Business intelligence software has already turned into a trend, and it is not going to stop. As for 2021, the business intelligence application market is valued at $14.7 billion. [1] And it is expected to reach $29.6 billion by 2027, at an 18.9% CAGR.[2]

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 software 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.

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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 in the end, you get actionable information that can bring numerous benefits to your company.

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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 8 benefits you will get in case you combine business intelligence software and process management:

1. 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 software 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.

2. 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 that 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.

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3. Better productivity

By implementing business intelligence software, 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.

4. 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. Morover, 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.

BI software benefits

5. 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 business intelligence software 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.

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6. Increased revenue

All businesses want to increase their income. Business intelligence software helps your company in asking the right questions about their processes and target audiences. Using business intelligence software tools, managers can compare data across different dimensions and identify inefficiencies in sales and operations. Moreover, business intelligence software tools help to create new insights and reports of ROI, by analyzing strategies. As a result, it also allows you to find new income prospects.

7. Greater operational efficiency

Business intelligence software integrates data from many sources into one well-structured and consistent information flow that helps businesses improve internal management. So, employees and managers can save time by tracking information, focus on creating timely reports, and accomplish other tasks more efficiently.

8. Lower margins

BI software tools can analyze inefficiencies and company’s weaknesses and help to expand margins. As a result, it helps your company in developing a more effective strategy plan for attracting and retaining new customers.

business intelligence software benefits

How Business Intelligence Help Managers in Decision Making

Okay, we talked about how business intelligence software can help managers, and now it is time to discuss how business intelligence helps in decision making. So, using proper business intelligence 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 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 software does not only provide a solid framework for your decisions — but 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

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 in 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 a pretty high return on investment. Improving customer experience and sales efficiency, business intelligence software can return $13.01 for every dollar you spent. Additionally, it proves the effectiveness of the BI software tools for various organizations and businesses.

BI fact

Read more about Business Intelligence Analysts.

Business Intelligence statistics and why it’s worth it

  • The global BI software adoption rate across all organizations is 26%. [3]
  • By 2023, over 33% of large-sized businesses will practice decision intelligence. [4]
  • The average business uses an average of 3.8 different BI software solutions.[3]
  • The adoption of cloud-based BI is highest in the manufacturing, business services, and financial services industries.[4]
  • More than 46% of businesses are already using a BI software tool as a core part of their business strategy.

Business Intelligence Implementation

Now you know how BI software 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 data analytics and best business intelligence software tools. So, take a closer look to decide which tool will meet all your needs. If you still have any questions regarding AI software development, you are always welcome to get in touch with us.

business intelligence services

References:

[1]Statista.com. Size of the business intelligence and analytics software application market worldwide, from 2019 to 2024. URL: https://www.statista.com/statistics/590054/worldwide-business-analytics-software-vendor-market/. Accessed Aug 24, 2021.
[2] Financeonline.com. 51 Essential Business Intelligence Statistics: 2020/2021 Analysis of Trends, Data and Market Share. URL: https://financesonline.com/20-essential-business-intelligence-statistics-analysis-of-trends-data-and-market-share/. Accessed Aug 24, 2021.
[3]Trustradius.com. 49 Shocking Business Intelligence Statistics for 2021. URL: https://www.trustradius.com/vendor-blog/business-intelligence-statistics-and-trends. Accessed Aug 24, 2021.
[4] Techjury.net. 45 Amazing Business Intelligence Statistics for 2021. URL: https://techjury.net/blog/business-intelligence-statistics/#gref. Accessed Aug 24, 2021.

 

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