7 Reasons Why Business Intelligence (BI) is Crucial

Aashish Yadav | March 30, 2022 | 401 views

7 Reasons Why Business Intelligence (BI) is Crucial

In today’s digital and customer-centric world, businesses are facing stiff competition. Most of these businesses are bombarded with information and are actively exploring ways to derive significant insights and control from the data gathered. For businesses to resolve the issue of data overloading, obtain a competitive edge in the market, and make informed decisions, there is a need to adopt business intelligence. Unfortunately, even with the long list of benefits and the increasing number of users, most companies are very slow in adopting it. Business intelligence empowers you to combine the power of technology and business expertise to make informed decisions and outplay competitors. According to Techjury, more than 46% of businesses are already using a business intelligence tool as a core part of their business strategy.


Swain Scheps rightly highlights the importance of business intelligence in his quote:

“Business intelligence is essentially timely, accurate, high-value, and actionable business insights, and the work processes and technologies used to obtain them.”

Business Intelligence VS Business Analytics

Business intelligence and business analytics are often considered synonyms with the same meaning, definition, and method of working, but that's not the case.

Business intelligence refers to technologies and strategies developed by enterprise industries to analyze existing business data and provide historical, current, and predictive events for business operations. Present-day businesses are widely accepting business intelligence technologies.

Business analytics is the process of technologies and strategies utilized to continue analyzing and extracting insights and performance from historical business data to drive successful future business planning. There is also a long list of the importance of business analytics.

Common Challenges Faced by Today’s C-Suite

The responsibility of the C-Suite and the CEO, in particular, is to accelerate the growth of a company and work towards achieving industrial excellence. They face immense pressure from various stakeholders who sometimes have theoretical expectations regarding the performance of the company and its results. Let’s check out some of the common challenges faced by the C-Suite.

Expectations for Growth Acceleration

Driving growth and achieving a significant increase in the profit margin annually are among the top challenges faced by today’s C-suite. In the event of continued failure in achieving this goal, CEOs can affect their record.

Business intelligence solutions analyze all the company data and assist the C-suite in making informed decisions. They also help in accelerating the growth of the organization by optimizing internal business processes, enhancing operational efficiency, gaining a competitive edge, and others. By extracting important information from unstructured data and turning it into useful information, BI helps to speed up the process.

Stakeholder’s Demands

Stakeholders can sometimes demand theoretical or special reports and data. Failure to fulfill this demand can upset the stakeholders.

While business intelligence tools may not help you meet the special demands of your stakeholders, but it will certainly help you analyse and explain why a particular target could not be achieved. Moreover, it also keeps track of all the activities, your decisions, and how the company has performed, which will reflect your efforts and incremental progress to the stakeholders.

Budgetary Restrictions

According to Betsy Burton, vice president and distinguished analyst with Gartner, the cost of BI tools is high, which limits their implementation in businesses with limited budget access, such as small to mid-sized companies. Despite the demand and need for business intelligence, often a minimum portion of the operating budget is allocated for the improvement and upgradation of data analytics and the business intelligence systems. As a result, progress is not made, benefits of business intelligence are not reaped, and the cycle of challenges continues in the C-suite.

In this case, businesses can either explore adopting business intelligence tools in phases, or they can opt for self-service BI or embedded BI tools, which are more affordable and can be easily integrated with existing systems.

How Can Business Intelligence Make a Difference?

Not only enterprise companies, but even small, mid-sized, and large businesses can benefit from business intelligence. Adopting business intelligence technologies has numerous benefits. Here are the top seven reasons why having business intelligence (BI) is crucial.

Gain Customer Insights

With the help of business intelligence, businesses can analyze their customers’ buying patterns to obtain customer insights and create user profiles as per their behavior. Customer insights will help businesses create better products and enhance the product experience for their customers.

Improved Efficiency Across the Organization

Having an effective business intelligence system significantly improves the efficiency of the overall business processes and has a positive impact on revenue. In addition, access to meaningful insights reduces the waiting time for reports and increases team productivity.


Gain Sales and Market Intelligence

If you are a sales executive or a marketer, you probably keep track of your customers with the help of a CRM solution. A CRM solution aims to collect all the data and make sense of the data about your customers through charts and tables.


Insights into Consumer Behavior

One of the significant benefits of investing in business intelligence is that it increases the ability to analyze and understand customer behavior. It will highlight a customer’s buying behavior and highlight changes in behavioral patterns.


Improved Business Operations Visibility

Understanding the importance of business intelligence helps control business processes. It helps to assess what is going on in a business carefully. Active vigilance over processes and standard procedures can help to fix errors.


Return on Investment (ROI)

Business intelligence helps a company get a better return on its investment (ROI) by improving strategic awareness, speeding up reporting, cutting operating costs, and getting better quality data.


Gives a Competitive Edge

Apart from all the other benefits of business intelligence, having the potential to handle and analyze enormous amounts of data is in itself a competitive advantage. Furthermore, budgeting, planning, and forecasting are effective ways to keep up with the competition, go well beyond ordinary analysis, and are simple to implement with business intelligence tools.


