Many companies have heard of business intelligence, but some have chosen not to wield its power to the benefit of their organization. Business intelligence can provide your company with valuable information, helping you make smart decisions based on current and historical data. If you haven’t delved into business intelligence, or aren’t fully utilizing its capabilities, here’s what you need to know and why it matters to your organization.
What is Business Intelligence?
Business intelligence, also called BI, is a set of computer technologies that help your company identify, discover, and analyze data in a way that benefits your organization. This includes examining current and historical data as well as generating predictive views that can allow you to make smarter decisions.
Goals associated with business intelligence often focus on streamlining processes, improving products or services, creating more effective marketing campaigns, and more.
Why Business Intelligence Matters
BI gives you the ability to take data you are already gathering and turn it into actionable information. The benefits are primarily strategic, as you can make wiser, more informed decisions with greater ease. Business intelligence gives you the ability to identify patterns and trends in a timely fashion and can often make connections that would be challenging for the company to realize otherwise. You can also use larger data sets than may be manageable by one person alone.
For example, business intelligence can help you gain valuable insights into customer behavior, shaping future product developments or improvements as well as adjusting marketing campaigns to improve their level of effectiveness. Since you can use large data sets, you can monitor customer behavior on a more significant scale, making the outputs more valuable.
Business intelligence also gives you additional visibility into your operations, making it easier to identify bottlenecks and streamline your approach to production, development, and more. You can also use the information to determine where investments should be made, allowing you to target critical areas that are negatively impacting productivity.
To take advantage of BI, you’ll need software that offers the capabilities. There are a number of options on the market today, so finding one that meets your needs (or even targets your primary industry) is fairly easy. Generally, it is wise to consider a few options that offer the tools and features you need to review your data based on your priorities, allowing you to select a solution that provides the functionality you require.
Business Intelligence Professionals
Whether you are considering jumping into BI for the first time or are interested in increasing its use in your organization, you’ll need skilled BI analysts to make the most of the technologies. These professionals have specialized skills and experience related to business intelligence, ensuring that they are fully capable of working with your selected systems and producing meaningful results.
If you are interested in hiring a business intelligence analyst to join your team, the knowledgeable staff at The Squires Group can connect you with some of today’s leading talent. Contact us today to learn more about our recruitment process and to see how our services can benefit you.