Companies: 6 Good Reasons To Use Business Intelligence
Are you a business owner looking for a simple solution to improve your decision making and your company's performance? What if you called on an IT consulting firm specialized in data analysis? This discipline, also known as Business intelligence or BI, is no longer reserved for specific sectors. We have listed for you 6 good reasons to use Business Intelligence in your company.
1- To increase productivity
Once reserved for specialists such as statisticians and predictive modelers, data analysis or business intelligence has become much more democratic in a few years. If Business Intelligence is of increasing interest to business leaders and the business world in general, it is first and foremost because it helps increase productivity.
Indeed, in companies where the collection and analysis of data is done manually by some employees, calling upon a Business Intelligence consulting firm allows to free up a lot of time and personnel.
With the new BI tools, retrieving data and analyzing it is just a few clicks away. Everything becomes much easier and faster and your employees can focus on other tasks.
2- To better achieve your goals
The purpose of Business Intelligence is to give business leaders and decision makers relevant information to help them make the right decisions. The second good reason to use BI tools is therefore to base their decisions and development projects on objective data.
For a business leader, having clear and useful information, related to the activity of his company, allows him to better achieve his objectives, whether it is to boost sales, develop a targeted advertising campaign or adapt to the competition.
3- To correct errors
Because it relies on objective tools and data, business intelligence makes the flaws in your company visible. This is the third good reason for a business owner to use business intelligence.
BI tools like DataRobot, Qlik Sense or Toucan Toco use artificial intelligence to automatically generate easy-to-read dashboards.
This allows you to better visualize what needs improvement, learn from your mistakes, and fix what needs to be fixed without delay. By spotting and correcting past mistakes, you put all the chances on your side to be more successful with your projects in the future.
4- To simplify the management of the company
If you run a large company, BI tools can also help you simplify your company's financial management. Indeed, the difficulty of managing cash flow and budget is proportional to the size of the company.
Even if you already have traditional management software, be aware that BI is much more effective in making informed budgetary decisions.
Thanks to the streamlined data at your disposal, you will be able to adjust the budget periodically. The fourth good reason to use Business Intelligence in your company is to simplify the budget management of your structure.
5- To avoid errors and fraud
Another good reason to use Business Intelligence in your business is to detect human error, whether intentional or not.
This is because business intelligence tools allow you to cross-reference all company information, especially purchase orders, invoices and payments.
Thanks to the automated processing of this information, it will be much easier for you to detect errors or even attempted fraud and embezzlement.
6- To increase your sales
For all the reasons stated above, using business intelligence tools is a good long-term investment for your business.
As the saying goes, 'knowledge is power' and data analysis for businesses allows them to act with full knowledge.
Business intelligence is a valuable aid to develop strategy in the short, medium or long term, and be more efficient while reducing costs.
In summary, using an IT consulting firm is a worthwhile investment because BI will save you time and money in managing your company.