Why You Should Use Business Intelligence to Make Executive Decisions
The internet, with number crunching and data analysis as its' love language, always seems to be coming up with new ways of interpreting your business data to help guide your decision making.
In its most basic form, business intelligence encompasses the analysis of a company’s raw data and analytics, to produce actionable takeaways. Data analyzed might include current sales figures, customer shopping habits or operations costs. With more data at our hands, business intelligence is critical to making informed business decisions and can be a key component of forming predictive analyses for the future of a company.
It can be hard to tell which, if any, software to invest in, and all of the change associated with going from pivot tables to digital dashboards. Relinquishing control of each data point for the greater aggregate of cute displays certainly has benefits. It is a cumbersome investment for software and analysts, so outsourcing this may be a good fit for your business, depending on its' needs. You can use business intelligence to guide your executive decision making in Marketing, Operations, Logistics, or holistically. This post serves as a way to break down the benefits of employing business intelligence through your organization and how to seamlessly integrate it with your way of doing business.
It's Easy to Use
It's not rocket science, but it takes someone who can listen intuitively and help match the right data to your KPI's. Business Intelligence reduces human error while providing a more seamless and digestible experience for end users. The User Interface (UX) coupled with the visibility and control that our tools provide, can help your business enact some serious change.
The powers of data analysis are endless. This visibility helps to uncover trends and patterns and provide quantitative backing to your decision making. If you are curious how much you are spending on a certain category, it is only a few clicks away.
One of the main benefits of these tools is its' simplicity. You can save so much time trying to interpret what's important and what isn't.
It Tells the Right Story
Pairing your data sets with the right metrics can help you make the choices that are right for your company's bottom line. The intelligence gained from these tools helps you pinpoint your goals and consolidate efforts, so you can work smarter.
When it comes to marketing, your team will benefit greatly from BI through improved visibility of sales information, which can be used to finely tune and target their marketing campaigns. They can use technical features to track and measure every campaign and use information garnered to ensure future marketing initiatives are as profitable and effective as possible.
Is your company trying to run more sustainably? The right tools can help you benchmark your percentage of spend on recycled products across your industry and how you fare. The customization tools are at your disposal and can quickly shed some light on areas for growth and focus.
Finding The Right Solution Provider
It's important to do your due diligence when it comes to choosing the right solution provider for your Business Intelligence programs and how they fit in with other vendors. A good service provider will provide you with their own dashboards and recommendations based on shared KPI's.
We leverage the magnitude of our Business Intelligence program to aggregate your data and turn it into meaningful dashboards that can help you make important decisions on the spot. Whether your focuses are more high level or granular, our reporting can support your key initiatives and increase operational efficiency. The power of these insights can help you get ahead of the curve and adjust your spend trajectory quickly. Guy Brown's Business Intelligence advisors are here to provide support and help you implement change based on the story your data can tell.
In today's environment, making predictively informed decisions can put you ahead of the curve. Through these powerful insights, we help you focus on what you are spending your money on, why, and if it can be spent more appropriately. You can confidently go to your executives with data-driven recommendations that will provide tangible results.
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Author: Lauren Jenkins at Guy Brown
Lauren is a Guy Brown associate and helps with sales, marketing and PR. Always ready to share her experience (particularly in writing), Lauren works with Guy Brown clients helping them find better ways to manage long-tail spend and uncover cost saving opportunities.