What is Business Intelligence?
- On June 28, 2022
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- Advantages, BI, BI Tools, Business, Business Intelligence, Business Software, Business Technology, ERP, increase efficiency, Increase Profits, Increase Visibility, SAP, SAP Business One, SAP Partner, Softengine, Software
What is Business Intelligence?
Companies are constantly finding ways to manage and organize the large influxes of business data that collects every single day. There are a variety of options available to keep this data as organized and accurate as possible, such as a fully integrated ERP, but how can companies maximize this data? This is where business intelligence comes in.
Business Intelligence, often referred to as BI, is a common topic amongst businesses looking to optimize their data and make accurate forecasts and decisions. By definition, business intelligence leverages software and services to transform data into actionable insights that inform an organization’s business decisions (1). With the help of BI, companies can utilize current and historical data to its fullest potential in order to make the best possible business decisions. Throughout today’s blog, learn how implementing BI tools provides business with incredible forecasting and decision-making benefits.
Fast and Accurate Reports: With technology transforming the way the world conducts business, accurate information generated in a timely manner is essential for success. Business intelligence tools provide users with report templates and customizable options to monitor performance updated in real-time across departments. Using these reports, employees can monitor KPIs and relevant business data in the form of easy to analyze graphs, charts, and tables. Fully customizable and accurate, reporting is an essential feature to remain competitive and choose the best way to move forward with business (2).
Detect Weak Points: Every business has areas that they can improve in, and BI tools do a wonderful job at displaying weak points. Having the ability to detect where business can be improved before there it becomes detrimental to operations, revenue, or sales is extremely beneficial because the problem can be fixed promptly and efficiently. Ultimately, fixing potential problems before they become hindering to success is a sure way to keep customers satisfied and maintaining a successful company (3).
Increase Operational Efficiency: Because BI tools allow users to track performance and updates in real-time, employees are able to save time from completing manual and time-consuming reporting tasks. By eliminating this extra manual work, employees have more time to focus on tasks that are of greater importance to their role and ultimately the success of the business. Additionally, BI gives users the opportunity to utilize the reporting functionalities to gauge the success of their work and make the proper adjustments to improve.
Set Realistic Benchmarks: BI allows companies to compare processes and performance to industry standards. By making these comparisons, businesses can analyze where they fall short, where they are allocating excess efforts, where they are on track etc. and adjust their business operations by implementing company specific benchmarks. Setting these unique benchmarks tailored to historic and current business performance helps develop complete visibility and transparency about where the business currently is standing and where it needs to be.
Increase Revenue, Profit, and Competitive Advantage: Ultimately, because of the multitude of ways that business intelligence increases operational efficiency, visibility, reporting, and planning, businesses experience increased business performance. Increased revenue, profit, and greater levels of competitive advantage are only three of the many benefits to result from BI efforts.
In conclusion, to remain competitive in today’s technological world, business intelligence is a way to ensure companies can keep up with advances. BI tools and capabilities can be offered on their own but are often included in many comprehensive ERP solutions.
SAP Business One is the leading ERP solution for small to midsize businesses and is packed full of incredible features to streamline the entire business operations. Business Intelligence tools are included in Business One, providing users all of the incredible functionality that was discussed throughout today’s blog!
Contact one of our Softengine SAP Business One specialists today for inquiries about Business Intelligence included within SAP Business One ERP! [email protected]
For more information about SAP Business One comprehensive ERP: https://softengine.com/product/sap-business-one/