We live in the Information Age where everything we could possibly need is readily available, and with this information comes great power!
So why doesn’t everyone tap into this fountain of knowledge? Well, with the abundance of raw data, it can be overwhelming and challenging to interpret without a little help – this is where Business Intelligence (BI) tools come into play – they pretty much do the hard work for you, so that you don’t have to.
BI Tools essentially analyze an organizations unprocessed data and then feeds it back to you in a digestible, tangible manor. This provides you with crucial insight that fundamentally allows you to make informed, data driven decisions that lower risk and increase ROI.
So why should you care about BI?
Many companies are hesitant to adopt BI tools for fear of the unknown, though the truth is it should really be an integral part of any decision making process. Why would you choose to wear a blindfold when the option is there not to?
- Open the window into the future. BI Tools not only show you the current state of affairs, but also predict how the trends will continue way into the future. This allows companies to anticipate the next move and stay ahead of the curve. It increases the chance of gaining first mover advantage and reaping the rewards that follow, and ultimately it allows you to be proactive rather than reactive – to be able to forecast, strategize and synergize effectively.
- Value time. Time is money, and in today’s fast paced world, you don’t want to waste either. Why choose to spend valuable hours/days/weeks/months conducting research that’s someone else has already spent hours/days/weeks/months data crunching to get the same thing? Your time is important, especially in smaller business where they simply may not have the man power to spare. With BI tools you can extract data and create reports with the click of the button, thus boosting productivity by freeing up your time and resources to allocate elsewhere.
- Arm yourself with knowledge and insight. You wouldn’t charge onto a battle field with no armour, so would you charge into the path of your competitors without a shield of insight? The world of business is a battlefield, and the more knowledge, intelligence and information you have, the more likely you are to succeed and win. If you are planning to expand into new markets, you need to first understand everything about it, from competitors to consumer trends, before heavily investing any time or resources. You want to mitigate the risk as much as possible, and this is exactly what using BI enables you to do.
- Gain competitive advantage. Data driven companies are three times more likely to succeed financially. Data is growth fuel, it allows you to grow strategically and leapfrog your competitors by identifying opportunities. It’s making the complex simple, where growth will simply be a side effect to everything else going so smoothly.
- Maximise ROI. Not only do BI tools allow you to streamline your processes as much as humanly possible, they allow you to form solid strategies that allow you to be specific in your approach. If, for example, you want to tap into the Chinese market, BI will tell you exactly how, when and why the Chinese do/buy what they do, so you can then target your advertising to capture that specific market efficiently. This results in quicker results, lower overheads and maximum profit.
So, in summary, I believe a better question would be: why would you not care about BI?