Business intelligence (BI) tools are used to consolidate and transform raw data into actionable information that can be easily understood and used. But how exactly can you benefit from using BI? Let us look at three key reasons to use business intelligence in your organisation.

 

Reason #1: It is an Essential Tool Across Departments

Business intelligence empowers all departments to make decisions based on solid data instead of false assumptions. By encouraging all of your employees to take a data-driven approach when solving problems, you can expect better results and improved performance.

Specifically, here are the main functions of BI according to the department involved:

  • Executive leadership: BI provides business leaders with an extensive view of how the company is performing. By looking at the big picture, your key stakeholders can make better decisions that will benefit the overall growth of the organisation.
  • Sales: Salespeople can use BI to visualize sales cycles, total revenues, conversion rates, churn rates, and more. In return, this can help your sales team identify the best way to improve sales performance.
  • Marketing: Using BI tools equips your marketing team with an easy way to track and analyse website performance that can help determine the most effective method to attract potential customers into your business.
  • Human resources: Your HR team can benefit from BI by providing vital insights on employee engagement. BI is also an important tool for compensation and tracking.
  • Finance: Your finance team can use BI to obtain crucial information on your overall financial health and stability — enabling you to identify and resolve possible cash flow problems before they negatively affect your bottom line.

Interested to discover the key features of business intelligence? Read this article: The Power of Business Intelligence.

 

Reason #2: It Improves Financial Performance

Business intelligence improves financial performance by giving insights into your business. Some of the uses and benefits of BI include:

  • BI dashboards help you understand your numbers better by dissecting key financial data, such as revenue and profitability, by customer, product, segment and manager. It will help you determine your most profitable products and customers and allow you to develop strategies to improve slow-moving products.
  • You can generate key conclusions to support your decision making.
  • It automates manual tasks so you can use your time for value-generating activities.
  • It lets you customise reports to help you analyse data easily.
  • It helps you monitor your KPIs and shows you if you’re aligned with your financial goals.

 

Reason #3: It Improves Organisational Efficiency

Overall, using a BI tool leads to enhanced organisational efficiency by breaking down silos across departments.

Different departments within the business can share important information with ease, resulting in higher productivity and better coordination. Rather than focusing on data extraction, interpretation, and reporting, your team can concentrate on their respective tasks.

Moreover, it can also prevent micromanagement — you can be more confident in your team’s performance without close supervision, due to the quality of the available data.

 

Conclusion

Business intelligence is an essential tool for businesses and across all departments. By utilising BI, you can better understand the market and improve the overall performance of your employees.

 

Let Us Help

If your business has a turnover of over $1 million, ABJ Solutions is offering a complimentary one-hour meeting to help answer questions and model critical decisions with you. Get in touch with us today so that we can help guide you through these challenging times.

 

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