What Are Business Intelligence Tools?
Now, more than ever, businesses are collecting vast amounts of business data. This data is used to better understand what is happening inside and outside the organization. Yet, collecting and analyzing unstructured data can be complicated and prevent companies from making the best business decisions. Business intelligence tools (BI tools) help managers and decision-makers make informed decisions and achieve business goals based on structured data.
What are business intelligence tools?
Business intelligence tools are types ofsoftware that gather, analyze and visualize large amounts of unstructured data from various data sources. These softwares are powered through artificial intelligence. Thanks to BI, companies can now compile current and historical data analytics and structure them to make them easy to understand. This data is crucial in gaining actionableinsights for your business to make good data-driven decisions and increase revenue.So what are the advantages of business intelligence tools? After all, spreadsheets and data management platforms can also compile data. While this is true, BI technology makes the entire process simpler and faster. Using sorted data leads to decisions that maximize revenue and your business performance.
Advantages of business intelligence tools
With access to various structured data, companies can gain valuable insights into business analytics and market trends. This data helps develop the best strategies going forward. BI tools help create a better customer experience, improve productivity and allow for monitoring data in real-time.
1- Access to accurate data
With the help of a Business Intelligence Software, data and reports can be generated to get the necessary information. BI technology can pull info from any department, such as sales or operations. It will then compile this data into interactive visualization tools, like :
- structured graphs,
Essentially, BI tools help clean up data and present only the most relevant insights that will impact business end goals.
2- Provide a competitive advantage
Via predictive analytics, businesses can forecast, budget and plan properly. Solid data allows companies to stay ahead of the game, which is one of the real advantages of business intelligence tools. Also, competitive data analysis can help companies differentiate their products and services from competitors. They will be able to improve the customer experience and catch business opportunities.
3- Improve growth
With the data generated through BI, companies can quickly identify new markets, sales trends and other metrics to improve profit margins. By leveraging data and analyzing it, companies can pinpoint any business issues that need improvement. Compiling structured data helps organizations find new opportunities and plan smarter business operations and strategies.
4- Improve customer satisfaction
Companies can use BI software to gather customer insights by analyzing customer behaviour and feedback. This data allows them to identify where improvements can be made in their services, products or customer satisfaction. Accessing real-time data will enable companies to take the necessary actions to deliver superior customer satisfaction.
5- Provide key insights
Business intelligence tools give a company detailed insights and advanced analytics into revenue, gains, losses, company productivity and performance. Tracking these metrics can identify the positive and negative aspects of the company. Therefore, companies can set up alerts and obtain real-time data on KPIs. They can then alert managers of any pitfalls that might go unnoticed so that they can quickly be resolved.
XRM Vision can help you with business intelligence tools
If you’re not getting the most out of your CRM, you might want to invest in a Business Analytics tool. XRM Vision offers BI solutions based on Artificial Intelligence, like Power BI for Microsoft. If you’re curious about learning more about how to get better business insights through business intelligence, contact XRM Vision today.