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business intelligence tools, you will be equipped with all of the data you need to see where your business is limited and where you can expand to see the greatest amount of growth. ">Knowledge is power, especially when it comes to running a business. In order to keep your business alive and relevant, you need to know what is going on in every department, and you need to be able to make decisions that will be beneficial for the future. Business intelligence, or BI, is a concept that involves integration and delivery of useful business information. If you use BI software effectively, you should be able to improve communication, efficiency, and decision-making processes. Here are 4 reasons your business needs BI software. Access to Data Nothing is more frustrating than asking for an important report, waiting days for the report to be compiled, and then wading through pages of data, hoping to make sense of the results. BI systems constantly track and compile electronic data and are then able to deliver the needed information in a user-friendly format. Having this information at your fingertips will allow for more productive meetings and brainstorming sessions, giving you the chance to spend more time coming up with solutions to problems and less time digging through random files and spreadsheets to get the data you need. BI software also allows for employees at all levels to have access to the information they need to do their job, even those less versed in technical jargon. Eliminate Guesswork When in a crunch, many executives are forced to make guesses on how best to steer the company in the right direction. Rather than gambling on the important decisions, working with a good BI software will allow you to be informed about the most crucial details, giving you the confidence to move in a direction that will help you grow. BI software provides up-to-date data on things such as sales figures, customer data, and historical reports. It is even possible to receive this information on your mobile devices, allowing you to make fact-based decisions no matter where you are. Greater Efficiency As you incorporate BI software into your entire company, you will allow your employees to spend their time doing more important tasks than running reports and compiling data. A large amount of time is taken up by different employees trying to piece together a large puzzle because they only have 1 or 2 of the pieces. Allowing BI software to take over these tasks will give you the opportunity to see where redundancies can be eliminated and employees can be used more effectively. You may also find that as you start to see your true business costs, you will find ways to cut costs and save money that you never noticed before. An example of this can be found in an article on the CIO website, which provides business leaders with insight into information technology trends. This article reports that the city of Albuquerque used BI software to recognize opportunities to cut costs in places such as cell phone usage, overtime, and other operating expenses. Over the span of 3 years, they were able to save $2 million. Predict the Future No, you probably will not become a fortune teller simply by using a good BI software. However, you will be able to have a more complete view of your business, starting with where you have been in the past, how well you are doing now, and looking beyond to opportunities you may have for growth in the future. Many BI programs include a predictive model that analyzes data to pinpoint possible scenarios for success. Working with business intelligence tools, you will be equipped with all of the data you need to see where your business is limited and where you can expand to see the greatest amount of growth.
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