Today’s guest post is written by Erin Palmer from University Alliance. Thanks Erin for sharing your knowledge in the field of business intelligence.
Business intelligence (BI) assists savvy business leaders in compiling, analyzing, and storing data that can help improve organizational synergy, boost productivity, and drive profit goals. While many business owners are aware of the basic concepts of BI, there are many ways to apply it across nearly any industry, no matter the size of the company. By carefully considering the many facets of BI applications, executives can gain a fresh perspective and find new ways to leverage BI for increased ROI.
Business Intelligence Offers a Variety of Benefits
The analytics used in BI applications are versatile. When an executive is looking at growth strategies, the data collected can be used to drive a variety of goals across company divisions. Tracking team progress and making mid-course adjustments is easier when you have the data you need to promote your strategy. BI metrics also contribute significantly toward:
- Creating intelligent solutions
- Engaging in more informed decision-making
- Assisting in identifying specific organizational needs
- Preparing and implementing more effective growth strategies
With recent improvements in use, affordability, and collaborative applications, BI tools are becoming particularly relevant in our constantly evolving global marketplace.
A Wide Variety of Industries are Using Business Intelligence Creatively
Business Intelligence can be used across nearly all industries and is highly adaptable to help executives identify possible areas of growth as well as short-term and long-term goals. Here are just a few examples of how BI meets needs across industry.
- Healthcare – Healthcare BI can be used to set goals to minimize waste and redundancy across traditional boundaries such as clinical and operational sectors. This application leads to improved communication and collaboration across divisions.
- Manufacturing – Properly tracking customer service data can provide better insight into supply chain improvements.
- Retail – Using a variety of analytics to track profits can help determine areas of growth when compared to industry trends.
Driving business goals and responding to market trends effectively requires the most powerful tools available to leverage the competitive edge. When used skillfully and thoroughly, BI tools offer strong ROI.
Business Intelligence Can Assist Any Size Business
With so many companies now using cloud computing services, large in-house IT teams are becoming less common than they once were. Many businesses are using consultants while starting up and signing up for cloud-based services, making the overhead more affordable for smaller and mid-sized businesses. In either case, growth strategies are greatly enhanced by the analytics provided by BI services.
For larger businesses, BI is a great tool for accumulating and analyzing large amount of data that can be easily re-organized to fit the needs of multiple corporate divisions. A customer service manager can look at that same data as the supply chain manger and each generate reports that will meet their unique needs. For executives overseeing multiple divisions, BI helps consolidate the data for a more strategic overview on company progress.
Beyond the Present Situation
Staying current on market trends and investing in professional development is not enough to remain on top in today’s international marketplace. Top businesses also need to invest in the best tools to help achieve their desired goals. Business intelligence software can offer corporate leaders strong analytics and necessary versatility with which to drive growth, set goals, and increase profits. Whether new expansion, improved inter-division communication, or more effective team performance is at the center of your plan, BI used correctly can be a powerful tool to bring about the changes needed to remain competitive and relevant even as global competition continues to intensify.
This article was provided by Erin Palmer of University Alliance. Erin writes about many business topics surrounding the courses University Alliance offers such as the business intelligence course.
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