4 Ways Cloud BI Supports Business-Savvy and Sound Decision-Making
Business Intelligence (BI) tools help eliminate guesswork, and empower you with insightful information. Time is one of your most valuable assets, and BI tools help you save time in making decisions. These powerful tools can also help you save time by avoiding uncalculated decisions about your business, and giving you back time that you may have lost to recover, that you can instead use to continue building and growing.
One of the BI advantages garnering much appreciation from business owners and leadership is the ability to make well informed business decisions in much less time than was required in the past. BI software helps guide your decision-making processes by providing deep analysis of your existing sales figures and performance, and making predictive models and visualizations about what you can expect in the future of your business. You can apply multiple variables to help understand the impact, and make decisions much more confidently.
Here are 6 important BI functionalities that support savvy business building and confident decision making across departments.
1. Real-Time Data
BI software systems are comprised of many powerful tools geared toward organizing and analyzing business data. While it could take days or weeks in the past to compile and analyze business data, BI software makes it possible to access real-time data and analyzation tools so you can get a clear, deep understanding of your business and make business decisions with more confidence and speed.
BI solutions can pull, compute, and analyze data in real-time, so you always have the most accurate sales figures, inventory, and reporting possible when you log into your system. Historically, analytics programs have run on a time delay, so you would not have access to up to the minute data. Real-time data can help you and your teams make well-informed decisions quickly with confidence.
2. Predictive and Prescriptive Analytics
BI software is very instrumental in gathering past and current information about your business so that you can analyze that data and learn more about the best ways to move forward successfully in your business. While this information is extremely valuable, most BI software systems also endeavor to predict tends for the future as well through predictive analysis features.
Predictive analysis uses patterns and models based on historic data to create formulas which can be used to predict future outcomes of your business.
Prescriptive analytics programs operate much like predictive analytics, but instead of helping you make future decisions for your company, you instead can try to solve current problems. Unique algorithms combine your data in a variety of configurations and help formulate potential solutions based on data findings.
3. Data Visualizations
Data analysis and reporting are central to understanding your business on a deeper level, while looking for areas of concern and opportunity. With cloud-based BI tools, companies of all types and sizes now have access to powerful business intelligence tools that can be used to improve profits and expedite confident business decisions.
One of the most compelling aspects of BI software is the ability to create data visualizations that showcase data with powerful imagery that can improve understanding and reveal new insights by looking at data visually versus simply comparing data in numeric-only formats.
Data visualizations are a popular BI functionality and provide you with a variety of options for creating stunning graphs, charts, maps, and more to breathe life into your data and make it more impactful for your business.
4. Self-Service BI Tools and Dashboards
Modern BI systems are much more intuitive and easy for non-IT executives and employees to understand and use effectively. There are suites of tools that can be customized and automated to fulfill all your regular reporting needs. You can also use BI to build comprehensive, in-depth reports by pulling from a variety of data sources to make one manageable, useful report.
BI software and tools will continue to improve and give companies the ability to analyze the past, present, and future state of their business through robust tools and interfaces designed to enhance business insights.
This trend is incredibly significant, because as data and analytics become more accessible across all levels of your business, you’ll find growing opportunities in data analysis that will enhance every department and benefit your overall business growth strategies immensely.
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