5 Reasons why you should adopt a business intelligence solution
The Case For Business Intelligence
Your company is generating data of increased volume, variety and velocity. Many decisions still remain based on intuition rather than hard facts and figures. The good news for you is that your competitors are probably in the same boat. But to gain competitive advantage you need a more sophisticated approach to using your data. Let’s take a look at 5 reasons why you should adopt a Business Intelligence solution today.
1 – Overcome the data deluge
In the last 10 years you’ve probably heard someone refer to data as the new oil (or gold or water). However you feel about the comparison (I’m a little skeptical myself), there’s no doubt that data is important. The biggest companies in the world (Facebook, Amazon and Google) wouldn’t be so dominant without extensive use of data. In fact, it’s difficult to see how any company can thrive these days without harnessing the data it generates. And therein lies the problem; most companies now generate more data than they have the time or ability to mine for key insights. In other words you have too much data and not nearly enough information.
2 – Reduce time from data capture to action
Let’s face it, you’re busy. You’ve got new products and services to launch, client relationships to manage, suppliers to negotiate with, prospects to pursue and much more. You don’t have enough time to analyse historic data continually. This can take quite a bit of work to yield something useful. But the fact remains that everything you do can be improved by making better use of your data. And for that, you need information that is current enough to act on and accurate enough for making business decisions. The right Business Intelligence solution can help you reduce the time between when data is captured and when it’s available as insight through reporting.
3 – Advanced Analytics
It’s true that most companies don’t make enough use of their data but increasingly more of them are beginning to recognise the value in it. As you build up more data from internal systems, social media networks, cloud applications like CRM Dynamics etc., you’ll need increasingly more advanced analytical techniques to make sense of it. In the past, dashboard reporting tools only allowed you to monitor what had occurred and then acting on it. Now, embedding advanced analytics into your KPI dashboard can, for instance, allow you to create accurate forecasts down to product category, optimise your supply chain, determine retention rates and so much more.
4 – Improve Operational Systems
You can’t change what you don’t measure. A well-worn truism, I know, but it’s a valid point. To borrow a phrase from Peter Drucker, you can’t improve what you can’t measure. Without clearly defined KPIs, it’s difficult to assess progress and take corrective action when necessary. Do you know how many new users have visited your website this month? Do you know how many of them were converted into paying customers? What drove that conversion and how might you increase it? The right Business Intelligence solution can give you the information you need to improve how you work.
5 – Become a data-driven company
A data-driven company not only understands the value of data, it also ensures it has robust systems. These make data available as insight to decision makers when they need it and in the right format. This means continually measuring performance and giving business users the ability to easily explore data for themselves using tools like Power BI or Tableau. Becoming a data-driven company means letting data drive every decision, not just the big ones. It means realising real value from your data.
Convinced? Great. Then get in touch to see what Adroit can do for you today.