There are many reasons to invest in BI – Business Intelligence. After all, any organization has its questions and goals. The big question is: what does it take to answer these questions and keep track of these goals?
The response is quick but with a lot of depth and data. The depth of the answer comes from the colossal volume of information that circulates in a company daily.
Business Intelligence, or just BI, is a set of methods, practices, tools, and data infrastructure used to deal with large amounts of information and get the correct answers to make the best decisions.
1- Exploit The Entire Productive Capacity Of The Organization
Have you ever stopped to analyze whether your current operations are making the most profit they can achieve? Are you sure your processes are efficient, and there is no way to improve them even more?
Countless factors impede the maximum productive capacity of a business: misuse of technology, poorly allocated employees, waste of raw materials, customer response time, and poorly informed management, among others.
The survey, qualification, and analysis of information promoted by the methodologies, practices, and technologies used in Business Intelligence show bottlenecks and failures. Therefore, this is one of the reasons to invest in BI, obtaining improvements so that the company’s productive capacity is fully supported.
2- Anticipating Market Demands Is One Of The Reasons To Invest In BI
You know the damage that investment out of timing does, don’t you? It is always a colossal waste of resources, in addition to weakened leadership psychology.
The second reason to invest in BI is its ability to anticipate market demands. It’s like having a “crystal ball” to see trends and define what is exciting and not. With the analysis practices contained in BI, it is possible to cross internal information with an accurate view of the external scenario.
3- BI Is A Driver Of Competitive Advantage
As we just mentioned, with BI, it is possible to track market characteristics to know how and where to look for opportunities. To have a competitive advantage, you need to be ahead of the competition, which is precisely one reason to invest in BI. With the analysis, it is possible to identify what the public is looking for and the demands of this public that its competitors cannot supply.
By identifying these points, it is possible to determine and establish a competitive differential and increase the size of your company’s slice in the market. In addition to having all the necessary information to stand out among organizations that operate in the same sector.
4- The Power To Allocate Human Capital And Gain Productivity
Much is said about profits and results, and little is said about how human resources directly impact these two points. Human capital, the people who make up a company and act as gears for it to work, is the most critical asset of any business.
At the same time, it represents the most significant cost center of an organization; after all, it contains payroll, benefits, labor charges, and other costs that substantially impact the budget.
The big problem in the budget is not human capital costs, but the allocation of professionals in repetitive and bureaucratic routines that could be performed with technology or at least streamlined by it.
5- Ability To Analyze The Performance Of The Entire Team
Evaluating the productivity of each employee and team is laborious and complicated, even for less complex businesses. During the pandemic, this routine became even more difficult due to remote work, which, despite having proved to be positive in the times of Covid19, leaves managers at the mercy of the responsibility and commitment of each worker.
A good alternative used in times of home office was management software to gain control of analysis, monitoring, and communication tasks to ensure ease and simplicity in their execution.
6- One Of The Reasons To Invest In BI Is To Optimize Time With Analyzes And Reports
Analysis and reports are vital for developing strategies, evaluating productivity, profits, losses, errors, and failures, and even reporting to customers. For this, it is necessary to analyze a huge volume of information.
Without proper techniques and tools, this routine becomes a nightmare every time it needs to be done. After all, time is money, and much of it is wasted on it. In some cases, it is still necessary to hire a specialized team.
7- Business Intelligence Helps You To Know And Understand Your Target Audience
Companies often go into automatic mode, continue producing the same items or delivering the same services, and watch the sales rate drop daily. Managers look for manufacturing errors, raw material quality, and even how employees carry out their routines.
Do these companies know who their target audience is? Only sometimes, what sold a lot one day will continue to sell well for a long time. Trends fluctuate and change as quickly as the weather on a spring day.
8- Increasing The Efficiency Of The Sales Sector Is One Of The Reasons To Invest In BI
The sales team is the bridge to profits and depends on information and tools to perform well. Therefore, BI becomes fundamental to maximizing the results of the department.
With the qualified data obtained with Business Intelligence techniques and tools, the sales team has the data required to identify the characteristics of the most promising prospects and leads. This information can be transmitted through dashboards with filters to speed up identifying potential customers and increasing conversion rates.
9- Transform Management From Intuitive To Entirely Strategic
It is still widespread to find organizations driven by the feelings of managers. But that has its days numbered. BI empowers organizations with accurate business information, allows you to anticipate market demands, and better understand customers and competitors.
In addition, with data-driven management, it is possible to escape investments that will not give the expected return and invest money in the right places at the exact time.