3 Reasons You Should Utilize Business Intelligence Tools

Business-IntelligenceIn today’s business environment, you need all of the information you can get your hands on to run a successful and sustaining operation. A lack of information about business performance can position you for the early exit of an otherwise stable market. We’ve seen far too many companies bow out of the market too soon due to lack of intelligence and insight – all problems which can easily be solved with a capable business solution.

Today’s enterprise resource planning (ERP) systems have come a long way from the systems used even 5 years ago. With recent technological advances such as Cloud computing and mobile technology, businesses can now access their ERP systems wherever they are – be it in the office, at a meeting across town, or in the airport. These updates have provided businesses with a wider range of capabilities, allowing them to capitalize on operational efficiency and increase revenues. Of all the improvements made to ERP software in recent years, however, one upgrade stands out from the rest: business intelligence.

Built into most modern-day ERP solutions, business intelligence provides businesses with the ability to gain greater insight into the operation by using their business data to create actionable strategies for growth and improvement. With real-time dashboards and automated reports, business intelligence applications highlight the information businesses may be missing, allowing them to see the full picture and adjust their strategies accordingly. With business intelligence, there are no gaps in information so you are never operating blind.

Here are 3 reasons you should be using business intelligence (if you aren’t already):

1. You will be able to move more quickly on time-sensitive matters. Have you ever needed to make a decision fast, only to find out that the information you needed wasn’t readily available? Nothing is more frustrating than a lack of information when your company needs to move quickly on a decision. With business intelligence tools built into ERP software, managers can obtain the information they need in real-time and even share automatically generated reports with important decision-makers via the Cloud. The pairing of ERP and business intelligence improves efficiency in the decision-making process, allowing employees to actually use the newfound knowledge they possess.

2. You can analyze customer behavior and interaction. With business intelligence, you can analyze any piece of data to your heart’s content, including customer behavior. In fact, recent studies have shown that companies who use business intelligence tools are more likely to translate customer data into growth and revenue-generating opportunities. By combining purchasing behavior with customer relationship management and social channels, you can gain valuable insight into your customers and discover your most promising relationships.

3. You will be able to create more accurate forecasts. While no application can tell you exactly what is going to happen in six months, there are tools available to help you prepare for the most likely business reality. Business intelligence tools create more accurate forecasts by using algorithms on historical data so you can prepare in advanced for changes in inventory and sales.

Business intelligence can connect the dots between departments and allow you to see what is really influencing your current business situation. If your business wishes to remain a strong contender in its industry, then you need to be employing some type of business intelligence in your operation. Without it, you might miss something crucial. Contact us to learn more about how we can connect your business with tools that will increase your operational intelligence.