How Can Business Intelligence Be Useful for Companies?

October 6th, 2020

No one can deny the impact that technology has had on businesses in every industry. The technology that’s available today helps businesses achieve goals that would have been impossible without these developments. Business intelligence, in particular, has made a huge difference in what businesses are capable of doing. BI can benefit various teams within a company, like marketing and sales. 

Business intelligence software collects and analyzes information to help businesses better understand it. With BI, companies can view this data in straightforward formats like graphs, charts, and maps. This gives businesses valuable insight and helps them understand the next steps they need to take. 

Here are a few ways business intelligence is useful for companies. 

Access to Reliable Data

One of the most obvious benefits of business intelligence collecting, analyzing, and presenting information is that it provides reliable data. Business intelligence gathers data in real-time and can quickly analyze it, so businesses can start putting it to good use sooner. The data collected and analyzed by BI can also be more accurate than data obtained by other methods. Business intelligence doesn’t require workers to collect data and create reports themselves and doesn’t risk human error affecting the data. 

More Informed Decisions

Everyone wants to make the best choices for their business, but this is difficult when you’re missing important information. Businesses might try to make decisions they feel will have the most positive impact, but there’s only so much you can do with the data you have. If you’re missing data or have inaccurate data, this is what you're basing decisions on, which has a huge impact on the outcome. With access to more reliable data, businesses have the information they need. This means businesses can make more informed decisions that help them make improvements and meet their goals. 

Better Customer Satisfaction

Of course, all businesses depend on the satisfaction of their customers and clients. BI can collect data about your customers, which can positively impact your relationship with them in several ways. By utilizing business intelligence, organizations get vital customer insights that would otherwise be unattainable. This can give businesses a better idea of their customer’s behaviors regarding their buying patterns. BI can quickly inform businesses of current trends, so businesses can offer the products and services that are most likely to sell. When companies know how their customers think and can provide them with exactly what they want, you can expect to see more satisfied customers. 

Increased Productivity

Teams that use business intelligence can become more productive thanks to the tools and resources available to them. By giving employees easy access to valuable This gives employees actionable information, so they understand what improvements to make.  Business intelligence can also help free up valuable time for many employees. Rather than creating time-consuming reports with data themselves, they readily have access to curated information when they need it. Automation like this is a huge benefit for every business, as it takes away repetitive tasks like this that can take a while to do manually. Employees now have less to deal with and can spend more time focusing on tasks that require their attention more. 

Higher ROI 

Business intelligence is more than worth the cost of investment. Each benefit that BI provides an organization helps them ultimately become more successful. The data that a business gets from BI is extremely important in improving and making changes that lead to more sales. Business intelligence software gives businesses the chance to learn more about their market, appeal more to customers, and increase their revenue in return.   

Business Intelligence Tools for Print Companies

Of course, to get the benefits of business intelligence, you need to use the right software for your company. Different industries may require business intelligence tools that help meet their unique needs. At shopVox, we provide BI solutions with features made specifically for custom manufacturing companies that create products like signs, apparel, and engravings. 

Learn more about how shopVox can be a useful tool for your business.