Business Intelligence refers to a number of activities a company may undertake to gather information about their market or their competitors. Some areas it includes are competition analysis, market analysis and industry analysis. Making smart use of information gathered to strengthen the business plans is the core objectives. Discussed here are three things you should look for while choosing your business intelligence software.
All business intelligence software allow for data collection. Imagine a thriving restaurant chain, Can you imagine the number of customer visits or the number of KOT’s they would have in a day? There is usually enough data to create an entire database by the end of the week from one restaurant.
Once you have all the data in place, you need to be able to cull meaningful information out of it. This process of data interpretation is much simpler, quicker and more accurate when you have business intelligence software do the calculations and plotting for you.
Report generation is something most operations people would run from. Lines of data under different columns & rows are not very interesting to read. A simpler way to read reports is using graphs and charts. Most business intelligence softwares automatically generate visual reports. For example, Proline 3.0. It generates visual reports automatically & simplifies the user’s job.
Because business intelligence systems bring in information from disparate parts of the company, you get a bird’s eye view of the entire business. Relying on business intelligence systems can be the thin line between success & completely ruining the business. Some business intelligence systems allow for business owners to take into consideration a few external factors like unemployment rates etc. that may be affecting the business.
With business happening at the speed of thought today, and customer demands for better, faster, more efficient systems in place, business intelligence systems give you a competitive edge and help position your brand to accelerate profitability. How do you plan to take your business forward? Isn’t it worth the effort to try using business intelligence systems?