Business Intelligence – How It Can Help Your Organization
In last week’s blog, we explored the signs that your organization may need a Business Intelligence (BI) solution. If you experienced any of the signs, it’s important to take a deeper look at what BI is and how it is helping small to midsize organizations like yours.
BI allows you to better understand, monitor, analyze, and predict what’s occurring in the overall environment of your company. With BI, you can turn data into useful information that can be consumed by individuals who need it, when they need it, wherever they need it. This allows you to make better informed and more timely decisions. With a strong focus on operations and analysis within your business, BI provides a win-win solution for IT and business users alike.
Business Intelligence enables your organization to do the following:
- Identify your best selling products, and make sure this holds true across all distribution channels.
- Catalog and save current and past reports for future reference and analysis in the decision-making process.
- Recognize the buying patterns of customers so that those who may be cutting back on purchasing can be offered special inducements to help retain them.
- Implement dashboards and scorecards to recognize operational exceptions and KPIs.
- Compare year-to-date sales with past years sales figures so you can better forecast future sales
- Identify high-level trends, such as increasing or decreasing total sales, and drill down to the details.
- Track customer orders and desired ship dates against what you have in inventory, allowing you to better manage the production and supply chain cycles.
- Align daily operations with strategic objectives.
These are just a few of the many benefits BI could provide your business. Business Intelligence allows you to empower your employees with data visualization tools and provides a solution you need to make faster, better informed decisions. Contact Third Wave today and learn how a BI solution can boost your organization’s profitability and give you the information you need to drive more informed processes and improve overall performance. Stay tuned for next week’s blog on what components make up Business Intelligence and how they can help you become more effective in everything you do!