Many companies have already heard about Business Intelligence, yet only a small number of them really know what it is and how this modern time concept can help them. More than just a buzzword, Business Intelligence is a fully-fledged tool that makes it possible to use the data collected by the company over its year of existence. Even the most insignificant information can be used for something, one simply needs to find out how to exploit it properly. So, what can Business Intelligence do for your company? We answer all your questions.
Business Intelligence: solutions to benefit from your data
More than just tools, Business Intelligence offers solutions in the form of software, and more precisely in the form of charts. As we said earlier, all the data collected by the companies are studied, crossed and synthesized to deliver analyzes allowing organizations to predict, to anticipate. The software, often developed by specialized companies to be adapted to the specific needs of companies in demand, collects, among other things, the sales turnover, identifies the best customers and the best suppliers, finds the most sold articles, analyzes the distribution of costs, the margins realized, the maturities and their amount ... All these data allow to create charts in which this information is crossed. The charts give valuable information that the best accountants would have taken months or even years to highlight. Production, finance, objectives, potential ... Everything is back-mapped so that the company can take advantage of the available information.
Business Intelligence: solutions to predict
In addition of making an assessment of the state of health of the company, Business Intelligence allows to predict correctly, leaving very little room for mistakes. Business Intelligence helps deliver the right information at the right time to the right people. Decision-making is greatly facilitated by reliable and properly analyzed data. The indicators are genuinely relevant and ensure the sustainability of the company. If something goes wrong, Business Intelligence tools will detect it right away, allowing the decision maker to act quickly accordingly.
Moreover, the documents released from Business Intelligence are common to the entire company. All employees base themselves on the same documents. The shared information is identical. The exchanges are more constructive and mistakes less numerous. Key performance indicators are consistent across the organization.
As you will have understood, Business Intelligence is a set of tools resulting from the development of new technologies, used to improve the competitiveness of a structure. All the data available within the company, regardless of the department to which it is linked to, is carefully analyzed so that companies can identify their strengths and weaknesses. Business Intelligence allows all employees, regardless of their number, to advance in the same direction thanks to information that is common to the entire organization. Large companies often turn to specialized firms in order to develop high-performance tools adapted to their business.