Every year there are technological and design breakthroughs that help us do everything with more efficiency. The latest buzzword is BI, or Business Intelligence, and it’s helping everyone from CIOs to managers make smart business decisions by putting critical data at their finger tips any time, from any device. So, what is BI, and how can it help businesses run more efficiently?
What is BI?
Business Intelligence is a catch-all for a number of software applications that analyze data to provide immediate reporting on essential business processes in real time. BI combines the capabilities of online information queries, reporting and data mining, then analyzes the raw numbers. If a regional manager wants to know sales figures at a particular branch of their company, the data is compiled and presented immediately. If a CFO needs data on where to cut costs, they can access the financial information for every department and account, then have it presented in a real-time, easy to read format to their PC, laptop, or mobile device. No more waiting for other departments to compile and dissemble reports that may take hours or even days to reach decision makers.
BI doesn’t simply analyze numbers and provide reports. It offers business owners and managers at every level an immediate snapshot of a company’s financial health. These reports can provide insight on customer relations and habits, guide key department heads in making strategic business decisions based on facts, and let owners know where to cut out the fat and streamline their business. All of this functionality is available from a single dashboard and runs across multiple platforms.
BI is not just for large corporations. Mid-to small-sized businesses can also use the same functionality to improve customer relations and help their businesses to grow. An investment in a good Business Intelligence application takes the guesswork out of making critical business decisions. It can save a company money and time, helping it to run leaner and more efficiently in any economy. Better analytical tools are being developed everyday, and smart business owners will use these solutions to increase productivity and stay competitive in today’s marketplace. For the latest word on what’s happening in web design, marketing, and upcoming business solutions, places like Domo’s blog offer the reader great viewpoints from professionals in the field. Industry-related blogs provide insight into what’s trending, how it works, and how it affects the way business is done.