The ability to use data and information to make good decisions is invaluable. That’s why it’s so important for businesses to choose the right tools. That is the only way to get the insight they need.

This blog post will explore the main benefits of business intelligence tools. It will show you how they will help your business grow in 2022.

But business intelligence is not just about using tools to collect data about your business. It is also about using that data as the basis for decisions. If we ground our decisions in good data we will make good decisions. And the secret to running a successful business is to make more good decisions than bad decisions.

What is business intelligence?

Business intelligence describes strategies and technologies used by firms to analyze business data. BI technologies provide a view of the past, the present and even the future. It can sometimes predict business operations

What is an example of a business intelligence tool?

The market for data visualization software and Business Intelligence tools is busy. No players are popping up everywhere. Microsoft Power BI and Tableau are the biggest players.

Power BI is one of the most powerful tools that you can have in your marketing toolkit.

Power BI is Microsoft’s data visualization tool. It creates interactive visualizations and business intelligence. Its’ interface is simple enough for end users to create their own reports and dashboards. It is part of the Microsoft Power Platform

Power BI includes data preparation and visual-based data discovery. It features interactive dashboards and augmented analytics. It is software that runs on Azure. If you prefer you can run it  as an on-premises option in Power BI Report Server.

Power Bi is big. Very big. 1.2 billion people worldwide use Microsoft Office product or service. There are 60 million monthly active Office 365 commercial customers. 50,000 small business customers get Office 365 each month. Power BI is included in Office 365 E5. This means that Power BI sells itself.  Millions of other users of other Microsoft office products receive prompts from Power BI. They are nudged to “visualize in Power BI.” That means that everyone who uses Microsoft Office can see Power BI. And that is a lot of people. Microsoft Power BI is not going away anytime soon.

Tableau is Power BI’s main competitor. It is easier to use than PowerBI. And it offers marketers a more powerful insight into customer behaviour than they might have ever seen before..

It means business users can access, prepare, analyze and present their data. Tableau uses visualization to show your data to the world. It gives your data meaning. It also makes it impactful and persuasive. That is why marketeers love Tableau so much.

Tableau is very popular with its users. Customers show a fanlike attitude toward Tableau. An incredible 20,000 users attended its 2019 annual user conference. These users are strong champions for Tableau.

The are more business intelligence tools beyond Tableau and Microsoft’s Power BI. They include XL charts, Datapine, yellowfin BI. The list goes on and on.

Why do you need a business intelligence tool?

Data discovery was once the province of advanced analytics specialists. But now is something almost anyone can do using tools like those listed above.

These tools will give anyone insights you need to achieve business growth. It will collect all your data in one place. It will help you identify and resolve urgent issues. You will be able to forecast future outcomes and track past mistakes. It will identify trends that you would otherwize have no idea about.

How exactly does business intelligence improve efficiency?

Business intelligence improves decision making. It makes it faster and easier. That means you can deploy your workforce or resources without hesitation. You will be able to analyze your business processes and boost efficiency.

The main advantages of using a business intelligence tool in your company:

Accurate data analysis

A business intelligence tool means your employees can up to date use data. With accurate data you make better decisions using the results of analysis. And that does not mean only analyzing past data. Predictive analytics means you can predict future events based on detailed research.

 New insights for better business growth

Business Intelligence means you can discover your company’s hidden treasure. You will locate areas with potential for growth. PowerBI will help you anticipated market changes. That means you will come up with effective strategies before it’s too late.

Alerts for real-time data means faster decision making

One of the advantages of an enterprise business intelligence tool is alerts. They let you receive alerts every time your data changes fast. This allows you to make better business. You can react fast or and find out what led to those changes – immediately after they happened.

Improve customer satisfaction

An advantage of an enterprise business intelligence tool is tracking customers. You will be able to see how they are reacting to certain services or products. You will see what customers think about their experiences. That will help you make better decisions . Especially when it comes to designing new product packages or running events.

By watching customer data, you can make sure your product aligns with their needs and wants.

Engage employees by removing data entry

Employees that use spreadsheets waste a lot of time inputting data. A lot of advantages come with enterprise business intelligence tools. They mean employees access information fast. So they can improve their productivity by having more time for other important tasks.

Help cut costs

Good business intelligence software helps you keep an eye on cash flow. That helps you reduce costs. Insight into how your company is performing will help you see where you can make cuts. You will be able to keep a close eye on the money earmarked for future growth.

Consider the advantages a business intelligence tool could bring to your business. If you think it can help – and it can – then get to it.

But remember, collecting data is only half the story. It is also necessary to use it. You need to make data and Business Intelligence a focal point of your team’s strategic thinking. You must ensure that you use it to craft smart business policies.

The advantage of enterprise business intelligence is clear. It helps you make more good decisions. And less bad ones,.

Over the long haul, that will safeguard your company from unnecessary failure.

More than that, you will be able to get an edge on business rivals.

Related stories

Try this sniff test to see if your business stands out

Business intelligence tools give your business a competitive advantage

6 undeniable reasons why Power BI is a good skill to have for any marketer

Everything you need to know about advertising on one annotated slide

About the author

My name is Andy Pemberton. I am an expert in data visualization. I guide global clients such as Lombard Odier, the European Commission and Cisco on the best way to use data visualization and then produce it for them: reports, infographics and motion graphics. If you need your data visualized contact me at andy@furthr.co.uk or call 07963 020 103

Posted in: Infographic of the day