Advances in technology are presenting businesses with so many opportunities to implement efficiencies, reduce costs and make other improvements to deliver operational excellence. One very important type of technology solution that can give businesses an advantage over their competitors is business intelligence tools.
What Is Business Intelligence?
Business intelligence is a process where a business gathers a wide range of different types of information to help make informed decisions based on the insights that are available. The information collected is able to help with strategic decisions that will drive businesses forward
How to Use Business Intelligence
Operational data can be collected and sorted into dashboards and reports so that the information is easy to analyse and use to make decisions.
How to choose the right tool?
There are so many different types of business intelligence tools and you can use multiple tools to leverage the many benefits of gathering vital business data. The priorities will be different for each business and will depend on the type of data that is available to gather but these are the key factors to consider when choosing the right tool for your business:
- Ease of use.
If it’s hard to use, you’re a lot less likely to use it. Tools that are difficult to use are time-consuming and frustrating and there is no need to opt for complicated tools when there are tools that are easy to use.
- Custom dashboards.
Dashboards must be customized to your exact needs, rather than pulling information that your business does not need. Standard reports will just gather sets of information that other businesses might need but that is not important to yours.
- Predictive analysis.
Tools that help you to plan for the future by predicting outcomes and results are invaluable in competitive markets. Being able to ask ‘what if’ will give you a better idea of what will happen in the future and what plans you need to make.
- Interactive reports.
Once reports are generated, you should be able to drill down into specific details. You should be able to search for trends, sort report data into different sets using new parameters, and highlight data exceptions.
- Ranking reports.
Within your reports functionality, you should be able to rank reports so that it is easy to sort data sets to reveal the best and worst-performing data sets. This feature can identify products that are not selling well, or highlight which employees are performing well, and all kinds of different rankings that will help you to make crucial business decisions or reward high-performing employees.
Another important detail to look for in business intelligence tools is the available integrations. The BI tool will be more useful to your business if it works with the systems that you already use, such as CRM, sales tools, supply chain, and financial software. Software integrations can save you lots of time and make processes work more efficiently.
With so many different types of BI solutions available, you might be struggling to decide on the right one for your business. It will help to speak to BI solution experts so that you can find the perfect BI tool for your business, based around your specific business objectives.
Get in touch with Omreon to find the best BI solution for your business.