Final Thoughts

Understanding the importance of business intelligence and having a great business intelligence system has become quite essential for businesses these days. Business intelligence is much more than just graphical representation. It is a set of tools that businesses can use to help their employees succeed. BI can change your business by providing the information required to make fast and informed decisions.


FAQ


Will my business data be secure?

Any IT system must have data security and availability as their top priority. A business intelligence solution should provide the high standards of performance, reliability, and security. To keep the data safe, credible business intelligence solutions make use of existing security infrastructures.


My business has already invested in CRM, Accounting, and Marketing Software. So, why should I also invest in Business Intelligence?

While you may utilize a variety of line-of-business systems to administer your company, BI is about integrating data from numerous sources in an organized way to graphically represent information in a meaningful way. A constructive business intelligence solution should be able to connect to daily business software with ease.


Why Is BI Reporting Better Than Conventional MIS Reports?

Management reporting is only a small part of business intelligence. It gives you real-time, quick, and easy access to actionable business information about customers, goods, finance, and the market.

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Basis® Technologies Integrates with DrivenIQ to Provide Clients with Audience Data, Insight and Media Activation in Minutes

PRWeb | March 27, 2023

DrivenIQ (https://driveniq.com), experts in audience data and advertising technologies, today announced it is an official data partner and audience data provider for Basis Technologies (https://basis.net). Basis Technologies is a leading provider of cloud-based workflow automation and business intelligence software for marketers and advertisers. For programmatic advertising activated through the Basis platform, marketers can expand audience reach with access to DrivenIQ’s data platform of 230 million households, 14 billion records and 492 million individual users. DrivenIQ gives brands and retailers the ability to curate custom audiences, segment site journeys and A/B test, all while bringing audience insight and activation in minutes - a process that normally takes weeks to complete. “We’re proud to be among an elite group of data providers for Basis and its thousands of agency and enterprise customers,” said Albert Thompson, founder and CEO of DrivenIQ. “This partnership further solidifies DrivenIQ’s audience data and customer data platform (CDP). It also provides Basis clients with unprecedented 1st-Party data, consumer persona insights, 360-degree views of consumer behavior trends, and intent buying and shopping signals. This information gives Basis clients the unprecedented ability to reach their ideal audiences and personalize their marketing campaigns.” DrivenIQ’s Identity Graph, known as DrivenID, empowers marketers and brands to present real-time, highly customized and targeted ads to millions of consumers across online and offline channels. DrivenID works in tandem with ResolveID™, a sophisticated 1st-Party website audience resolution technology that identifies up to 40% of all visitors to a website at any given time. Both solutions are overlaid to provide more than 500 different data points, including demographic, psychographic, ethnicity, affluence and contextual buying intent behaviors. According to Thompson, DrivenIQ’s data is deterministic and focused on consumer households and privacy compliance for billions of customer records across hundreds of millions of U.S. households. “What marketers need is the true ability to curate and reach ideal audiences across disparate media channels while connecting multiple devices in the process,” Thompson said. “What’s more, they need a 360-degree, real-time audience perspective. These are the most effective ways, backed by proven results, that Basis clients can improve ROAS, drive sales, grow their business and achieve relationship-driven marketing efficiencies.” “DrivenIQ automates important parts of data-driven marketing. Its capabilities can enable our clients to reach targeted customers with speed and accuracy,” said Ian Trider, VP of RTB platform operations, Basis Technologies. “As third-party cookies deprecate, it becomes vital for advertisers to utilize first-party data targeting that scales and can be highly customized for their marketing efforts.” In addition to DrivenID and ResolveID, DrivenIQ’s audience management platform (AMP) also offers geo-location, spot-on-earth Pii technology that enables out-of-home, real-audience identification capabilities to target locations and places that intenders have recently engaged with or visited. This gives brands the ability to target consumers with precision geographic location technology and to close the loop on conversion sales attribution and ROI, as well as the ability for brands to activate custom audiences across their favorite integrations and marketing channels. DrivenIQ is a data-driven intelligence technology firm. In 2021, Capstone Technologies Group, Inc (OTC: CATG), a company that acquires, operates and organically develops disruptive technologies, acquired an initial minority interest in DrivenIQ and has since invested additional capital to further accelerate the company’s growth. About DrivenIQ DrivenIQ is an omni-data ad tech company and Audience Management Platform (AMP) that specializes in zero party and 1st-party data to help businesses best advertise to their ideal customers. The company offers a variety of services, including website traffic analytics, geo-zoning technologies, text message marketing, social media solutions, VisitIQ™, a caller ID solution for websites, DrivenIQ Identity Graph and DriveBidTM, a live vehicle trade-in marketplace. Founded by Albert Thompson, a digital advertising expert and former car dealer, DrivenIQ is known for its automotive industry data solutions, although it helps small, medium, and large businesses across various industries.

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