More and more companies are turning to Business Intelligence (BI). Around 40% of German companies currently use BI applications – and even small and medium-sized companies are increasingly recognizing the benefits that these solutions offer. We show you seven good reasons why BI can also be a real benefit for your company.
Why Business Intelligence is the key to success
Effective use of Business Intelligence can give companies a decisive competitive advantage. The following seven reasons illustrate why BI systems are so important and how they can help your company to make data-driven decisions and optimize your processes;
1. Better business decisions thanks to automated reporting and analysis options
A Business Intelligence tool collects key performance indicators (KPIs) from various source systems and prepares them so that users can analyze and filter them. The resulting reports provide decision-makers with relevant data to make informed business decisions. Standardized evaluations can also be automated, leaving more time for detailed, value-adding analyses. Rapid changes in market or customer behavior can also be captured, analyzed and evaluated. By integrating artificial intelligence and predictive analytics, decision-makers not only can analyze past data, but also create future-oriented forecasts.
2. Better clarity thanks to graphical presentation
Almost all Business Intelligence systems offer numerous options for graphically presenting the condensed, complex data in such a way that the user can quickly grasp the information it contains. Customizable dashboards or meaningful charts for reports are usually part of the basic equipment. Instead of studying endless rows of figures, you can get an immediate overview of all the key findings.
3. Increased efficiency thanks to fast evaluations
The manual creation of reports and evaluations is usually a lengthy process. The resources used cannot add value during this time, but are busy creating Excel lists. By using Business Intelligence solutions, however, these information requirements can be met much more efficiently. Reports that used to take hours or even days now only take a few minutes.
4. Flexibility thanks to scalable systems
Business intelligence systems, especially cloud-based ones, can be adapted to meet specific needs. For example, the number of users can be increased as the company grows – without performance problems or unexpected costs. The requirements of different areas of the company can also be easily covered in this way.
5 IT relief thanks to self-service
Modern Business Intelligence systems are designed so that users can create ad-hoc reports and evaluations independently and without help from internal or external IT departments. The uncomplicated and intuitive use minimizes waiting times, relieves central departments and gives users more independence.
6. Improved data quality thanks to optimized processes
High data quality and functioning BI processes are mutually dependent. That’s why you should definitely clean up your data when introducing a BI system. At the same time, the processes optimized by a BI system continuously ensure a transparent, consistent database and fewer sources of error.
7. Sustainability thanks to data-driven processes
BI supports companies in making more sustainable decisions by integrating environmental factors, such as energy consumption or logistics costs, into the analysis. By taking ESG (Environmental, Social, Governance) criteria and the requirements of the CSRD (Corporate Sustainability Reporting Directive) into account, companies can not only reduce their environmental impact, but also meet regulatory requirements and improve their transparency towards stakeholders. This data-driven approach makes it possible to use resources more efficiently and achieve long-term sustainability goals.
Get started with Business Intelligence now
It is never too late to take the step towards Business Intelligence. Companies that rely on BI benefit from well-founded decisions, efficient processes and a stronger market position. Make optimum use of your data to secure competitive advantages and shape your future successfully. Contact us for a free consultation!
