Business intelligence has already turned into a trend, and it is not going to stop. According to Reuters, the global business intelligence market is expected to reach $29.48 billion by 2022. For comparison, in 2016, this rate was almost twice lower — $15.64 billion. The reason for this progress is simple — implementing business intelligence services can help a company to leave its competitors behind, or at least to survive on the market. But how exactly can business intelligence help managers to do this? Are there any benefits for managers? Can it improve the decision-making process? Keep reading to discover the answers to these questions.
Business Intelligence and Process Management
Just to remind you, business intelligence is a combination of practices, technologies, applications and tools used for collecting, integrating, analyzing and presenting business information. The process starts with raw data, but at the end you get actionable information which can bring numerous benefits to your company.
Some of them can definitely have an impact on process management. Process management is all about improving, optimizing and automating business processes to make the entire company’s workflow more efficient. So, here are a couple of benefits you will get in case you combine business intelligence and process management:
Faster and simpler information sharing
Business intelligence software can help managers in numerous ways, and simplified information sharing is the most obvious of them. Just imagine that your team has prepared an important, but very detailed and long report. It is around a hundred pages, so it will take you loads of time to read and understand it. Everything would be much simpler if the information was presented in graphs and short facts.
Business intelligence tools ensure easy and quick information sharing, so there is no need to read endless documents. You can share this information with anyone — within your team, with your business partners, etc. — and there will be no misunderstanding issues. Visualization is a way to go, and business intelligence software allows creating clear reports in a convenient format.
Visibility across the company’s processes
Business intelligence can provide you with better visibility of your organization’s processes. As a result, you will have much better control over them, and understand if there are any areas which require improvement. Apart from this, the evaluation of the processes’ performance can take a lot of time, but business intelligence software can help managers to avoid this problem. So you benefit twice here — the visibility is improved, and less time is spent on the relevant procedures. Instead, your team will be able to spend the time saved on other important and urgent tasks.
Implementing business intelligence services, you can significantly improve the productivity of your business. First of all, the business intelligence software will make you and your team more organized. Secondly, it will be easier to prioritize the tasks and challenges, and there will be no need to do this manually. Thirdly, certain daily tasks could be automated, which will save you and your team’s time and effort. In this way, the business processes will have no bottlenecks — everything will run smoothly. And, as a result, the productivity of your company will increase.
Better customer and market insights
If you want your business to succeed, you have to understand what your customers and the market in general want. Moreover, you need to know what they want not only at the current moment — you should understand what exactly they are likely to buy in the future. Sure, you can simply ask your customers about this. You can develop a questionnaire, send them emails or make numerous phone calls… There are a lot of ways to collect information. But business intelligence software can simplify this process and make it much faster and less stressful for the clients. With its help, you can get a better understanding of their current buying behavior and purchasing probabilities. Using this information, you will be able to plan your company’s strategy in a more efficient way, and, therefore, meet your customers’ needs and market trends.
Improved customer service
Making your customers happy is a way to motivate them to use your services again, and with business intelligence software this becomes even easier. Using proper tools, you can collect the data about your repeat customers, and then, on the basis of this information, develop strategies on how to inspire other clients to buy more. As a result, your clients will enjoy better service and experience, and buy your products and services more often. They may also recommend you to their friends and families, which means more clients.
How Business Intelligence Help Managers in Decision Making
Okay, we talked about how business software can help managers, and now it is time to discuss how business intelligence helps in decision making. So, using a proper software, you can understand the past and the present of your company, and predict potential directions of its future evolution. With all the information visualized and presented in a clear and structured way, you will be able to quickly identify if there are any problems or development probabilities. These can relate to the team performance, sales cycles, revenues, productivity, etc. And, as a result, you will also be able to respond to these issues and probabilities faster than usual.
Business intelligence does not only provide a solid framework for your decisions — it also saves your time. You make more efficient decisions, and you do this faster, which can be extremely important in certain cases.
How Business Intelligence Creates Value for a Company and Help Managers
The most obvious benefit business intelligence can bring to your company in general is turning raw data into actionable information. This is especially important, as social networks are getting more and more popular, and a lot of customers share their opinion exactly via them. Just imagine that you have to analyze an enormous number of pictures, videos, blog posts and tweets. This may take you loads of time, and at the end you still won’t get the desired result. But business intelligence software can help managers to deal with this problem, and turn loads of data into something really valuable and useful. Using this information, you and your team will be able to improve your company’s position on the market.
Apart from this, business intelligence delivers pretty high return on investment. Improving customer experience and sales efficiency, business intelligence software can return $13.01 for every dollar you spent. This rate was reached in 2014, and in 2011 the average return on investment rate was $10.66. In any case, both these numbers are impressive enough — they prove the effectiveness of the business intelligence tools for various organizations and businesses.
Business Intelligence Implementation
Now you know how business intelligence creates value for a company, so you have the motivation to start implementing it. By the way, we have already prepared for you a list of the best data analytics and business intelligence tools. Take a closer look to decide which tool will meet all your needs. Apart from this, here you can learn how to implement business intelligence — there is a guide on the best practices waiting for you there. And, obviously, if you still have any questions regarding how business intelligence software can help managers, you are always welcome to get in touch with us.