The Business Intelligence Features That Can Boost Business Performance


Several businesses are now embracing business intelligence tools to boost their performance, but many have no idea about the BI features that have the potential to help them achieve their desired result.

Over the last few years, Business Intelligence (BI) has facilitated organizations to collect, analyze, and present data with top-notch efficiency to fetch actionable insights that can boost their performance and help to grow sustainably. With this BI industry booming in the past decade, there is a range of new solutions having different features, and the industry has witnessed exponential growth. As per some market reports, it can grow up to $33.3 billion by 2025. There are also speculations that over 30% of large businesses will embrace BI by 2023. With the pandemic still refusing to go away, there is more need for BI solutions that boost business performance by facilitating teamwork or collaboration. Now, as it has become impossible to ignore the numerous benefits, many businesses are making an investment in BI tools, but only a few know about their bright features. So, let’s learn about the BI features that can boost business performance.
 
Dashboards

Unlike the popular perception that dashboards are intuitive reports, these are a type of graphical user interface helping in viewing the consolidated data. At present, most BI tools have attractive in-built dashboards that aid entrepreneurs in uncovering and understanding the hidden data. They provide them with a real-time overview of their business where data representation is in graphs, charts, gauges, etc. Dashboards enable businesses to make faster and error-free decisions. The best thing about these dashboards is that one can just drag and drop to visualize their data. There is no need to make things from scratch, which means these dashboards also eliminate the time that one takes in manual report generation.  
 
Predictive Analytics

One of the other features of a business intelligence tool that has won many admirers across the world is predictive analytics. It is becoming increasingly popular because of its ability to play a genuine role in facilitating businesses to optimize overall operations. As the name suggests, predictive analytics is aimed at generating forecasts regarding future performance. To accomplish the same, it uses mathematical models that help in the analysis of present and historical data. It thus helps in finding relationships, trends, and various patterns to make accurate predictions.
 
Data Connectors

Data connectors are one of the least-talked BI features but play a crucial role in data analysis. The data connectors are essential to connect all your data sources (both internal and external) into one single access point. Remember, it is time-consuming! It is also tough to deal with your data from different sources. Data connectors facilitate a seamless data integration that eliminates such a problem. So, with a BI tool having data connectors, businesses do not have to face any hardships to connect databases, social media data, CRM data, ERP data and others! Any change in the database gets reflected in the single point of data access.
 
One of the major obstacles that most businesses experience while embracing a BI tool is their lack of knowledge about the features of various BI tools that can benefit them in the long run.

Important Role of Business Intelligence in ERP Systems

Broadly speaking, Business Intelligence (BI) is outlined because the transformation of information into meaningful metrics reflective upon historical, current and prognosticative business operations and performance.

In the past, BI-related activities were performed through manually gathering knowledge from multiple sources, manipulating the info in spreadsheets, with associate degree output of a mere static report. Multiply that effort by the amount of various practical areas inside a corporation and also the result's infinite hours of report generation wherever by the time it's delivered, might fine be obsolete. Today, ERP solutions go with integrated atomic number 83 modules that change organizations to supply dynamic news, providing finish users with specifically what they need to check, after they need to check it.

Moving beyond traditional reporting

Another space wherever atomic number 83 software package will have a transformative impact on a business is in news. The atomic number 83 module additionally brings a high level of consistency to the news method. With ancient news, if a sales government desires all of his or her regional managers to deliver a report on sales for the quarter; it's seemingly that every report can take issue in terms of format and also the supply of however that knowledge was collected.

The chief should then place these items along that may lead to errors and lots of wasted time. By victimization atomic number 83 software package that's integrated with associate degree ERP system, every manager are going to be operating with identical knowledge set and be ready to deliver equally formatted reports… or doubtless even eliminate the necessity to deliver such reports, since the chief might access and summarize that data directly

Real-time knowledge permits for quick decision-making

One of the foremost visible edges of atomic number 83 software packages that integrate with associate degree ERP system is its ability to offer managers a period of time explore the info they have to form intelligent selections within the short and long terms. as an example, a production manager during a producing atmosphere can need to stay an in depth watch on the floor's scrap rate.

With a fast look at the dashboard, he or she is going to be ready to see the floor's scrap rate in real time, since staffs are going to be getting into that knowledge because it happens. Ought to the speed reach associate degree unacceptable level, the assembly manager will halt the method and establish the foundation cause before an excessive amount of time and material is wasted? This knowledge will then be applied to long analysis to assist establish trends and opportunities for method improvement.

