Small and medium-sized businesses can’t afford to not be data-driven when making business decisions. Business intelligence insights can help SMBs navigate today’s challenges. Supply chain issues, labor shortages, and market uncertainties can all be overcome with insights gleaned from a business intelligence strategy.
Business intelligence tools can transform your raw data into actionable insights using data analytics. But what are insights in business intelligence and how are they different from the run-of-the-mill reports and raw data you’re using now?
Let’s break it down.
Business Intelligence Yields Deeper Insights
Your business is generating far more raw data than traditional solutions can process.
Business intelligence insights, on the other hand, can process the vast amounts of data that is currently unused.
For example, you probably already know which of your products are bestsellers. This kind of information is important knowledge – or, intelligence. But do you have that intelligence in real time, or are you relying on end-of-day, or even weekly, reports?
On top of this, are you able to consolidate your data sources to get a predictive visualization of which products will be bestsellers next month or next year? The answers to questions like these are considered business insights that are made possible thanks to modern BI.
The way Walmart uses BI solutions to manage its inventory is a great example of real-time business intelligence tools that produce insights.
In 2019, the retail giant equipped one of its stores with cameras and sensors to measure inventory patterns. Walmart’s BI solution produced real-time sales demand, and the BI platform automatically told employees which shelves needed to be stocked.
Business Intelligence Insights Use Predictive Analytics
Modern BI solutions can do more than provide data analytics about past or present performance.
Insights in business intelligence can also produce predictive analytics. In the example above, Walmart’s BI solutions also used a predictive analytics platform to anticipate product demand.
As a matter of fact, you see predictive analytics at work every time you buy something on Amazon.
The largest online store in the U.S. uses predictive analytics powered by AI to suggest products to its customers. These suggestions are so good at predicting demand that even you have probably added an unexpected item to your cart a time or two.
But you don’t have to be Jeff Bezos to make use of predictive analytics in business intelligence insights.
The machine learning that makes targeted forecasting possible has many uses. For example, predictive analytics platforms can provide BI insights into consumer behavior.
Your BI platform can use raw data generated throughout the customer journey and predict when individual customers are ready to buy. Your company can use the business intelligence insights for more effective marketing.
BI Dashboards Provide Combined View of Insights
Insights in business intelligence are gathered into a single platform. Traditional reporting methods, on the other hand, scatter information across multiple data visualization materials.
Currently, you likely have several data sources across departments, which you must assemble before you can make data-driven business decisions. And you probably have several raw data visualization tools to help you make use of the information.
Insights in business intelligence are available through a BI dashboard. This is a single point of truth from which the entire company can operate.
With a BI platform, you have the benefit of a single data visualization tool that combines data sources to create invaluable BI reporting. Using business intelligence tools to dismantle silos can increase collaboration and boost innovation.
In one case study, companies that made business intelligence insights available across departments using a BI dashboard saw earnings increase by 27%.
Use Business Intelligence Insights for Data-Driven Decisions
Over the last couple years, your business has had to wrestle with too many unknowns. From shrinking supply chains to a shrinking labor pool, business intelligence insights can help you overcome many challenges.
Insights from modern BI solutions can process far more information than you’re currently capturing. And a BI solution that also has a predictive analytics platform can help you foresee challenges – as well as their solutions.
Your entire business operation will benefit when you invest in business intelligence tools. By combining data sources into a single BI dashboard, everyone within the company will be working from the same information. A business intelligence strategy can increase collaboration across departments and dismantle silos. As a result, your company will be more efficient and profitable.
Are you ready to learn more about how business intelligence can help your company grow? Contact Teamworks Group today.