The amount of data being produced is doubling every two years. So what are the implications for business?
With huge volumes of data being generated, it is becoming increasingly difficult for organizations to make sense of their data. Many forward thinking businesses across the world are turning to business intelligence to gain strategic insights from their data and get a step ahead of the competition.
By utilizing business intelligence (BI) software, you can use your data to make better business decisions, improve processes and increase profitability. With a BI tool, you can reduce or even eliminate the guesswork.
Here are some of the key business benefits of using a BI tool:
Improved Decision Making - By using a BI tool, you can get a better insight as to whether decisions will have a positive or negative impact. The information you pull from your data removes many uncertainties and positions your company to better react to unexpected marketplace threats.
Suppose, for example, that one of your most popular products suddenly begins to trend down in sales. Did you lose a key customer? Perhaps there is a decrease in sales in a particular geographic region?
With BI, you can easily study this trend via a business intelligence dashboard. You can then bring the information found in the dashboard to your sales manager so you can collaboratively figure out a plan to counteract the change. With BI, you can assess situations quickly, respond faster and have greater confidence in your decisions. Actionable data gives you tremendous leverage. It’s up to your competitors to try and keep up.
Increased Time Efficiency – With BI, you're making smarter decisions and you’re making them faster. The result is your staff makes better use of their time. A quality BI tool can help you be more efficient at report generation, identifying new sales opportunities and finding out how to reduce costs. In addition to streamlining decision-making, you can positively impact the bottom line. Time savings equals cost savings and that’s just good business.
Better Business Focus – A BI tool can help you strip away the clutter that may interfere with getting your job done. Rather than getting lost in unrelated projects, your staff can align the insights from a BI tool with key business objectives so everyone is on the same page. The data insights gained from BI helps your employees get things done.
A BI tool like Phocas provides your company with simple but powerful analytical capabilities to maximize business opportunities. You can pull up data in seconds, from local to international sales, forecasting, inventory and much more. Phocas is a comprehensive solution that gives you the tools to stay ahead of the competition.
Phocas is consistently named as a top business intelligence vendor across categories in the world's largest business intelligence software review, BARC BI Survey. Click here to find out more.
