Business Intelligence is not a Competitive Advantage, it’s a MUST HAVE

It is no secret that in order to make intelligent business decisions, all business data needs to be effectively sorted through and analysed. More and more organisations are realising the strategic importance of data quality which has led to new classes of data analysis tools emerging. When it comes to data quality, we must remember that “you can’t fix what you can’t measure”. This is why Business Intelligence systems are being implemented in organisations across different business functions and across different industries. 

Business Intelligence tools effectively analyse organisational data to help discover useful insights as well as support decision making. With a proven track record in technology, Microsoft is at the forefront in business intelligence with its analytics tool, Power BI. This Business Intelligence tool allows organisations to easily pool their data from a variety of sources, visualise this data, and then make an analysis of this data to improve or transform operations across their business. 

Let’s have a look at a few reasons why you’ll be left behind without Business Intelligence processes in your organisation:  

Decisions Based Off Business Data 

It may be the case that your business has a lot of information on many different topics stored across the organisation. As we know, information does not necessarily equal intelligence! You need to be able to actually make sense of what all this data is telling you and what you should be doing with this information going forward. Real Business Intelligence tools can help inform strategic decision-making across your organisation. Having a data-driven strategy will not only lead to better business decisions but also to better financial performance. The backbone to any intelligent business decision-making comes from a centralised “data hub” that analyses data from all business activities and customer interactions. This makes it easier to pinpoint areas where performance is superior and where performance needs support. No more decision based on guesswork! 

Less Time-Wasting 

Business Intelligence tools, such as Microsoft Power BI, can cut inefficient bottlenecks, refine business processes, automate monotonous tasks, and bring new focus to an employee’s prioritisation. Effort and time can now to spent on more responsive customer service, closing sales deals, creating marketing campaigns, and effective measurement of the product development cycle. Automated reporting and dashboards means even senior level employees can spend less time on menial tasks. Simply by centralising data and making it accessible on the cloud, administration time is effectively saved – significantly boosting productivity, not to mention data integrity. 

Organised and Safe Data  

Beginning your “intelligent business” process may involve sorting through your data warehouses. This has been identified as one of the most complex elements of the process: discovering where data is actually being stored, deciding whether particular data is important, and who should be able to access it. This may be a tedious first step but without it your business is at risk of making decisions based on inaccurate or irrelevant data. When it comes to having relevant data in one silo, businesses are able to achieve a full view of the different business functions – making things more practical and accurate. Other factors making a centralised storage centre attractive, are new data protection regulations. New laws require up-to-date and accurate data to be kept for improved transparency. 

Not a Competitive Advantage; an Essential 

Making decisions based off your organisation-specific data, having employees spend time on money-making activities, and having relevant data kept in an easy-to-access warehouse will lead to a vast improvement on your return-on-investment across your business. Everyday management, sales deal conversions, customer experience, analysing past strategies, and creating new growth strategies all become less administrative and more efficient. There’s no excuse to fall back on bad habits like guesses or hypotheses when business intelligence tools, like Power BI, are being embraced to track, inform, guide, manage and measure data from all sources – embedding the notion firmly into your company culture that every team and every individual bears responsibility when it comes to achieving company goals.  

Agile Analytics helps organisations build a data-driven culture in order to gain and sustain a competitive advantage in their industry. Together with you, we deliver end-to-end data analytics solutions to drive business goals. By providing organisations with tailored solutions to overcome their data problems – from data extraction, to reporting, to advanced analytics – we leverage what can be overlooked as meaningless data into insightful data visualisations that generate revenue and save organisational effort. Contact us now to unleash the power of your business data! 

By |2019-09-17T14:21:39+10:00August 27th, 2019|Business Intelligence Insights, Featured|0 Comments

About the Author:

Agile Analytics is a boutique consulting firm and a Microsoft Gold Partner in Data Platform and Data Analytics. At Agile Analytics, we consult, design and deliver innovative data analytics solutions that help you gain and sustain competitive advantage through data-driven culture.