Five Reasons to Use Business Intelligence (BI)
Using BI to analyze information reveals insights and actions for businesses to use as facts for decision making and not just gut-instinct. It allows businesses to acquire knowledge from a sea of data. While following instincts is not always a bad thing, BI offers a realistic snapshot on how to improve profit margins and track sales performance, manage data for customers, have better inventory control, create the analysis of financial data, and be the advantage for an IT department.
1. Improve Profit Margins and Sales
BI brings a method to the madness of all the data floating around. It lets you identify where sales are performing well and where to improve. Additionally, the ability to track sales data at the individual customer level can present trends and opportunities for better company positioning and growth. Using BI offers ways to reengage and influence existing customers.
2. Manage Data for Customers
Since BI has the compelling benefit of smartly helping manage information, FocustApps provided a BI solution for a customer who needed to allow their clients the ability to manage shipping data with minimal inefficiencies and support intervention. FocustApps was able to boost the business operational efficiency by providing this request for insight into their data. By building the new application products directly into SharePoint, it allowed transparency and data interpretation for their client’s future business planning.
3. Manage Inventory
Too much inventory can be damaging to a bottom line. However, so is having too little. BI offers a solution enabling businesses to use their data to analyze their supply chain and hold optimal inventory levels. It helps manage inventory through selling trends, seasonal requirements, and shows changes in consumer demand. Additionally, the business can maintain effective stock management for shipping within required time-frames to keep customers satisfied.
4. Analyze Financial Data
BI tools help organizations analyze their financial data. The correct solution blends financial statements with real-time data analytics, so revenue and managed expenditures are improved. Dashboards offer analysis for P&L, balance sheets, and cash flow using graphs and charts so a business can stay on top of their financial situation.
5. IT Team Advantage
The rate of data creation is only going to accelerate making IT departments under more pressure to run faster reports. BI is customized to meets the needs of the organization including creating an easy to use solution. It can be designed to make information simple to understand, even for non-technical people, and easily integrated into current systems. This is an advantage for IT departments who are traditionally the only ones capable of running complex reports. Using BI, the IT department can focus on efficiency and performance and contribute more effectively to the business.
At FocustApps we continue to seek BI solutions for our clients. We pride ourselves in creating efficient and effective results. For more information on how we can help your business explore BI solutions, contact Blake Patterson.