In today’s digital economy, BI solutions are more valuable than ever before. We’re all operating in the era of Big Data, where the volumes of data that businesses are dealing with on a daily basis seem to increase by the second. With more complex data than ever before now an unavoidable part of doing business, the ability to assess and analyse all this data manually or with disparate, legacy systems is simply not possible. BI solutions make the most of Big Data, interpreting the information and turning it into instant insight, making poorly informed decisions a thing of the past.
Because BI systems have the ability to consolidate information from multiple sources, they break down the silos of information that can be such a stumbling block for businesses who are striving to achieve a comprehensive, real-time view of their organisation. By amalgamating all business information into one central system, analysing this information to achieve a single version of the truth, BI tools give unparalleled oversight and insight into the business, while providing the ability to drill down into data streams for maximum transparency and traceability. It’s this streamlining of information from across the business that improves business agility further still, putting the right information in the right hands at exactly the right time.
The most advanced BI solutions are able to automate tasks such as weekly sales forecasts and reports, gathering customer insights, and report distribution, saving time and money and leaving employees more time to focus on more value-add, strategic activities. This level of automation not only means real efficiency savings for the business, but increased accuracy too, without the inevitable errors that occur when manually pulling together information for reporting purposes. The foresight afforded by BI systems is a game-changer, too, with predictive analytics helping to pre-empt trends and issues before they occur, removing the need for guesswork and resulting in more accurate, strategic forecasting to support proactive business decisions.
With more data than ever now part and parcel of doing business, BI solutions have really come into their own, representing the only way that businesses can make sense of the massive amounts of information flowing in and out of their business every day. The best BI systems out there can turn this data into a real competitive advantage, revealing new depths of business insight to speed-up informed decision making, optimising business agility and maximising performance in an increasingly competitive data-driven marketplace.