Business Intelligence Archives - Page 2 of 2

How to Use Business Intelligence To Make Your Staffing Company More Profitable?

Do you really know what is going on within your business operations?

Many business owners are blindly making decisions due to the lack of useful insights.

Every organization has inefficiencies and with the mountain of data being generated daily, opportunities to improve get buried and forgotten. As a result, the cost keeps increasing. Business Intelligence allows organizations to reduce costs by improving efficiency and productivity, improving sales, and revealing opportunities for continuous improvement.

With reliable business intelligence, Executive Leadership can easily measure the organization’s pulse by removing gray areas and eliminating the need to play the guessing game on how the company is doing. Organizations will not only be able to actively take control of their data for better insights, but they will also be able to pre-emptively spot potential issues and solve them before the situation gets out of control.

At Bilflo, we believe you should know what your company is up to just by clicking a few buttons.

This is why Bilflo aggregates all of your sales and workforce data in a unified system of record to provide you with meaningful insight that can help you make your business more profitable while reducing your labor cost.

Let us help you be a data-driven company and take your business to the next level.

Please feel free to check out these 30-sec videos on how our software works:

Inability To Make Data-driven Business Decisions Due To Lack of Business Insights

OpenColleges recently released an article on the ways business intelligence can help organizations gain a competitive advantage so if you have plans or are already expanding your business, we truly believe you should give this a read.

Basically, without business intelligence, there will always be an element of guesswork as you don’t have actionable insights that are specific to a particular challenge you are trying to solve.

OpenColleges pointed out these key advantages on how can business intelligence benefit businesses. By using business intelligence tools and converting the data into a meaningful format, it can provide huge benefits for the business. Here are five important benefits to consider:

Make more informed decisions

Rather than guessing, assuming, or going with your gut feeling, 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.

Understand customer needs

Businesses can collect data on their customers, such as who they are, what they like, what they don’t like, what influences their purchasing decisions, and much more. This data can enable businesses to see trends and understand customer needs more. These insights can help you provide the right services, to the right people, at the right time and in the right place. This can enable you to stay one step ahead of the competition too.

Cut costs and remove inefficient spending

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.

Spot inefficient business processes

Business intelligence will help you to see meaningful data on business performance, productivity, projects, and much more. This is a good opportunity to see the bigger picture and spot areas where things may not be performing as well as expected or hoped. You can then use these insights to make changes and improve business processes for the better.

Identify new business opportunities

Most managers may feel they know how the business is performing, but with business intelligence, you may see trends that you didn’t even realize existed. This can help you see new unidentified opportunities for the future which can help to give your business an increased competitive advantage.

Business intelligence allows you to gain valuable insights into the operations of your business, and customize it to your immediate needs.

At Bilflo, we believe you shouldn’t have to be a software engineer to gather intelligence about your staffing agency.

Let us help you be a data-driven company and take your business to the next level.

Please feel free to check out these 30-sec videos on how our business intelligence software works:

Eye-Opening Business Intelligence Statistics

Business Intelligence (BI) software has rapidly gained adoption. In 2020 alone, 54% of enterprises agreed that cloud-based BI was vital to their current and future initiatives.

The Business Intelligence market in the U.S. is estimated at US$ 6.1 Billion in the year 2020 and is forecast to reach a projected market size of US$ 7.4 Billion by the year 2027.

According to Research and Markets, significant growth has been reported all over the world, the global market for Business Intelligence is estimated at US$ 22.4 Billion in the year 2020, is projected to reach a revised size of US$ 34.5 Billion by 2027.

TechJury did a deep dive analysis and hand-picked some of the most relevant business intelligence statistics for 2021.

Here are some of their takeaways:

By 2023, over 33% of large-sized businesses will practice decision intelligence.
Data analytics makes decision-making 5x faster for businesses.
7 out of 10 businesses rate data discovery as very important.
Most businesses adopted business intelligence in 2020.

One of the biggest challenges business leaders face is putting together the right pieces of information together to gain a holistic view of the company’s operations – and it only gets harder the bigger the organization grows. This is why more and more businesses are transitioning to Business Intelligence software for their data analysis needs.

At Bilflo, we believe that in order to maximize your company’s resources and be ready for growth, you need to have access to real-time business intelligence that you can quickly gather insights on your organization’s data and overall health.

If you want to know more about how Bilflo can help you, please feel free to take advantage of our Free Trial by Signing Up Here

You can also check out these 30-sec videos on how our software works:

Be Financially Agile During Economic Uncertainty

CrucialLearning tackled The Four Crucial Moments For Uncertain Economic Times. It aims to help organizations to be financially agile in these trying times.

We summarize it for easy reference. Here are the 4 crucial conversations:

1. Debate Dithering and Denial

When a team is confronted with financial data that may or may not signal a crisis, teams can often disagree over the urgency of the issues and how to handle them. Basically, a team that is unable to discuss their difference can delay the decision allowing the crisis to deepen while teams that are able to discuss disagreement can take action within a few hours or days and resolve the issue faster.

2. Undiscussables

In many organizations, managers are aware of huge potential savings but just can’t talk about them due to politically sensitive cultural practices; even more, cite times when the barriers were leaders’ pet policies or topics.

3. Silent Collision

Everyone is asked to make tough decisions. But most are skeptical about whether their peers will really pony up. So they watch and wait—refusing to make hard choices until they see others dive in. One major cause of this is accountability. Only one in ten respondents said that peers were willing to hold each other accountable for their cost savings commitments.

4. Irrational Slashing

The result of failure to address the previous three. Senior leaders rose up through the ranks seeing failures in the previous three Crucial Conversations. They themselves often dithered rather than acted. They felt stifled in their ability to raise undiscussable when talking about sensitive cost-cutting options. They participated in silent collusion—forestalling tough decisions until they witnessed real accountability.

These crucial conversations should not be a hurdle to financial agility. Here are some key ways for businesses to become more flexible, efficient and come out of the year in a stronger position.

1. Understand your business better

When you have clarity on your business and workforce data, these conversations can easily be discussed within your team to improve efficiencies and address potential concerns.

Knowledge is power and if you know how your business will react to a change in circumstances, you will be able to set in place some plans to best deal with the situation.

2. Rolling Forecasts

These are strategic approaches to financial forecasts as they are guided by key business drivers. This makes them an important tool in agile financial planning.

Rolling forecasts offer a way for your organization to quickly correct financial warning signs. It also provides a consistent horizon, which gives finance leaders like yourself the confidence to make critical business decisions.

3. Enterprise integration

It’s paramount that managers have the ability to see the entire financial situation with the right information at the right time. Integrating financial modeling reduces preparation time, while simultaneously reducing the risk of error by removing numerous data handling touchpoints. The result is managers and analysts making decisions on controlled, trusted information in a much shorter space of time.

At Bilflo, we aggregate all of your workforce data from various systems into comprehensive business intelligence giving you access to real-time reporting.

This helps organizations have business clarity and make data-driven decisions.

See how our integrated solution works by checking out our resources:

Impact of Business Intelligence on Company’s Growth

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.

What is Business Intelligence?

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.

Why is Business Intelligence So Important to Modern-day Organizations?

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.

Advantages of Using a Business Intelligence

Make more informed decisions

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.

Cut costs and remove inefficient spending

Spot inefficient business processes

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.

Identify new business opportunities

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.