Business Intelligence (BI) is vital in our digitally-driven world. Essentially it gives you an additional ‘sense’: a commercial vision that can help you see and process far more than the information that presents itself on the surface. There are many business intelligence examples and insights out there to demonstrate how businesses using analytics are much more likely to make better, quicker decisions.

By 2025, the global BI and analytics market is expected to soar to a worth of $150bn.

Benefits from Analytics and Business Intelligence

Here are ten examples of business benefits that could be released from a Business Intelligence Analytics system:

1. Improving the Decision-Making Process

One of the primary benefits of BI is the ability to make better and more valuable decisions.

Organisations face the challenge of changing their internal culture by making all business data more accessible across the board. They need to avoid an IT department having sole control over the data and thereby preventing other departments from working collaboratively and making informed decisions that benefit the business. BI dashboard reporting software with automated data reporting processes not only decentralises the company’s data but more importantly make it more digestible so that it improves decision-making process occur across the board. This can save many valuable hours on report preparation and makes information accessible and useful for everyone.

2. Uncovering Fresh Business Insights

Discovering new business insights can help streamline commercial processes, thereby improving productivity and boosting the bottom line.

A company looking to get a better insight into the life cycles of its customers, as well as optimising their sales and marketing campaigns, can use a BI system to capture data in a time-efficient, cost-saving and autonomous way.

With real-time analytical information, companies can streamline their marketing and sales activities. They can make better, swifter decisions based on real-time information and uncover fresh insights to improve their level of customer experience, resulting in increased brand loyalty.

The use of a real-time dashboard can empower employees to monitor all significant business operations through customised KPIs. A business analytics platform can help them rise to challenges as they unfold in days, rather than weeks, or even months, later. With the help of sales graphs and charts, data can be easily interacted with and presented on a single screen.

3. Boosting Productivity

Today’s consumers crave ratings, opinions, and reviews from their peers to help them make decisions.

For many organisations, data collected can be fragmented and held in different systems, sometimes stored in employee personal storage. This dilutes the impact across the company, impairing productivity and service levels as a result.

By rolling out a Software-as-a-Service-based analytics solution that requires minimal IT intervention that is accessible across the organisation, companies can consolidate key data in one accessible space.

4. Increasing Sales

By taking advantage of well-established sales KPIs, businesses can improve their bottom line. Turning to BI methodologies and incorporating a sales dashboard means they can see the data that is really impacting the sales results.

A better organised target-setting process, as well as streamlined sales strategies driven by data, can allow a company to build sales growth and scale.

5. Improving Financial Efficiency

The finance department is one of the beating hearts of your organisation because without steady cash flow and the capital to invest back into the business the entire operation would grind to halt.

A company’s business intelligence system can identify potential cash flow issues and improve financial efficiency. Despite a company having strong and growing sales, if payments and collections are low, accounts receivables are very late and or invoice disputes have lengthy resolution times, a business can face devastating impacts.

Business Intelligence systems can monitor financial system and allow users to drill down into a wealth of relevant account-based metrics and use a wealth of financial graphs to help an organisation see data in a visual and straightforward way and resolve any problems.

Using BI in this case, the most financially-driven of our examples, a business is able to diagnose the issues by leveraging the power of financial reports – uncovering the source of the problems and manage the cashflow vital to the business.

6. Reducing IT Involvement

Relying on overburdened IT departments to try and gather information and provide suitable reports is inefficient and the data is often out of date the moment it is extracted.

BI systems allow companies to decentralise the decision-making process and grant business users across the company the possibility to extract and derive insights. BI systems that are accessible to many users across the business can also allow them to create their own reports, without the need to wait for their IT department to respond in several days or even weeks.

If BI needs to combine multiple data sources, internal and external, a business intelligence solution is a logical step forward for implementing into their operational and strategic management.

7. Streaming Internal Processes

Many organisations that have evolved over several years can suffer from a raft of disjointed internal processes and commercial inefficiencies.

A lack of cross-departmental compatibility that has arisen out of poor data handling, collection and analytics processes leads to businesses that are unable to use this wealth of digital insight to their advantage. However, BI and deployment expertise from a trusted analytics specialist can help develop and deploy a unified business intelligence system, one that integrates multiple sources into one single platform. Data can then be analysed in an efficient, valuable and accessible format, empowering the users to make increasingly smart decision to benefit the business.

8. Increasing Employee Performance

Consider a company having employee and productivity issues, such as increasing overtime hours, decreasing productivity and a growing number of sick days. Clearly there are issues with the workforce, but in large companies the time and effort required to speak to each employee this could take weeks or even months to identify.

HR Analytics Software will utilise Business Intelligence to analyse workforce behaviour and performance and get a better overview of the issues that need to be solved.

The most prominent HR KPI’s look at overall labour effectiveness, overtime hours, absenteeism rates, training costs etc
With interactive visualisations gathered on historical and present information, managers can better deduce the issues.

The root course of the increasing overtime, decreasing productivity and growing sick days could be a particular department being understaffed and chronically tired. A solution of some new hires could significantly reduce sick days and create a more sustainable staffing level, as well as improve overall productivity and performance.

9. Connecting Departments

Organisations that have multiple offices, or multiple sales channels will struggle to be able combine sales and marketing data in real-time. Without this it is almost impossible to optimise any promotional activities to deliver the best possible results and create a comprehensive overview of the customer lifecycle.

A Business Intelligence system can monitor real-time data, ensure employees have access to marketing and sales analytics and use a dashboard to visualize all their business information.

This can not only improve customer loyalty but also help connect various datasets from different departments and utilise these business intelligence KPI tools for various purposes including aligning promotional activities.

10. Improving Customer Loyalty

Retailers can sometimes grow rapidly initially, but then struggle to scale the business any further. Despite previous impressive years of growth, businesses can see profits and customer acquisition levels plateau as well as seeing a rise in customer churn.

A retail dashboard can be customised to display a host of invaluable demographic data about its existing users and target audience. The retail KPIs can be focused on increasing customer value and new customer acquisition to help the company understand the issues and begin to grow their customers once again.

Identifying strengths and weaknesses, spotting emerging trends and correctly segmenting their customers can help deliver the right personalised deals and offers to the right set of consumers, resulting in growth of the customer base and increased brand loyalty.

Get in touch today to find more about how our team can help you with Business Intelligence and Analytics.