9 ways to get more value from business intelligence in 2018

CIO | Jun 27, 2018

Improved customer relations, increased employee productivity, new revenue streams — big benefits await those who breathe new life into their business intelligence strategies.

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Business intelligence is more than statistics and reports – it’s a powerful tool that can offer businesses richer analysis, better customer service and revenue growth. Here are nine ways to get more value from business intelligence in 2018.
Build real-time BI into your customer-facing services
Clients and customers want real-time data for mission-critical systems and processes, and business intelligence is a great way to deliver the latest data in customer-facing reports and products.
Bring unstructured data on board
Unstructured data used to be too expensive and complex to use, but BI tools can help handle unstructured data in more meaningful ways, like to cross-reference multiple data points.
Improve employee performance through BI
BI can bring more objectivity to management by helping managers track employee performance, so they can be proactive, rather than reactive when it comes to employee productivity and efficiency.
Cut time wasted on data gruntwork
A lot of time is spent crunching data, but BI can help you free up analysts to work on more complex projects. These tools help pull data and update it instantly to track trends and profits.
Improve customer service
Customer service is more important than ever and analytics help give companies more insight into customer satisfaction. BI tools can improve user experience, highlight trends and help improve products.
Predict new revenue streams
You can’t predict the future, but BI tools can help organizations study trends to find future revenue streams. While not there yet, BI tools might even become sophisticated enough to help organizations run “what if” scenarios to plan for various outcomes and to see further down the road.
Automate budgeting and forecasting
BI is being incorporated into budgeting and forecasting, by giving companies more specialized tools that can better pin point the company’s financial future.
Embed BI into other platforms
BI tools aren’t just for the IT department – they’re finding their way into every business unit. IT can help manage this shift by embedding BI tools directly into products and guiding business users in the process.
Shift the emphasis to analysis
Until now, the main focus of data has been on collecting and storing it – but with more sophisticated BI tools, companies can shift to emphasizing data analysis over collection.
BI has incredible potential in the enterprise. It’s a powerful tool to get deeper insights into the success of your company and to give business a look at the future.
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