With the ever-growing competition, businesses have to evidently adapt themselves to the latest technological developments. Well, going with the gut feeling, used to be a thing (of the past). On the contrary, gut-feeling or intuition has made many business owners millionaires too. But making the right decisions based on intuition is not always possible. It either comes from past experiences or pure luck.
In this article, our experts at fatraven are going to discuss how businesses can utilise the full potential of Business Intelligence(BI). Read on to know more.
Firstly, let’s understand what business intelligence is all about.
Business intelligence or BI is a process of extracting actionable insights from raw and unstructured data. BI helps companies make profitable decisions and operate efficiently. Data mining, analytical processing and querying and reporting are the parts of business intelligence.
What is the importance of business intelligence strategy?
Wondering if you need business intelligence for your business? Our answer is:
Yes, of course. In the present competitive world, BI is giving numerous businesses around the world a positive return on their BI investment.
Which are the major industries that use business intelligence?
Numerous industries have adopted BI to stay at the helm. To name some are retail, food processing, oil and gas, fashion, IT, education, and healthcare.
Earlier, BI used to be a privilege only for large or established companies. Majorly because these companies would hire specialists to gather and process information. But now due to technological advancement, better results are achieved by merely asking questions or in other words by using AI-enabled conversational analytics. Consequently, even small businesses can make efficient use of business intelligence.
In what ways business intelligence can benefit your business?
Here’s how business intelligence can make your business future-ready:
Make data-driven decision
Being able to form quick decisions is vital in any business. But this can be difficult without having a sufficient amount of data backing your options. Mere guesswork may not always prove to be beneficial. So that is always out of the plate. With business intelligence, your business gains data-backed insights that enable a faster decision-making process which is certainly the key to take better advantage of new opportunities.
Better data integration
Businesses have tons of data stored in various forms. Without proper segregation, it becomes challenging and complex to analyse the data. Business intelligence makes all this look effortless. You can use BI tools to integrate all your present business data and earn a better view of your business whenever and wherever required.
Enhance your customer service
The success of a business depends solely on customer satisfaction. To make the best impression on your end-users, you must clearly understand them. This is where business intelligence can help. BI can give you insights into your repeat customers. Hence, you can entail your business strategies to attract new customers as well as to please your current customers.
Another aspect where business intelligence works wonders is in improving customer knowledge. BI offers you a detailed view of the purchase cycle of every customer, any current service cases, customer touchpoints, and more. This enables you to segment customers based on this data and creates personalised customer experience strategies.
Access data on the go
Every part of your business information is crucial. Above all, it needs to be readily available for you to access at any time. With integrated BI solutions, real-time access to business information is effortlessly possible. This also means that real-time data analytics allows businesses to react without delay. Therefore, earning a competitive edge over other counterparts.
Future of BI: What does it hold?
Business intelligence, just like any other spectrum of technology, can be seen constantly evolving. As a user, you would be required to stay updated with the latest trends to experience the full potential of this revolutionary cutting-edge technology. In the coming years, more and more businesses will turn towards business intelligence. Additionally, further efforts would be seen to integrate AI with BI. Hence, it is certain that the future of BI looks promising.
What if we say that you are just one step away from becoming smart recruiters? Yes. That’s right. Data evidently plays a major role in swift and smarter decision making. The same goes with recruitment where talent market insights help decision-makers to enhance the efficiency of their recruitment process.
Getting job market insights is easier than ever with fatraven.