Benefits of business intelligence BI

Posted by Stephen Whitehouse on 25 Apr


A trend you simply cannot ignore, especially if you are in the manufacturing industry. Business intelligence, or BI, is becoming increasingly important to understanding all of the data held within your organisation and using it to make better-informed decisions based on the intelligence you gather daily. While ERP software takes care of organising your everyday business processes and activities, business intelligence helps you make sense of it all. Read on to learn some of the advantages of using a BI solution across your business. 


What is business intelligence? 

Business intelligence is a tool used to collect, analyse, and evaluate data from many sources. Its purpose is to help you make better-informed decisions by providing a clearer picture of how your business is performing. Let’s explore how you benefit from business intelligence. Here are some of the advantages of using a BI tool: 

Faster analysis with intuitive dashboards 

Make it easy to create intuitive drag and drop reports that can easily be shared with other team members and accessed in real-time. You no longer have to wait for the monthly report from each department to get the data you need. Instead, you can pull all of your data into one place and see the big picture at a glance.  

Valuable business insights 

When your data is being pulled from your data sources into one central place, it's easy to see how your business is performing. This allows your managers and executive teams to keep track of key performance indicators and make decisions based on the facts – using data and trends to shape the future strategy. It also allows you to quickly identify areas to save costs streamline processes or cut unnecessary expenses. 

Increased customer satisfaction                                                                                   

Your BI solution will help you to understand trends and behaviours among your customers, enabling you to plan and provide a better level of service. It also gives you access to the live data which allows you to maintain optimum levels of inventory based on past sales history and in turn increase customer satisfaction overall by meeting their needs faster than ever before. 

Ability to see past and future trends                                                                         

Using BI to monitor your performance against external market data allows you to make real-time adjustments to your strategies. It allows you to see if time-limited offers were successful if certain products sell better at certain times of the year and more. Understanding what your goals or thresholds are, and triggering alerts to act if you fall below or to maximise returns on successful campaigns is key to making your BI dashboards work for you. You can feed in or highlight new trends in the market and start planning for them so that you are already prepared to benefit from them when they start to accelerate. 

Increased operational efficiency and productivity 

Having all of your data in one place means less time is spent tracking down the day-to-day shop floor data and manually prepared reports. Obtaining the reports is also often a manual process involving contacting your different departments for information, who could be based across a number of sites. Having access to all of the information you need in one place instantly reduces this time and increases the visibility of different areas within the business. 
Suppose a problem occurs that affects production, such as material shortages, labour shortages, or gaps in the production process. In this case, these can be seen immediately, and notifications can be set in your ERP system to trigger actions to correct them quickly, allowing production to continue without unnecessary delays. 

Accurate decision making 

Business intelligence has proved to be a driving force in many business’s decision-making and performance management processes. Businesses from a diverse range of manufacturing sectors and beyond have found that BI can improve product management, production processes, and many other practices. Leveraging a BI tool such as Bold BI [link Bold BI:] helps your teams to share insights and collaborate while improving internal analytics capabilities. 
Want to see how an ERP setup, with a further phase to unlock BI functionality, could help your business? Contact us today for a live demo today. 

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Topics: Business Efficiency

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