What Exactly Is Business Intelligence & What Is Its Role?

How do you define Business Intelligence? 

To help organizations make more data-driven decisions, Business Intelligence combines the following:

 

  • Business analytics
  • Data mining
  • Data visualization
  • Data tools
  • Infrastructure
  • Best practices 

With all of the above, Grow is helping organizations make more data-driven decisions. 

In practice, understanding what is Business Intelligence helps businesses see all their organization's overall data and use it to drive change, eliminate inefficiencies, and respond quickly to changes in the market or supply. 

Role of Business Intelligence

From Harvard's new research, we know that many organizations still need to take critical steps to use their data as a strategic asset. 

Even though businesses see data as a strategic asset and a necessity, the study of 343 executives found that 60% of them think their organizations need to invest more in their enterprise-wide data strategy. 

This, in turn, prevents valuable data from being used more widely.

1. Know Your Customers 

Customer segmentation is one way that businesses use Business Intelligence tools to learn more about their customers. Most companies use real-time customer feedback to keep current customers and reach out to new ones. 

You can use Grow's guide to plan what to measure and where to get the data for each step of your customer acquisition funnel.

2. Improve The Visibility Of Business Operations 

The best Business Intelligence software can help managers and CEOs see and control their company’s processes better. It helps them- 

  • find issues or inefficient parts of operations and get them fixed
  • plan for unexpected problems and deal with them correctly

Sococo uses Grow's Business Intelligence dashboard software to discover customers' problems to improve its products, marketing, and sales.

3. Get Actionable Insights

Forrester says that this is a goal for 74% of companies. Even though only 29% of these companies can put their analytics to use, it's clear that actionable insights are the missing piece for companies that want to use their data to improve their business.

It's essential to have enough facts to back up your business decisions. Read Grow Reviews Capterra 2022 to see how our Business Intelligence dashboard software gives you access to vast data to learn valuable things and make better decisions. 

4. Seamless Reporting

Making data available to all departments reduces the time people have to wait for reports and boosts the output of all teams with self-service options. Companies spend a lot of time pulling and analyzing data, which could be used to work on strategies and improve funnels that will help the business grow. 

Everyone in the organization should be able to see the data. It helps teams stay up-to-date and make decisions based on data.

With Grow’s Business Intelligence tools, you can create live reporting dashboards that connect directly to your data sources. That means you won't have to build reports by hand, and each month when it's time to report on your performance, it will take you little time.

We'd be happy to give you a demo and tell you more about how real-time reports can help your business grow.

5. Identify Market Trends 

Use data from the outside market to find sales trends and target areas with high-profit margins. Look at customer data and how the market finds new markets. 

Some businesses use comments and user feedback on social media to get a feel for the market. Social media is a great way to find out what customers like and what upsets them.

Closing Words-

What are you waiting for if your team still needs to start using a BI tool to get all these great benefits? Grow's Business Intelligence tools are easy for anyone to use. Once your KPIs and dashboards are set up, you'll be on your way to getting deeper data insights that could really help your business. 

To better learn what is Business Intelligence, talk to Grow's team about how our solution can help you.

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