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4 Scenarios When Business Intelligence Software Can Improve Your Business Strategy

Category: B2B News

biLet’s talk of that one company that never got stuck under piles of corporate data, losing more time to bring information back in order than to learn something from it. Can’t think of it, right? We can’t either. What we remembered instead are suffering businesses, looking to leverage the flood of business processes, customers, partners, suppliers, and competitors, and wondering why not even the best metrics seem to reveal a bright future. Well, it may be because data is not simply supposed to be there. You need a business intelligence tool that can transform it.

Business intelligence software filled quite a lot of gaps in business automation during the few decades it has been present on the market, but that doesn’t mean there is nothing else left for it to revolutionize. The mere concept of data analytics is innovative in nature, and works pretty successfully in responding to emerging trends and opportunities, meeting both the expected expansion and unexpected turbulence in various industries. What BI does best is transforming, and allowing businesses to analyze data in the most suitable, customized manner. The best part is that BI no longer stands for complex installations and cumbersome learning curves, but a streamlined software-as-a-service (SaaS) and self-maintained platform where all you need to know is which button analyzes what. That will pretty much be it – you will log in, and all of your business decisions will get their long desired logical explanation.

1. BI software develops strategies based on real-time data

You’ve pulled out some detailed last year reports, and that’s perfectly fine, but it won’t really help your market trend analysis. In fact, there is no bigger mistake than letting numbers dictate your business strategy, because you’re excluding a variety of external factors that can make or break the future of your investments.

Instead, you should rely on the resources you possess in real time, and think of the best thing to do with them. Rather than consulting inaccurate web sources to reveal the real potential of your company, you should look at that one and only place that can answer such a question – the company itself. Popular business intelligence platforms, such as Sisense planning tool can provide you with insight on your current data, and analyze it to develop what-if assumptions, and help you get ready for whatever market trends may bring on the table. This way, numbers will round up themselves, and there will be no need to go ten years back to understand how your business will be affected by different market scenarios. If you want to learn more about popular BI services you may want to read our Sisense reviews for some extra information.

2. BI software works with clear and shareable data

Many companies make the mistake of assuming there is nothing more to a BI platform than gathering data in a centralized location, which they prefer to do manually instead of investing in new software. The truth is a bit different: the development of your business strategy doesn’t end when data flows from multiple systems in a single one – it begins.

BI apps eliminate the clumsiest part of the data analysis process: they filter data, and sort out pieces that are relevant to you. Once you’ve implemented the BI solution, it recognizes your business and it uses old indicators to wrap up expectations, and complete the what-if puzzle with the right pieces. Once again, you may rely on Google’s search engine to drill into the variety of unreliable web sources and push the best ones forward, but have in mind the result will be optimized data, not something that will necessarily optimize your business procedures too. As a result, you will obtain a business plan that may suit most companies, in a setting where your business has the bad luck not to be one of them.

Instead, BI software will rank analytic results in a reasonable way, and help you base your future decisions on your current business position. From a starter’s point of view, each company has thousands of business options to choose from, so even if the BI platform doesn’t point a single one, your managers can still use it to skip guesswork, and narrow the choice to few effective strategies. What is even more impressive is how possibilities will be displayed – the tiring piles of complex spreadsheets will be replaced with comprehensive dashboards and scorecards, the same as user-friendly and creative graphics that may reveal threats you never even thought you’d face.

Here's how Sisense, one of the leading BI platforms, looks like.

Here’s how Sisense, one of the leading BI platforms, looks like.

3. BI software empowers fast and unanticipated reactions

If developing a productive business strategy were pure categorization of unrelated data crunched in a few easy-to-foresee net results, BI software would probably never have been invented. The reason why management turned to the developers to ask for it is that pure data crunching lost momentum and the market became too unpredictable for them to afford the luxury of taking completely random business decisions.

To be more precise, their idea was to give planning the expertise it deserves, and to learn how to predict both negative and positive market trends in order to be ready to react to them. The concept would be way simpler in a less dynamic business scenario, but the way things are now, optimizing the business plan in advance may be the most headache-preventing decision the manager will ever take.

While speaking of it, let’s dissolve another BI misconception: those of you who believe even the best business intelligence software platforms do nothing but expose data trends we already know everything about should consider its intelligent capacity to forecast scenarios each time it is being fed with information. Another important thing to appreciate is the opportunity to run a system that can be customized to industry-specific requirements: one doesn’t get that too often on the B2B analytics market!

4. BI software leads you to a ‘Datamensional’ Business

Looking to become more productive? Take a walk in your customer’s shoes, and try to figure out what he’s expecting from you. The first conclusion you’ll come over is that customers don’t accept solutions that aren’t based on reliable success examples, and that don’t develop a clear plan of how the final effect of their purchase is to be experienced. Even the simplest toothpaste package has a shiny smile printed on it, doesn’t it?

This is probably where your business intelligence platform will become handiest: you will dispose of a variety of best practice examples, satisfied users rankings, and comprehensive sales data to convince a buyer that your product/service is worth of considering. Once they’re on board, you will be able to analyze this data visually, and to capture the real picture of what that product/service can do for them, how it can do it, and when. Growth will come consequently, right because you chose to base your business plan on realistic examples, rather than the human conclusions of your managers who can go way beyond unbiased conclusions. That’s exactly what your business and your customers need you to do.

By Jenny Chang

Senior writer at FinancesOnline who writes about a wide range of SaaS and B2B products, including trends and issues on e-commerce, accounting and customer service software. She’s also covered a wide range of topics in business, science, and technology for websites in the U.S., Australia and Singapore, keeping tabs on edge tech like 3D printed health monitoring tattoos and SpaceX’s exploration plans.

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