees on a self-service business intelligence software like Microsoft Power BI is a no brainer.
Here are some of the main reasons for investing in a good BI strategy and system.
Gain Insights Important Insights
One of the main advantages of investing in BI and skilled personnel is the fact that it will boost your ability to analyse the current consumer buying trends. Once you understand what your customers are buying, you can use this information to develop products that match the current consumption trends and consequently improve your profitability. Whether you are in the product or service industry this information is vital to your continued growth and success.
Increase Internal Visibility
If you don’t have transparency in your data, it’s much easier to make decisions based on outdated or incorrect information. With business intelligence software you can easily identify who your best performers are, which areas of your business need improvement, reduce inventory mistakes and so on. The best part is that these reports can be instantaneous. They are as current as your data source. No more waiting for reports to come to you, see the data that’s most important to you – in real time.
To Turn Data in Actionable Information:
A BI system is an analytical tool that can give you the insight you need to make successful strategic plans for your company. This is because such a system would be able to identify key trends and patterns in your organisation’s data. Consequently make it easier for you to make important connections between different areas of your business that may otherwise seem unrelated. As such, a BI system can help you understand the implications of various organisational processes. Therefore, enhance your ability to identify suitable opportunities for your organisation, thus enabling you to plan for a successful future.
Where to next?
Our advice is to invest in a good self-service business intelligence software. At the moment, Microsoft Power BI is at the top of this game and even better is free to download. Next, you need to invest in training your personnel on this new software. In the words of Henry Ford:
“The only thing worse than training your employees and having them leave is not training them and having them stay”