Benefits of Business Intelligence Solutions beyond “Improved Decision Making”
In a market flooded with customized apps, analytics tools, social media platforms, and pay-per-click campaigns, business intelligence solutions have become pivotal in figuring any marketing strategy. BI holds the potential of using analytics reports where businesses can base their decisions on solid research, data, and facts, rather than intuition, assumption, or gut instinct.
MillerCoors personalized mobile dashboards for their in-house sales team to work with real-time data and sales predictions before joining a meeting with potential clients. This has helped them in understanding the clients and offering them the best before they even ask for it. Business intelligence solutions have eliminated the anxious waiting period of days or weeks to see the reports and deal with the data risk with good chances of being outdated. However, this is only one benefit of BI; the technology has many more lucrative benefits which are mentioned below:
Speedy Analysis, Intuitive Dashboards
Business intelligence platforms are developed to perform heavy-duty data processing on either a company’s servers or the cloud. BI powered tools extract data from numerous sources into a data warehouse, and then scrutinizes the collected data based on user queries, dashboards, and drag-and-drop reports. The technology has especially helped non-technical users to tell stories with eased data analysis process while making it more intuitive without having to learn code.
One of the examples of BI solutions can be taken from Lenovo who drastically witnessed a surge in their efficiency by 95% across several departments. The HR department of the company collected some past monthly reports to a single snapshot dashboard and used it for their benefits. Another example of it is PepsiCo that curtailed its analysis time up to 90% with the help of BI.
Increased Organizational Efficiency
BI enables tech leaders with the freedom to access data and enjoy a holistic outlay of their operations, along with benchmarking results against the larger organization. The holistic view of the organization helps the team to identify areas of opportunity and rectify the hidden problems. Pfizer uses BI solutions to coordinate among different departments and create such models that can optimize patient diagnosis faster with enhanced clinical trials. PEMCO, an insurance company utilizes Tableau in its operations for easy management and faster close claims.
Improved Customer Experience
BI platform has the potential to directly influence customers, improve their experience and satisfaction. Verizon uses BI solutions across multiple departments to develop over 1,500 dashboards for its employees. Dashboards extract insights from operations and text or chat data collected from users or consumers. The extracted data has helped the company to spot potential opportunities for enhancing customer support service while simultaneously reducing support calls by a whopping 43%.
Liable and Governed Data
The technology has helped companies with enhanced data organization and analysis. Unlike, conventional data analysis in which data taken from different departments is siloed and users need to access numerous databases to resolve to report questions, BI is easier. The technology can easily amalgamate internal databases with external data sources including consumer data, social data, market insights, and even historical weather data into a single data warehouse. It gives the ability to different departments of accessing the same data at one time. Tinnitus, a known marketing agency has centralized approx 100 data sources through BI solutions, helping clients to save hundreds of hours of analysis.
Increased Competitive Advantage
BI solutions have helped companies of different sectors to determine their potential opportunities while also considering loopholes that can halt the growth. Rosenblatt Securities gathered and studied data from hundreds of sources and what they achieve is not more than a miracle. The company today has the ability to deal with the best possible time to enter and exit the market while positioning tactically. Business intelligence solutions have helped companies of any type to cope up with the erratic industry pace, examine seasonal changes in the market, and foresee customer needs.