The growing importance of Business Intelligence
“Knowledge is past and intelligence is present” is an adage which squarely applies to today’s digitalized business world. In this competitive world business intelligence alone could make businesses successful. Business intelligence is a technique of transforming the collected data into information. CRM or customer relationship management is an effective business intelligence form for better results of the companies. Microsoft business intelligence or MSBI is a modern technique for successful business development.
The following are the Microsoft business intelligence tools that could form an organization’s database for analyzing and transforming them into actionable information for their development.
- SQL server data tools or SSDT
- SQL server integration systems (SSIS)
- SQL server analysis services (SSAS)
- SQL server reporting services (SSRS)
- Business intelligence development studio
- Database management systems
- Extracts, Transforms Load Tools (ETL)
How business intelligence help business development
Data and the tools to analyze them are out in the open in this digitalized business world. It is the business intelligence which acquires these data and stores them in a database for analyzing them in the right way to take companies to the next level. It should be the fundamental and integral part of any business for major improvements and sustenance in the future.
Importance of business intelligence
Even without the help of IT staff or other help multiple areas in an organization like sales, finance, customer satisfaction is benefited by business intelligence. They include:
A track of the employee’s ability, productivity, performance, scores, utilizing technological tools, payrolls, satisfaction levels and many more could be done with HR BI dashboards.
Demand and supply trends among the target audience, analyzing consumer trends, consumer behavior, formulating a business plan or strategy, production, manufacturing, budgeting and many could be enhanced with business intelligence. Also, it improves the relationships between businesses and customers.
Tracking budgets, visual insights into financial data, overall business health, potential problem areas and many more could be helped with business intelligence for taking a financial decision which could frame the future of the companies.
For any company, the return of investment is the sole purpose for business. This could be well boosted with the business intelligence by the strategic awareness of the following:
- Insight into the workings
- Trends & analytics of the business process
- Faster reporting
- Lowering the operating costs
- Manufacturing the products as to the requirements of the consumers
- Effective working of the business process
- Managing day to day efficiency
- Sales deal conversion metrics
- Enterprise-wide deployments
For companies to visualize sales cycle, display conversion & churn rates, total revenue, tracking the pipeline and many more will improve the performance of the sales to new levels which is the need of any company for its better future.
Enables access to details and analytics about the businesses to identify risks which are not efficient for the growth of business and make informed decisions.
Enhances tracking engagement, performance, trends, cost per lead, website traffic, and analytics of all marketing campaigns.
Business intelligence is the need of the hour for any organization for sustaining in this digitalized competitive business world.