How the right reporting tools can help your business work harder and smarter
As your business operates, it creates data. Business intelligence is a term used to describe the processes and methods of collecting, storing, analyzing, and presenting this data so that it can be used to drive decision making. This data and how it is presented provides a number of different views of your business.
Business intelligence (BI) software organizes and presents your raw data in an easy to understand format so that you have a better understanding of how your business really works, its strengths and weaknesses, and areas of opportunity. BI software and decision support systems are critical tools to help guide your business and make sure it is both competitive and profitable.
Here are some specific benefits of using business intelligence tools:
Learn more about how your business works
With data analytics, you can gain insights on expenses, operational processes, staffing, customer service, and profitability. BI software allows you to create reports out of virtually any set of data that are easy to understand and explain.
Easily see and interpret data
The best business intelligence software allows you to visualize important information through charts, graphs, videos, animations, and infographics. This is leaps and bounds over what can be done with a simple spreadsheet. Through visuals you can see the gentle rise and fall of a line graph, pinpoint where key metrics intersect through a Venn diagram or view historical trends with an animated bar chart. The human brain processes cognitive information, meaning it has an easier time interpreting information that is presented visually rather than as lists of unconnected numbers.
Find patterns to identify trends and draw insights
This is called data mining, and it is a powerful analytical tool that business intelligence software puts right at your fingertips. This BI tool can analyze, process, and render large amounts of information from data warehouses, in-house databases, and other sources. This puts data together in ways you never thought possible, giving you insight that would otherwise be missed.
Manage the performance of business units
Business intelligence applications use dashboards and real-time data so users can easily organize the information they need and get updates that can be scaled to the hour or even the minute. This saves enormous amounts of time and gives you the chance to quickly respond to issues or plan to alter negative trends.
Streamline your operations
All business owners are looking to eliminate wasteful processes or products that just aren’t performing as they should. Business Intelligence systems can identify pain points and expose their root causes, show inefficiencies in manufacturing or reporting processes, and use predictive analysis features to offer suggestions on how to fix these problem areas.
SSI will show you how BI software will give you a competitive edge
Analytical tools like these aren’t reserved solely for large companies with enormous amounts of capital. SSI can customize a business intelligence software package that only focuses on answering the questions that matter to you and your business.