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Business Intelligence is a tool that allows companies to make better decisions thanks to data analytics. In this post, we review the benefits of Business Intelligence. Curious? Just keep reading this article until the end!
The strategic and analytical information that a company predicts and monitors facilitates decision-making. With these words, we define Business Intelligence as a tool that requires data analysis, integrating relevant and useful business information, and disseminating that information. Today, Business Intelligence Reporting has become very important for companies to plan how their operational activities are carried out (to achieve the goals that have been set).
This tool, which is transforming the business world, offers many benefits:
– Increase sales. This is the main objective of entities, and Business Intelligence can be a great instrument to achieve it. For example, renewing the signage of the premises to make visible sectors that customers do not take into account in their usual route can give economic benefits.
– Reduce expenses. If, for example, a people counter is installed at the door of a store, the owner will be able to know objectively how many personnel are needed for each time slot of the day. This way you can optimize your human resources according to your needs.
– Help set realistic goals. With the data available from the store and also comparing it with current and historical data from stores in the same category and/or geographic region, goals and projections that are possible to achieve can be established.
– It allows us to know the behavior patterns of the clients. Business intelligence offers the possibility of learning about various aspects of customers, such as which shelves they pay more attention to or the times they prefer to make their purchases.
– Speed up analysis time. Business Intelligence tools must not only include data collectors, but also automated software that analyzes and interprets them. Having all the information in a centralized platform leads to increased efficiency. The speed of a company in analyzing data is directly proportional to the company’s ability to handle various scenarios that may occur. However, it should be realized that information management does not rely solely on speed.
– It improves control over the functional areas of the company, from production to marketing or sales service. The field of information to obtain and analyze is very wide; therefore, having it centralized to cross it, analyze it and make decisions is a great benefit. The inability to organize the information obtained is one source of failure. Every professional company has some sort of benchmark for how they should deal with different kinds of information.
To store and share all the data collected and analyzed among the members of an organization, Business Intelligence Centers are usually used, which are spaces created specifically for Business Intelligence content. The information is usually organized in virtual lists and libraries that contain all the Excel documents or other types of reports.
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