How Business Intelligence Can Introduce You to Smarter Ways of Managing Data

business-intelligence-managing-data3

Do you know how Coca Cola’s largest independent bottling partner, CCBC, overcame the challenges of manual reporting processes? It jumped onto the BI (Business Intelligence) bandwagon. Before this, it didn’t have access to real-time data and ended up spending hundreds of thousands of hours per year handling all the reporting processes manually.

Collaborations between IT teams and business users was a great challenge for the company back then.

But after adopting the BI platform, it automated its manual reporting processes and gained access to real-time actionable data. This move instantly improved its collaboration game and made it highly innovative in its operational efficiency.

Starbucks is another prominent example of a user that adopted Business Intelligence solutions to get the most out of its data. Thanks to BI, it can predict purchases that customers are most likely to make and inform them of relevant offers.

From Amazon to Amex, Chipotle, HelloFresh, Lowe’s, Koodos, Carelinx, and Reddit, there are countless examples of companies leveraging the power of Business Intelligence (BI) today.

What is Business Intelligence (BI)?

Business Intelligence (BI) comprises the strategies and technologies used by businesses to interpret big data and present business information in an organized fashion. It transforms data into actionable insights to allow strategic decision making.

BI consists of real-time reporting, group consolidation, data aggregation, data forecasting, data warehousing, version control, and open item management, among other components.

Nurture a Data-Driven Culture with Business Intelligence

Today, we live in a data-driven world, a world where businesses face data overload and need smarter ways to manage and understand data. BI is a vital business strategy that can manage and manipulate a large amount of data.

In addition to this, there are infinite business benefits it delivers. Some of these are:

1. Improved employee satisfaction

With Business Intelligence, you can empower your employees through data and innovation. BI will enable your employees to see the outcomes of their efforts in a simple manner. They will also be able to analyze their performance and the key areas they need improvement in. This will ensure performance improvement and overall employee satisfaction. Business Intelligence solutions can improve employee satisfaction by allowing business users and departments to jump into data analysis with little training or IT assistance.

2. Enhance data organization and analysis

Before modern BI platforms came into existence, business users were required to access several different databases and data sources to analyze data. Fortunately, we now have modern BI systems that can combine and centralize all data sources to give departments access to real-time data. This BI technology has saved businesses hundreds of hours of analysis time by streamlining data.

Imagine departments across your company accessing the same data at one time. That’s what BI will do for you.

business-intelligence-managing-data3

3. Make better business decisions

If you’re looking to make smarter and data-driven business decisions, implementing the BI technology is your best bet. By presenting current and historic data, Business Intelligence solutions can help you analyze consumer behavior, compare data with competitors, track performance, optimize operations, spot market trends, predict success, and identify ways to increase profit.

These are a few ways it will help you make better decisions.

4. Improve customer service

Verizon Communications is an excellent example of a leading company that improved its customer service multi-folds by deploying BI systems. BI systems helped the company create hundreds of thousands of dashboards to pull out data and improve customer service.

BI can help you improve your customer service by enabling you to identify the latest shifts and trends in your industry, and as a response, implement appropriate customer service tactics.

Implement BI to Keep Up with The Competition

By getting a better view of the market, you can position your business strategically. Many organizations enter and exit markets without having any idea of the best time to do so.

By leveraging Business Intelligence solutions, you can find out the best time of entering or exiting a market. This is a huge factor in the success of any business.

Reputed Business Intelligence consulting services like Jellyfish Technologies can successfully implement and scale Business Intelligence solutions within your organization. It has a proven record of helping clients improve the way they use datasets.

Completed Projects

Patra
Patra
An insurance aggregation platform
Heffernan Insurance
Heffernan Insurance
An insurance brokering platform