Today’s business landscape is dynamic and ever-changing. As a result, businesses need to innovate and adapt to the industry’s current conditions to stay relevant to their customers. That’s how agility becomes paramount for any business.
Those who fail to innovate their systems and use the newest technologies are bound to lose their market share to the competitors who adapt to the new circumstances instantly. Especially now, when data gains extraordinary significance, businesses have no other option, but they have to get help from intelligent technologies.
Business agility and business intelligence come to the rescue to ensure companies keep customers happy and workflows functioning even in the face of the constantly evolving industry.
What is Business Agility?
Business agility is essentially an organizational method that refers to the rapid and comprehensive transformation of a company’s structure, services, and products to
- new demands,
- market changes, and
- technological advancements.
An agile business is flexible and can rapidly respond to customer needs without raising costs and compromising on quality. The faster a business adjusts its strategy, the more agile it is.
Continuously innovating their systems and what they offer, businesses can be a step ahead of their competitors via business agility.
Business agility does not only means speed, but it also refers to intelligence. Making rapid decisions to respond to the market demand is not always the best option. Rather, taking the correct decisions rapidly is what truly means to be an agile business.
Why is Agility Important to Your Organization?
Several reasons make agility important to any business. For example, suppose you aim to
- respond to changing market demands swiftly,
- deliver exceptional customer service and satisfaction,
- increase revenue,
- stand out among your competitors,
- improve operational efficiency, and
- manage the uncertainty and ambiguity of business life.
In that case, business agility is an effective method to employ for you.
Business agility allows you to track and analyze changing market trends in real-time, innovate and reform your company’s internal structure, products, and services. So, you can respond to changing needs as soon as the shift happens, and ultimately achieve the greatest customer satisfaction.
How can BI Help Increase Your Business Agility?
Business intelligence refers to the technologies (software or tools) used to analyze data comprehensibly without destroying its integrity.
There are three main ways business intelligence can help increase business agility.
Make data-driven decisions with real-time analytics
Thanks to the constantly evolving and improving technological advancements, we can gather and analyze data as events happen in real-time.
This allows for
- making data-driven, informed business decisions and
- taking faster actions compared to the past when businesses had to collect and analyze data in batches.
Data collected and analyzed in real-time can help identify changes in demand. It can be immediately converted into actionable insights that help influence the decision-making process at your organization. It ultimately gives your business a competitive advantage.
Automate reporting and analytics processes
Streamlining your workflow with automated reporting and analytics processes ensures saving time. For example, instead of manually collecting data to create a report, your staff can spare more time to analyze them and develop better strategies. This means you can maximize the value you get from your employees.
Automating these processes also help with the accuracy of the information and reduces the risk of error. In addition, with automated reporting and analytics, you can choose to receive reports as often as you prefer.
By increasing the frequency of reporting, your team can stay on top of market trends and the latest industry changes to adapt faster.
Build a flexible data platform
Bringing together data collected from external and internal sources into one data platform is a great way to improve organizational efficiency and lessen the workload of your staff.
It also foolproofs the reporting and analyzing process and minimizes mistakes. Building a stable, resilient, and agile data platform is great for data processing as all relevant data from multiple endpoints are brought together for better and more reliable analysis results.
In the 21st century, business agility is more important than ever to get one step ahead of competitors. To achieve business agility as well as organizational agility, business intelligence is remarkably crucial. By adopting business intelligence technologies, your organization can improve its business agility and soar in the industry.