We all know that data is king. But how can you make sense of it all? With a Business Intelligence solution, you can ensure that your employees make better business decisions faster and that your company remains competitive.
BI is arguably one of the best collaboration tools on the market. Let’s take a closer look at what Business Intelligence is and why it is important in 2019.
In short, Business Intelligence (BI) is a software application that can analyse all the raw data residing in your ERP solution. Your BI tool will analyse your data, and then generate reports delivering the business insights you requested. Essentially, this means you can spend less time crunching numbers, and more time doing what really matters: making better-informed business decisions.
Why You Need a Business Intelligence Solution in 2019
A recent survey conducted by the Aberdeen Group, reveals that 77% of managers are not being immediately notified when important changes impact their company. As a matter of fact, the survey revealed that it takes, on average, 11.5 days for an SME manager to be notified of large events impacting their organisation. That’s bad news for most SMEs.
This survey indicates that there’s a severe lack of oversight and communication in UK organisations. And those wanting to take back control and overcome these challenges, will find that business intelligence is required in order to remain competitive in 2019.
But it wasn’t always like this. In the past, BI solutions were a luxury reserved solely for large companies with even larger budgets. The tool itself was often clumsy and complex, and with so many complicated processes that it would weigh down the entire ERP, too. Luckily, times have changed. BI applications are now considerably lighter, easier to navigate and much more affordable, thereby paving the way for their near ubiquitous existence in the world of SMEs.
The BI market is soaring because companies – of all sizes and all industries – are now dealing with data on a daily basis. Due to the popularity of ERP and CRM solutions, companies own large reserves of customer data. Unfortunately, many of these companies are struggling to analyse and use it in a reliable way.
BI is a necessity because it can be one the few sources providing you with concise intelligence.
Business Intelligence as a Collaborative Tool
BI is designed to let you explore the information you need. And the perhaps greatest benefit is that it delivers comprehensive reporting across all levels of an organisation. With a few easy requests, your employees can easily get real-time reports covering areas such as
- Budget management
- Sales analysis
- Inventory control
- Quality control
- Productivity analysis
- Customer service records
The point is that you, no matter your role or title, should be able to pull the data you need in order to make the best decision possible. And to make the insights even more palatable, the data is presented via visualisation techniques such as charts, maps, or graphs. This improves the information flow, collaboration and the cross-functional performance of employees.
As a conclusion, your business intelligence application, which integrates seamlessly with your ERP, will provide you with analysis of high-quality data that you can leverage to be even more agile and competitive than before.
And that’s the reason why business intelligence should serve as the backbone of your decision-making in 2019.
Which Business Intelligence Tool is Best?
Business Intelligence applications are fast becoming the norm for any modern business. But with such a saturated software market, how can you possibly find the right solution for you?
Our BI experts here at YourShortlist can help you choose the right BI tool for your specific needs and requirements. We offer expert, non-chargeable buying advice in order to find the best solution for you. Simply leave your details on the contact us page, and one of our experts will be in touch with you shortly. Are you ready to take your business to the next level in 2019?