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In the past, making business decisions was educated guesswork coupled with gut feel anchored on past experiences. Then, if you hadn’t encountered a similar situation before, you wouldn’t have enough certainty the judgment you’re making will work. Today, technology can aid every aspect of business operation through the use of data. If you’re not using the technological tools available to guide your business decisions, you are not leveraging readily available technology. 

What is Business Intelligence?

Business Intelligence (BI) is applying advanced tools and infrastructure to help organisations make more data-driven decisions, drive change, eliminate inefficiencies, and quickly adapt to market or supply changes. It typically involves gathering of data, analysing qualitative and quantitative information, and obtaining relevant insights about a project, campaign, or an entire business.

Why Do Businesses Need BI?

Business intelligence uses data and analytics to provide insightful inputs that can help organisations enhance operations and performance. Here are some of the top reasons why your business should be engaging in BI.

1. BI facilitates the availability of organised data.

Fragmented data or information can only tell a one-sided story. Such data also requires manual intervention to consolidate and where accuracy is not guaranteed. BI streamlines the process of organising and consolidating data as it adopts algorithms on mashing and analysing data systematically. It can turn data into useful information, lets you visualise the most important data, and assists in the decision making process.

2. BI allows real-time monitoring of the business.

In this fast-paced and information-overloaded age, businesses need to equip themselves with tools that enable them to respond to the demanding, ever-changing environment. BI tool extracts data from your business system and automatically transforms it into meaningful insights in real time. This allows you to respond quickly, formulate strategy, identify opportunities to grow and scale, and fix an overlooked internal issue.

3. BI promotes continuous improvement.

Along with all company data that is easy to understand and access in one place, BI has the ability to perform root–cause analysis by drilling down data into detailed insights, allowing business to identify issues and address them quickly. This drives a data-driven business process in the operational rhythm and promotes a continuous improvement culture to the business.

Today’s business environment is tougher with an uncertain economic outlook, disrupted supply chain, and consumer behaviour changes. Assessing critical information and useful insights from your business data allows you to quantify your decisions in these ever-changing environment better

At FlexBI, we offer solutions designed to help management make informed decisions. Contact us to find out more.