Business Intelligence Service can help companies become more efficient, by spotting areas for cost savings and identifying new business opportunities. Read to learn about getting focused inputs from raw data.
Business intelligence is described as the set of techniques and tools for the transformation of raw data into meaningful and useful information for the purpose of business analysis. Being a technology driven process, Business Intelligence Service helps in analyzing data and presenting actionable information to help business executives, managers and other end users take more informed business decisions.
Raw data, including historical information, as well as new data gathered from source systems as it is generated, is interpreted for accelerating and improving decision making, optimizing internal business processes, increasing operational efficiency, driving new revenues, as well as gaining competitive advantages over business rivals. Business Intelligence Services has many significant advantages, some of which are listed below :
Enables fact based decision making
The senior management gets Business Intelligence Service reports on all aspects of business including finance, production as well as customer data, helping them make fact based decisions on all aspects. This information can be synthesized in pre-determined ways, such as current return on investment reports for individual products or product lines, to take decision on which products to concentrate on and which ones to discontinue.
Getting insights into customer behavior
Another benefit of business intelligence is that it allows companies to get inputs about what customers are buying or not buying, providing them the opportunity to turn this knowledge into action. It helps in going in for redesigning, changing the product mix, tweaking the products, while at the same time retaining valuable customers. Moreover, real time customer insights motivate companies to design and develop new products and services in line with customer expectations.
Business intelligence is described as the set of techniques and tools for the transformation of raw data into meaningful and useful information for the purpose of business analysis. Being a technology driven process, Business Intelligence Service helps in analyzing data and presenting actionable information to help business executives, managers and other end users take more informed business decisions.Raw data, including historical information, as well as new data gathered from source systems as it is generated, is interpreted for accelerating and improving decision making, optimizing internal business processes, increasing operational efficiency, driving new revenues, as well as gaining competitive advantages over business rivals. Business Intelligence Services has many significant advantages, some of which are listed below :
Enables fact based decision making
The senior management gets Business Intelligence Service reports on all aspects of business including finance, production as well as customer data, helping them make fact based decisions on all aspects. This information can be synthesized in pre-determined ways, such as current return on investment reports for individual products or product lines, to take decision on which products to concentrate on and which ones to discontinue.
Getting insights into customer behavior
Another benefit of business intelligence is that it allows companies to get inputs about what customers are buying or not buying, providing them the opportunity to turn this knowledge into action. It helps in going in for redesigning, changing the product mix, tweaking the products, while at the same time retaining valuable customers. Moreover, real time customer insights motivate companies to design and develop new products and services in line with customer expectations.
Identifying cross-selling and up-selling opportunities
It also allows companies leverage customer data to build, refine and modify predictive models, helping sales and field staff to up-sell and cross-sell products at appropriate customer touch points. Thus accurate business intelligence, coupled with defined customer preferences, helps in achieving higher sales and more profits.
Improving overall efficiency
Many companies waste significant time hunting for data needed to understand what is going on in their business, which they then interpret to get insights. As all the information in business intelligence system is centralized and can be accessed on a dashboard, and turned into a report, it saves enormous amounts of time in eliminating inefficiencies.
Managing inventory effectively
Business intelligence assists you ordering the right amount of inventory at the right time so that customers receive their products when they need them, besides avoiding the cost of stocking and maintaining excess inventory.
Simplifying business processes
As business operations become more and more complex, tracking and monitoring business activities is extremely difficult for any organization. Business Intelligence tools simplify this process by tracking business operations, getting constant updates about competitors, customer trends, future potential etc, and taking corrective measures for simplifying processes.
Thus, a functional Business Intelligence Service is a true indicator of the working of a company, assisting decision makers with correct data to take correct and fast decisions on crucial aspects of the company.
Ref: http://www.articlesbase.com/software-articles/take-informed-decisions-from-business-intelligence-service-7363380.html
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