In today’s fast-moving business environment, making quick decisions is key to capitalize on opportunities. This is why many businesses have adopted Business Intelligence to improve their company’s growth by helping companies make better decisions using current and historical data. It provides performance benchmarks to make the organization run smoother and to easily spot market trends to increase sales or revenue.
In the recent market research report conducted by Technavio, it is predicted that the business intelligence (BI) and analytics platforms market is poised to grow by USD 12.62 billion during 2020-2024, progressing at a CAGR of almost 10% during the forecast period.
The term Business Intelligence (BI) refers to the technologies, applications, strategies, and practices used to collect, analyze, integrate, and present pertinent business information. This enables much more informed business decisions to be made using the data.
Without actionable insights that are specific to a particular challenge you are trying to solve, there will be an element of guesswork and chance that goes into your decision-making. Business intelligence allows you to gain valuable insights into the operations of your business, customized to your immediate needs.
Effective business intelligence can enable managers to make more informed, data-driven decisions. These decisions can be made with far more confidence, too, and can help reduce the level of risk. Decisions can also be made far quicker than before, which saves valuable time and money.
Detailed reports can help you see exactly where you’re spending money and can compare this to your budgeted costs. This can enable you to decide where adjustments need to be made to help cut wasteful spending and reduce inefficient costs in the future.
Business Intelligent organizations have better control over their processes and standard operating procedures, as the visibility of these functions is improved by a BI system. The days of skimming through hundreds of pages of annual reports to assess performance are long gone. Business Intelligence illuminates all areas of your organization helps you to readily identify areas for improvement and allow you to be prepared instead of reactive.
A BI system also allows you to understand the implications of various organizational processes and changes, allowing you to make informed decisions and act accordingly. This can help you see new unidentified opportunities for the future which can help to give your business an increased competitive advantage.