The ever-expanding landscape of business is barraged with new technological tools every year. In an effort to remain competitive, it’s important to understand these tools and leverage them to your benefit. Many contemporary tools utilize new information concerning artificial intelligence in an effort to help make business decisions that will affect entire firms.
Leveraging this technology in the wrong way can be detrimental; however, if used correctly, your business can find leads and generate revenue at an unforeseen pace due to information only a computer can understand.
This is the basic premise behind business intelligence: Utilizing contemporary technology and algorithms in an effort to create an advantage over your competition.
Here are several reasons why business intelligence and other data solution technology is important today.
Analyzing Data On A Massive Scale
When personal computers were first created, the general population couldn’t understand the use for such a technology. Despite this, many individuals began to use computers for simple arithmetic like financing and budgeting.
The rest is history.
To relate this to recent business trends, the amount of data firms are responsible for processing on a daily basis is upwards of 500 terabytes (TB).
This information was released in 2012, before Facebook fully integrated services like Whatsapp and Instagram into their business. With business intelligence, Facebook can employ developers to create algorithms in an effort to understand the massive amounts of data instead of looking through each piece in a spreadsheet.
This leads us to the next point.
Saving Time and Money
The underlying benefit of integrating business intelligence into a firm is the savings produced. With reports, data and comparisons to view and organize on a daily basis, it can be hard to find time to act on the data acquired. This is where BI saves time and money. Utilizing contemporary business intelligence allows computers to do the bulk of the work for you.
As machines acquire data and information pertaining to customers and the market, they can categorize, filter, compare and visualize the data based on your preferences. Instead of performing this work yourself or hiring individuals to complete it, you can spend your time focusing on what truly matters – the business. Doing so will effectively allow you to avoid adding positions to the firm, saving you thousands of dollars each year.
Increasing Productivity Exponentially
As stated above, utilizing BI keeps you from wasting hours viewing, analyzing and organizing data because the task is completed automatically. This frees up your time to complete other tasks that are of higher priority while maintaining an optimal level of analytics and data acquisition.
Furthermore, you can have the reports sent to you on-the-go through a variety of apps that perform seamless integration and management of your business intelligence applications. With these tools, you can prepare yourself for meetings while traveling, keep a close watch on your business while on vacation, understand how each sector of your business is performing and view this information at an instant.
Improving Visibility
As you integrate this software into your business, you’ll begin to notice gaps in data that you may not otherwise have seen. This is based on the data-visualization features that most business intelligence applications offer. For example, if you maintain an extensive supply-chain business model, you can oversee every process within that chain.
If there’s a weak link in the chain, this technology will give you the opportunity to examine it and fix it if necessary. Technology like this offers an assortment of implications for any business ranging between improving cost effectiveness, noticing trends and improving current processes.
As we look to the future, only one certainty exists in the business world: technology will reign supreme.
With technologies like business intelligence, you have the opportunity to master your business and spot trends before your competition. These opportunities should not be taken lightly. As technology grows at a rapid pace on a global scale, improve your chances by integrating business intelligence into your model this year.