Companies are reluctant to adopt business intelligence. Most don’t know what it is and how they will benefit from it. The truth is, business intelligence is very important and should be embraced by all organizations. So what is business intelligence?
According to a well-known Microsoft partner in Singapore , business intelligence is the act of converting a company’s process into data, which is later analyzed and translated into knowledge. This knowledge is then transferred to stakeholders at the right time.
Business intelligence has multiple advantages
Business intelligence has many upsides. Here are five reasons why it is important.
Boosts productivity- In traditional data gathering, users had to compile/analyze data from different sources and write reports. This is a time consuming process, especially for a small business that may not have the workers for this job. If you have a business intelligence program, you can pull this data at the click of a mouse, freeing resources and time and making employees more productive.
Helps in decision making- One of the main reasons why some major projects fail is because decisions were made without analyzing data. With a business intelligence software, you can analyze all your operations, whether past or present and create a solid base for future predictions. Business intelligence converts data into actionable content. The insights you gain from this data can help you in making strategic business plans.
Access to information- For most companies, the problem is not that they have less data but rather how to make optimum use of the data they already have. A large volume of data is produced everyday. Manual tabulation of this data is not feasible, if your goal is to remain ahead of your competitors. Business intelligence software can accumulate this data and monitor it. Business intelligence also boosts your ability to analyze customer buying trends.
Helps you achieve your business goals- How many times have you set goals for your business and ended with outcomes that are drastically different? Business intelligence allows you to track information and give stakeholders access to it, when they need it. In this scenario, your decisions are more likely to be accurate, helping you reach your goals as you envisioned it.
Return on investment- Microsoft business intelligence software can improve your strategic awareness, enable faster reporting, reduce operation costs and overheads and help you access quality information and data. So business intelligence can influence your return on investment, positively.
Rest assured that business intelligence is worth the time, money and effort you invest in it. To reap these benefits, consider partnering with a Microsoft partner in Singapore.