Why We Use Business Intelligence In Our Office & You Should Too!
Published: September 29th, 2020
Updated: February 18th, 2022
What Is Business Intelligence?
The term Business Intelligence (BI) generally refers to the use of technology applications for the collection, integration, and analysis of business information. The purpose of Business Intelligence is to promote better business decision making. Business Intelligence reduces the time it takes to discover, track, and analyze data in real time. With this awareness, the business owner and the team can quickly take action when needed. BI streamlines budgeting, reporting, forecasting, and cash flow with a complete overview of critical data in the business.
5 Ways Business Intelligence Can Help Your Organization Right Now!
1. You’ll have real-time visibility of all of your revenue, departments, finances, production, and output!
Your company data remains visible and helps decision makers know how things are progressing, without guessing or estimating.
2. You can pull data from multiple sources automatically to make decisions.
BI dashboard data can come from multiple data sources and aggregate into one simple visual.
3. Everyone in your organization – from leadership to production – will know in real-time if you’re winning or losing.
Dashboards are posted throughout the company so that everyone on the team can see and understand how the company is performing.
4. Company goals will be visible and updated in real-time.
The ability to see goal progress by members of your organization not only allows them to focus on progress but will also increase morale and offer a competitive spirit to continually achieve.
5. Utilize and leverage objective-based data to make important business decisions.
Company decisions will be based on actual trending data and figures from the business so there is no guesswork.
A Perfect Example of Business Intelligence Use
Marc Benioff, the founder & CEO of Sales Force, famously said that he runs his entire business from his smart phone. How do you think that is possible? How is it possible to run a nearly 150 billion dollar company from an iPhone? The answer is that Marc has boiled down his company’s most important numbers onto a single pane of glass. He’s built a Business Intelligences Owner’s Dashboard. At a glance, Marc can see how the company is performing in all critical areas which enables him to identify early stage problems, forecast results, and have a real-time pulse on net new sales and customer satisfaction. That’s Business Intelligence.
… excerpts from the Book Tech Up or Lose Out Chapter 15: Business Intelligence
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