Business Intelligence (BI) combines data tools and infrastructure with techniques such as data mining and visualisation to collect and organise all your business data in a way that is useful and makes sense. Put simply, it’s about helping you and your teams make smarter, data-driven decisions, faster.
Why is BI so important?
Business Intelligence gives you accurate, understandable, actionable information on demand. Anytime access to organised data means that you can pinpoint inefficient business processes and hidden patterns quickly, identify areas of strength and weakness, drive change and instantly adapt to market or supply changes.
By incorporating BI into your organisation, you will be able to:
- Track your business performance – discover issues or problems and identify ways to increase profit.
- Get valuable insights into your customer behaviour – how loyal are they to your brand? what products do they buy and how frequently?
- Compare data with your competitors and spot market trends.
- Empower your teams to make fast and confident decisions that benefit your whole organisation.
Set your business up for BI success.
- Make sure buy-in is organisation wide. It’s important that every department from Marketing to IT realise the benefits of having access to data that’s going to make their job much easier.
- Plan big (scalability), but start small (get small wins to ignite interest). And make sure you identify every single possible data source from the get-go.
- Maintain clear communication. This one’s important, if people don’t understand what’s required of them or don’t understand how to use the tools then even the best BI systems will fail.
- Build a data-oriented culture. Treat your data as a strategic asset and focus on capturing, cleaning, and curating meaningful data from across the business. You’ll also need to give every employee access to the tools and systems business-wide – a Dashboard will help your teams navigate the data on their own and find what they need, when they need it.
Business Intelligence has the power to transform your business allowing your teams to respond quickly to challenges, make smart decisions and power up productivity. It will also help you deepen your customer knowledge, improve customer experience and smash those lofty sales and marketing goals.