Business Intelligence Systems Benefits

Most business information systems are mixed, layered, non-standardized and inefficient. For older organizations, this is usually the result of years of software changes, upgrades, and investments. Many companies are faced with different hardware in various locations, dozens of software applications from multiple vendors, and scattered data sources. With so much overlapping, disconnected, and conflicting information, even the smallest data analysis projects can be a challenge, and getting accurate information can sometimes be impossible.

Business Intelligence systems are designed to optimize and extend the value of existing data and systems. Providers can customize applications to meet any business' unique needs. For many businesses, being able to see all and use all of their divisions in a relative way, and being able to easily distinguish the distinct causes and effects of one part of business on another is invaluable.

TIME SAVINGS
The process of looking for and interpreting disparate sets of data amounts to an incredible cumulative amount of time lost. Time, and therefore profits, area also lost when up-to-the-minute market information isn't available. Business Intelligence solutions save time by combining information into quickly and easily accessible and interpretable formats. Business Intelligence systems also saves time by enabling managers to be immediately notified -via phone or emailed to their PDA, for example -when events happen, thereby shortening the reaction time.

REDUCED LOSSES
Business Intelligence solutions are imperative in order to prevent and reduce losses. As mentioned above, shortening the reaction time to unforeseen events can save not only time, but also millions of dollars, especially in industries such as technology, insurance or stock trading. Risk is also reduced if information is more accurately represented. Risks and events can be appropriately managed if acted upon in a timely manner and if accurate information is applied. Losses can also be prevented by utilizing automated alerts. Executives and managers can be informed automatically as soon as a specific performance metric goes above or below a certain threshold, and respond appropriately before losses are incurred.

LOWER OVERHEAD COSTS
Business Intelligence vendors can provide single, easily navigable and user-friendly web portals that paperlessly bring all kinds of customer and product information to employee fingertips, thereby reducing overhead costs and saving both the organization and client time and money. Being able to monitor inventory and supply and compare that data to the sales and marketing information allows companies to tightly and efficiently manage resources. Most companies see a very quick and profitable Return on Investment (ROI) after investing in Business Intelligence applications.

EFFICIENT USE OF HUMAN RESOURCES
For large organizations, human resources information requires just as close of management as the sales and marketing department. Companies with employees numbering in the tens of thousands in dozens of locations need to optimize their recruiting, hiring, training, and scheduling of employees in order to keep overhead costs from skyrocketing. In addition, Business Intelligence applications can integrate payroll and other employee cost data with the rest of the financial information, and managers can track how workforce cost affects the entire organization. The combination of current sales data and staffing costs informs the planning of staffing levels, either store-by-store or company-wide.

IMPROVED SALES AND MARKETING
Business Intelligence applications provide accurate, timely, and fact-based foresight into the entire sales process. They enable managers to optimize staffing, sourcing, production and inventory costs, shorten development cycles and improve product quality. Business Intelligence applications enable marketing and sales executives to use historical, financial, demographic, and published data to plan marketing campaigns. Business Intelligence can allow businesses to predict what customers are likely to buy, and when they're likely to defect. This information is extremely powerful and allows sales and marketing managers to create specific, targeted marketing decisions based on customer behaviors. Sales and marketing campaigns become much more cost-effective and profitable when accurate response data can be utilized.

CUSTOMER SERVICE
In addition to sales and marketing, Business Intelligence applications helps companies acquire and retain new customers. With the increasing number of providers for any given service, customer service centers are fast becoming an important source of competitive advantage. Customers are expecting more and more out of customer service, and fast, accurate information is key.

Using Business Intelligence applications, marketing and customer service professionals can quickly and easily entire customer relationships, identify potential issues, identify sales opportunities and improve customer satisfaction.

IMPROVED DECISION-MAKING
Businesses of any size will benefit from accurate and standardized data. Business Intelligence solutions are not just databases, they are interactive tools. Business Intelligence applications present centralized data in a concentrated and standardized form, and can produce reports, charts, and graphs at the touch of a button. More importantly, Business Intelligence applications can produce those tools in real-time - staff do not have to re-research or do any additional work to get an updated report; the systems can be fully automated. Having accurate, time-sensitive information is key to informed decision-making. Time is saved by not having to dissect competing data sets or analyses, and the decisions are more stable and effective because they incorporate information from all areas of the company, not just a couple, and provide a more true, complete picture of the organization.

Visit Business Intelligence Customer Success Stories for examples of successful Business Intelligence strategies used by various companies worldwide.