7 Reasons Why Business Intelligence (BI) is Crucial

Aashish Yadav | March 30, 2022 | 285 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.

Spotlight

iKnowtion

iKnowtion is an analytic consulting firm that helps the Fortune 1000 grow their business. The firm specializes in Customer Analytics, Marketing Analytics, Big Data Analytics and Voice of the Customer. Global leaders in automotive, financial services, retail, technology and telecommunications rely on iKnowtion to help increase market share, boost customer loyalty, and optimize marketing spending. iKnowtion's industry knowledge and expertise, combined with a comprehensive and proven analytic approach, provides businesses with the marketing insights and analytical engines required to dramatically improve business results. Marketing executives look to iKnowtion to develop comprehensive customer intelligence-driven marketing and customer development strategies. Technology professionals look to iKnowtion to determine what data will be most valuable to their organizations marketing stakeholders, and how they are likely to want to access and leverage it. CFOs and other financial professional

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The Opaque Confidential AI and Analytics Platform is designed to specifically ensure that both code and data within enclaves are inaccessible to other users or processes that are collocated on the system. Organizations can encrypt their confidential data on-premises, accelerate the transition of sensitive workloads to enclaves in Confidential Computing Clouds, and analyze encrypted data while ensuring it is never unencrypted during the lifecycle of the computation. Key capabilities and advancements include: Secure, Multi-Party Collaborative Analytics – Multiple data owners can pool their encrypted data together in the cloud, and jointly analyze the collective data without compromising confidentiality. Policy enforcement capabilities ensure the data owned by each party is never exposed to other data owners. 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Scalability and Orchestration of Enclave Clusters – Provides distributed confidential data processing across managed TEE clusters and automates orchestration of clusters overcoming performance and scaling challenges and supports secure inter-enclave communication. Confidential Computing is supported by all major cloud vendors including Microsoft Azure, Google Cloud and Amazon Web Services and major chip manufacturers including Intel and AMD. About Opaque Systems: Commercializing the open source MC2 technology invented at UC Berkeley by its founders, Opaque System provides the first collaborative analytics and AI platform for Confidential Computing. Opaque uniquely enables data to be securely shared and analyzed by multiple parties while maintaining complete confidentiality and protecting data end-to-end. The Opaque Platform leverages a novel combination of two key technologies layered on top of state-of-the-art cloud security—secure hardware enclaves and cryptographic fortification. 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