Why should your organization utilize business intelligence? As a Gold Data and Analytics partner with Microsoft, IronEdge has invested heavily in providing reports that matter to our clients. By collecting and parsing relevant data from our tools, we’ve built systems that allow our clients to see all of their technology assets in a single view. This enables them to make decisions about system refreshes and budgeting. The benefits of business intelligence are abundant and obvious, once implemented properly.
Business intelligence (BI) isn’t just limited to your technology assets. Executives make critical business decisions, with limited information, every day. BI can provide solutions for many business development, marketing and operational problems. Using business intelligence enables organizations to better collect, analyze and leverage a wide variety of data. Something that everyone can get on board with! In this post, we offer six strategic benefits of using business intelligence.
1.) FASTER REPORTING
With self-service reporting, get immediate answers to your questions for better and faster decision making. 91% of business leaders cite faster reporting after implementation.
2.) ADVANCED ANALYTICS
Deeper insights to make more accurate and better business decisions. 56% of leaders increased accuracy of reporting analysis and planning.
3.) UNDERSTAND CUSTOMER BEHAVIOR
Understand customer behavior better to turn information into profit. 85% of business leaders believe big data will dramatically change the way they do business.
4.) REAL-TIME DECISION MAKING
Tie together information in ways that would have been too expensive or difficult in the past. Companies using analytics are 5X more likely to make faster decisions.
5.) BETTER INVENTORY MANAGEMENT
Eliminate wasted inventory expenses and do more to improve your business. Poor data quality cost US businesses annually up to $600 billion.
6.) MINIMIZE RISK
Ensure data integrity, security and quality associated with governance, regulatory and compliance needs. 46% of CEOs use Data Analytics to manage risks.