To keep up with today’s informed and highly fickle digital customers, companies have been forced to constantly adapt. While 50 years ago, market research was a laborious and expensive proposition, today, data that can tell you everything you need to know, in seconds, is freely available.
Even so, not everyone takes advantage of this beneficial status quo.
The field of business intelligence is nothing new, but the addition of AI, machine learning, and more advanced computational capabilities has transformed it into a vital component for business success. In a landscape where data is produced at an astronomical pace every day, companies that don’t take advantage of it face obsolescence.
Indeed, the rapid pace of innovation for data analytics and business intelligence software means that to stay relevant today, it’s no longer optional.
A Clear Upgrade
Business intelligence may sound like a buzzword, but the technology offers companies the ability to better understand their reality much better than at any time before. While a spreadsheet can show you the numbers and be arranged in basic charts, deploying advanced analytics presents you with significantly more capabilities and insights. Moreover, it can do so quicker and more effectively.
Consider the fact that, according to some studies, people make an average of 35,000 decisions a day. While most of these are not related to our work, our decisions are based on the information available to us, and how well we can interpret it correctly. Traditionally, executives are encouraged to “trust their gut” to make the best choice, and in the past, it was regarded as a generally effective strategy.
However, today’s rapidly changing landscape means that even the most well-honed instincts require assistance. Decisions today happen at a faster, more immediate level. Instant access and communication mean that rebalancing inventories, switching products, and creating successful marketing campaigns, require split-second decisions. Here, we have a clear advantage for using business intelligence—studies have shown that companies employing analytics are five times likelier to make swifter decisions.
Data-driven decision-making is becoming crucial. Instincts may be great, but it’s important to make these essential choices based on all the available information, something made significantly easier by business intelligence. A study by BI-Survey found that most companies list faster reporting, more accurate analysis, and better business decisions as the biggest benefits (64%, 56%, and 49%, respectively).
More specifically, BI is an increasingly valuable tool for managing several critical business processes. Areas that require real-time data processing, faster reporting, and access to ad-hoc analytics have benefited the most, making the technology invaluable. The same BI-Survey study discovered that most companies employed tools such as Sisense’s BI software to improve their sales planning, deliver better customer behavior analysis, and enhance resource and capacity planning.
Make the Most of the Information You Collect
Additionally, when considering business intelligence, it’s important not only to discuss the benefits of data, but also the demands being placed on companies because of it. A study published by consulting firm IDC in late 2018 estimated that the volume of data being generated is quickly reaching astronomical proportions. According to IDC’s estimates, the total amount of data created by 2025 will be 163 zettabytes’ worth. More importantly, 95% of this data will likely be created in real-time by then. Business intelligence not only grants you access to that data, but lets you organize it quickly and in a compelling manner that will be digestible and accessible for your organization.
Finally, business intelligence helps democratize your company’s data, creating major benefits both for you and your organization. Currently, most organizations have surprisingly poor access to their own data.
Forging easier pathways to data means your teams can learn what they need, when they need it. Furthermore, they have access to relevant data displayed in ways that are most impactful. On the other hand, creating restrictions to data means you need people in place who can provide the information requested on demand, draining both time and resources. Embracing BI can save you time and produce better results.
Ride the BI Wave
It pays little to be a technology luddite these days. Although it can be hard to transition away from “business as usual,” the changing informational landscape requires it. Instead of falling behind, embracing business intelligence can help your organization plot a path forward that unlocks your organization’s full potential.