Business Intelligence (BI) has many advantages, which is why it is here to stay. After all, we live in a time when decisions based on intuition or previous experiences are no longer practical.
You need to use data to make smarter choices. Taking advantage of Business Intelligence, it can collect, organize, analyze, share, and maintain information. All this so that they become valuable inputs for business management.
Briefly, Business Intelligence is a concept that applies the use of technologies to use data as robust and efficient support for decision making. It also allows for analysis, evaluation and monitoring of the results obtained with a business’s investments.
Everything is based on the interpretation and analysis of information to find opportunities and deficiencies and reduce risks. Thus, it is possible to “sculpt” better strategies to gain a competitive advantage sustainably and add value to the business.
In this context, we will highlight the advantages of Business Intelligence. Thus, you will realize that it is time to take strategic actions and benefit from this concept and its management tools. Check out!
1- Better Management Planning
Companies that do not use BI have an immense volume of information about their operation, public behavior and the market. However, they have no idea what to do with so much data.
Those that use Business Intelligence as part of their strategy can work with this data optimally, as access to information is facilitated. Due to the high availability of quality information, managers can better understand their company, their audience’s needs and expectations, and the competition’s behavior.
Therefore, one of the advantages of Business Intelligence is being able to better plan management. Thus, it is possible to define with intelligence and assertiveness which paths should be taken, which are the best strategies for the moment and which processes can be optimized or eliminated.
2 – Improved Risk control
It is impossible to grow without taking risks; every company is susceptible to them. With so much data at your disposal and well organized, it is possible to gain intelligent control of threats, prevent them and avoid crises in the future.
3 – Optimized Internal Routines
Another advantage of Business Intelligence: BI covers all areas of a company. Thus, its tools allow managers to evaluate the performance of their teams, each member and the entire operational chain of the business.
Using this information and based on it, it is possible to identify the necessary adjustments to improve the company’s activities with more agile and effective processes.
In this way, in addition to optimizing routines, BI gives more time to the manager and his team to focus efforts on continuously optimizing internal routines.
4 – Agile And Assertive Decision Making
In this era of immediacy, it is essential to have dynamism and agility to have some representation in the market. After all, competitors also have access to information; they are intelligent and fast.
Decisions need to keep up with or outpace the competition. Slow decisions with low precision can displease customers and affect business revenue. With BI, it is possible to take advantage of access to privileged information to develop strategies quickly and with high assertiveness.
5 – Better Customer Service And Loyalty
Operating data-driven helps to improve acquisition and loyalty strategies. One of the significant advantages of Business Intelligence is the access to information related to the purchase pattern, behavior, satisfaction level and many other metrics.
That is, using this data to refine customer acquisition actions is possible. Examples include correcting and anticipating problems, reducing churn rates and improving NPS (Net Promoter Score).
6 – Cost Reduction
A common goal among all companies is to reduce costs without losing efficiency and quality. Adopting a BI strategy makes it possible to use fewer resources to maintain competitiveness, make consistent strategic investments, and escape ineffective actions.
7- Continuous And Sustainable Growth
The tools used in Business Intelligence deliver periodic and constant updates on the main trends in consumption, behavior and the entire market. This way, management can take advantage of trends to capture new business opportunities.
It can also assess favorable market conditions that continue to evolve in stocks. All this, without the risk of investing more than necessary to take advantage of these opportunities and continuously grow strategically and sustainably.