Medium to large size businesses and companies have most probably heard of Business Intelligence, but they often do not know what it is really for and how it can help them.
First, let’s get into the basics; Business Intelligence (BI) is a term used to describe software that is used to help companies and businesses understand the data they collect within their own business.
How does this software help? In simple terms using these tools is like having business analysts, marketing experts, economists, and IT experts all rolled up into a single software solution.
The Benefit of SAP BI
Generally, businesses make use of this technology to help them with improvements with decision-making, cost efficiency and probabilities on business venture opportunities. Imagine this; you hold gigabytes of information related to your business performance but can never find the data you require fast enough to help with your decision-making. No doubt this sounds very familiar. This is where a Business Intelligence software solution such as SAP BW can help. With an initial period of configuration your business will be able to look at all the unstructured data currently sat in your ERP systems and get analytical reports answering the questions you have in a breeze. The long wait for complicated reports is now just a part of history.
It use to be the big business decisions were made by top executives discussing and debating strategies based on gut feelings and out dated business figures, but today with the use of business intelligence your intuitions and principles will be backed up with credible analytical reports.
BI is not just used for making those big business decision; it is widely use throughout corporations to identify business processes that are not working optimally within the business. Using BI software this way enables a company to re-evaluate how those business processes work and decide a course of action to remedy the situation.
Introducing a Business Intelligence system
Systems very rarely work in a plug ‘n’ play style. BI systems need to be implemented correctly to enable efficient reporting within the business. You will need to set up the Extract – Transfer – Load (ETL) process to make sure your ERP systems can feed data into a BI system to ensure the data is readily available for your business analysts.
Empower Your Employees with the Right BI Tools
In using business intelligence software it is important that the right tools are given to the right people within your business. Don’t just make the system available to a small group of people within your business; make it widely available. We have all heard the saying ‘Knowledge is Power’, well guess what, it is true. If you make your BI tools available throughout your business your employees will be empowered to make better business decisions, resulting it money being spent more wisely and better focus given to the product lines / business services that need attention.
Business intelligence applications have been proved to help businesses in so many ways. With the fast turnaround of analytical reports, management can quickly react and perform their strategies. BI also helps companies to point out values and relationships between their suppliers and customers alike. With the help of business intelligence analyses, the weak points of your businesses, decisions and strategies that are harming your profit and business flow, will be highlighted. Bringing light to these factors will give you better outlook on the total performance of your company.
Find Out the Poor Performing Parts Of Your Business In Real Time
Knowing your own business flaws is one great way to make a step forward against your competitors. You would not want your competitors to use your bad points against you.
The efficiency business intelligence has brought to many companies cannot be denied; food chains use these tool to help them analyse what type of foods should be served in specific locations, pharmaceutical companies use the software to decide the best use of their materials and consultancies use BI tools to decide their best performing service departments and when they can increase the prices on their rate cards.
The use of business intelligence within businesses is increasing year on year. Don’t let your company fall behind. Take the initiative and use BI tools to help give your company the lead in it’s section and industry. Those companies already using BI tools are often seeing the same results… Better cost savings, Best performance and most importantly, achieving Success!