How cubes allow for in-depth slicing and dicing

BI software package uses cubes to form unplanned news simple enough for non-technical users. Cubes store information and provides users the power to quickly slice and dice. Users will set up their knowledge and store it in such the way that they ought not to use SQL queries on every occasion. Within the info, all of the info entered through the ERP system is reworked and so hold on during a class-conscious cube, as pictured here:

This is wherever the concept of "slicing and dicing" comes into play. Users will drill down into specific cube configurations, permitting them to get helpful made-to-order reports on the precise knowledge they have - beat real time. because the graphics on top of indicate, if a user needed to check however a selected product performed in terms of revenue generated over an exact amount of your time, he or she will be able to simply do therefore because of the cube hierarchy.

Additionally, the atomic number 83 software package is strong enough that users will enter knowledge from multiple outside sources, like stand out spreadsheets or reports that return from machine-specific software package, and associate it with the info within the ERP info. As long because the knowledge is seen in terms of a logical relationship, users will be a part of knowledge which will be otherwise tough to cross reference in its separate forms. When it's integrated with an ERP platform, BI gives organizations a user-centric visibility into their data that spreadsheets or siloed software systems alone could never achieve.

The Role Played By Business Intelligence In Modern Business

In this competitive market scenario, business intelligence can be the true partner for modern businesses.  Business intelligence solutions can assist you in various ways, right from attaining valuable business insights to getting accurate and fast reporting. Feel free to get in touch with us if you have any queries related to business intelligence services.

BI or business intelligence is a type of software that can strap up the strength of data within a company. It provides a greater way to compare, sort, and review data for organizations to craft smart decisions. Organizations implementing business intelligence services can spin business data to insights and take plausible action. These insights can aid organizations in crafting strategic business decisions that escalate productivity, enrich growth, and optimize revenues.

For operations of a company to become informed by data, it will want to deploy a BI or business intelligence strategy. BI tools let a company craft decisions that are guided not just by a small data accumulation, but with a comprehensive data picture. This article will wrap up in detail what business intelligence defines, how it can direct a business, and what elements to look for in BI tools for your company.

Business intelligence lives up to its reputation

There are various reasons why organizations opt for BI solutions. If you are considering BI software for your venture, you may be in awe if it is worth the effort, time, and expense to add it to your existing software suite.

BI tools were inquisitive about whether BI software lived up to its puff and whether organizations sensed they got the utmost advantage from it. The outcomes may assist in solidifying your decision whether or not to elicit business intelligence solutions to your software suite.

Greater planning and analysis-

Organizations believed that BI systems assisted them the most with quicker reporting, planning, and analysis. 64% of responding organizations ranked their capability to report, plan, and scrutinize data as 'good' after adopting a BI suite.

Optimized accuracy-

Among the organizations surveyed, 56% accepted that BI data scaled up the accuracy of their business analysis and planning.

Assisted considerably with sales forecasting-

Among the various tasks that organizations considered that BI data assisted with, 57% ranked sales forecasting and planning as the area accepting the most advantage from BI data. Other areas, where they thought that business intelligence data was, are a consolidated customer view (32%) and consumer behaviour analysis (40%).

Improved pricing and offers-

Pricing and offers improvement benefitted somewhat from the adoption of a BI system. 27% of respondents accepted that the additional data obtained from their business intelligence system assisted them in optimizing their pricing structure to be more competitive, and improve the attractiveness of their offers.

How can BI succour your company?

From looking at the list of advantages illustrated in the survey outcomes, above, it is apparent that business intelligence companies can tremendously assist with business processes.

• The optimized planning and analysis can be utilized to secure processes, spotlight business operations, and operate data to steer decision-making.

• More accurate data denotes better decisions. Also, accuracy improves confidence in business forecasting. When you know that you can depend on your data, you can craft greater guesses about what the future of your business necessitates.

• Also, optimizations in the sales forecasting process succour organizations with budgeting, marketing, and more. The more accurately you can forecast sales, and better you can schedule your overall organizational budget.

• And of course, optimizations made to product offerings and prices balanced with the marketplace can assist you in selling more that can scale-up revenues in turn.

As you can perceive, adding BI software to your organization formulates a positive ripple impact that extends to all sections of the organization. It is not just about optimizing access to the data in your firm. It is about utilizing that data to optimize profitability.

Business intelligence is considered the process of surfacing and examining data in a company to make informed business decisions. Business intelligence wraps up a broad spectrum of methods and technologies, from the way that data is assembled and scrutinized, all the way to how findings are reported. Business intelligence is utilized to answer how a business performed in the past and why those results came about. Execution of a victorious BI strategy needs a robust organization of how data is operated from start to finish.

If you are seeking cloud-based BI software that does undeniably provides exceptional data quality, advanced reporting features, and easy data management you should get assistance from a business intelligence consultant.