Business Intelligence – five reasons why your organisation needs it
Posted on 1 September 2015
You don’t need us to tell you how much data your organisation generates and collects. So, how do you turn this huge amount of information into something of value? The answer is Business Intelligence, or BI.
So what exactly is BI? Put simply, BI ensures your data is easy to analyse, enabling you to make quicker and smarter decisions on any database. With all your key business information in one place, your whole team has access to real-time data.
BI is so effective, it’s becoming increasingly popular in all sized organisations. In fact, Redwood Capital’s recent Business Intelligence report* forecasted that the global BI market is expected to reach $21 billion by 2018, up from $14 billion in 2013 (that’s an annual growth rate of over 8%).
Still need convincing? Well, here are our top five reasons why we believe all growing organisations should invest in BI.
- BI empowers everyone, even the non-techies, to access and analyse valuable data used to make business decisions, without having to consult the IT department.
- BI chews up big data. Why be a slave to Excel? The software allows you to compile huge volumes of data from multiple sources and visualise this in easy-to-understand dashboards. Each user can design and share their own dashboards, truly opening up data to all.
- BI increases your bottom line. Even with the best intentions, reports can often fail to answer the original question that prompted their commission, or produce actionable results. With self-service BI, the person asking the questions can easily reach the data they need to find answers. If the results are not relevant, they can change and re-run the query, without increasing the finance department’s workload. By answering critical business questions and creating actionable insights, every company’s bottom line improves.
- BI answers important questions in seconds. Gone are the days of asking for a critical KPI and having to wait hours, if not days, for the busy IT department to pull the report. BI puts the user in charge of the data. Data can be easily and quickly accessed (even remotely) for real-time analysis and immediate actionable insights, giving your team a competitive advantage.
- BI predicts the future. BI software helps you forecast scenarios and compare sales figures and turnover to make comprehensive predictions. So you can plan for the future with more certainty and confidence.
We understand that any software investment is a big decision. So if you’re interested in learning more, please don’t hesitate to contact a member of the team on 01202 308000.
* Redwood Capital Business Intelligence Report, published April 2014
Author: Mark Hallett, 1 September 2015