8 Ways Business Intelligence Software Improves the Bottom Line
Business Consulting for Women Entrepreneurs in Houston
Can business intelligence (BI) solutions, software that helps organizations mine and analyze big data and small, help your company improve its bottom line?
1. Get fast answers to critical business questions. - Business intelligence provides data at the moment of value to a company, With a [BI solution] in place, companies can extract crucial facts from a large amount of data at a rapid speed. With quick access to your internal data, you can more efficiently use your time to analyze internal information and make decisions.
2. Align business activities with corporate strategy. - Companies incur a huge direct cost as well as opportunity cost when people, and even entire departments, focus on things that are not aligned with the company's strategy. Establishing metrics and key performance indicators aligned with strategy, then using BI software to provide visibility and drive accountability, brings alignment of activities and outcomes with the desired strategic objectives.
3. Empower employees. - The more people who have access to data, the greater value organizations will derive as a result. BI software allows businesses to maximize information capital and turn every employee into a decision maker. Armed with relevant, real-time information, individuals can make data-driven, informed decisions that impact the company's bottom line.
4. Reduce time spent on data entry and manipulation. - A strong BI system, if well-configured, can help eliminate the time spent copying and pasting data and performing calculations. That's because with business intelligence software, workers can quickly "generate reports where most of the leg work has already been performed behind the scenes. And the time saved preparing the report can be reallocated to analyze the outcome and drive better, more profitable decisions.
5. Gain insights into customers. - BI software allows companies to discover patterns within customer behaviors, offering greater visibility into what customers want, when they want it and how they want it.
6. Benchmark sales channel partners. - BI software can also reveal information about your sales channel partners, "enabling your sales team to triage top and bottom performers," says Bill Stark, head of Corporate Intelligence & Analytics at Clean Power Finance, an online SaaS platform that creates a virtual marketplace for institutional investors and the solar industry.
7. Identify areas for cost cutting. - Your BI software investment can pay for itself over and over by helping decision-makers identify areas for cost savings. Cutting excessive inventory, and thereby the cost to maintain it, is one of the easiest changes a company can make to immediately affect its bottom line. And a BI solution with a good dashboard, that provides retailers better visibility into inventory, enables them to make better decisions about what to order and when so goods don't sit idly on warehouse shelves.
BI software can also help manufacturers control and/or cut costs by analyzing manufacturing processes, allowing them to access and collect the data necessary to measure all major productivity and production influencing factors, as well as maximize production efficiency from the supply chain, the factory floor to the distribution network.
8. Boost productivity (by monitoring employees' use of the network/Internet). - Use business intelligence to see all the traffic happening on a network and how much time, employees are spending, on non-work activities.
Source: CIO
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Business Consulting for Women Entrepreneurs in Houston
Business consulting for women entrepreneurs in Houston, Advice for women entrepreneurs, Business Coach in Houston, Growth strategies for small business, Business coaching for women, Growth for women-owned businesses, Houston business coaching, Financial strategies for small business, Small business consulting in Houston, Business management consultant, Business, Consulting, Women, Entrepreneurs, Houston, Coach, Growth, Strategies, Coaching, Owned, Owner, Financial, Consulting, Management.
