Business Intelligence: What is it & Why You Need It?

The belief that Business Intelligence is a luxury that can be only enjoyed and managed by large organizations does not hold anymore. Business Intelligence is a strategy that can help every business immensely, be it small or large. Here we analyze some obvious and not-so-obvious advantages of BI and its significance in today’s business. 
 
By definition, Business Intelligence is the way of deriving insights from current and historic data of a business organization by analyzing its technologies and strategies. The insights discovered by Business Intelligence are assured to render competitive advantage, strategic decision making, and optimization of overall performance.  
 
Like any other data analytic solution, the powerful insights uncovered by Business Intelligence can augment sales, customer satisfaction, customer retention, increase revenue, enable faster and accurate decision making, and similar obvious key performance indicators. There are many more out of sight advantages to Business Intelligence that are capable of optimizing and magnifying the business in the long run. 
 
Improved Data Quality 
Garnering large volumes of data always involves hacking together information from multiple databases and warehouses. Therefore, the data gathered is seldom squeaky clean, many inaccuracies and discrepancies can show up. Business Intelligence software does a better job of collecting, aggregating, and visualizing this data to provide a fuller, comprehensible picture of the business’s status. 
 
Improved Operational Efficiency 
Business Intelligence tools unify and aggregate multiple data sources which will allow the employees and managers to save time that they otherwise spend in tracking down data. It offers a centralized, extensive view of business information, which includes current, historical, and predictive insights. Thus, BI tools will help business owners to translate raw numbers to exemplary plans of action and focus on timely and accurate reports without much effort. 
Read more Business Intelligence explained with a clever analogy. 

Identifying Competitive & Market trends 
In order to thrive and succeed, businesses need to pay attention to what their competitors are doing and the prevailing market trends. BI tools will aid businesses to identify new opportunities as soon as they emerge and build out viable strategies to leverage their full scope. 
The potential to manage and utilize large volumes of data alone gives you an edge over your competitors. Moreover, planning, forecasting, and budgeting backed by BI tools and strategies take you way ahead of standard analysis.  

Businesses should rely on informed decisions to ensure smooth-running and longevity and BI tools make this an effortless endeavor. Site Lantern’s data analytic solutions and Business Intelligence tools help organizations by giving instant access to clean data and smart visualization tools, thereby empowering them to make instantaneous and impeccable business decisions. Read more about our comprehensive data solutions here.

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