Benefits of using a business intelligence software
The process of business intelligence helps you organize business data to enable easy accessibility and convenient analysis. This allows the organization’s decision-makers to find and access the data they need to make informed decisions.
Business intelligence software is gradually being adopted by various industries owing to their benefits and effectiveness.
In broader terms, business intelligence is more than software as it provides a holistic initiative to apply the data in real-world day to day operations. Softwares like Domo, helps you chart Domo analytics to use visually coherent and appealing data to make decisions.
Here are some benefits of using a business intelligence software.
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1. Faster analysis and Intuitive Dashboards
BI platforms are designed to crunch heavy data in the cloud from various sources and compile them into a data warehouse. The data is further analyzed as per the users’ queries and presented in reports and intuitive dashboards.
The major benefit is that it makes analyzing data much easier, empowering non- technical users to use data without learning code.
2. Improved organizational efficiency
BI provides the leaders and the decision-makers with the necessary data that allows them to gain insight into their operations and the ability to compare or set benchmarks with larger organizations. With a broader perspective of the operations, the leaders can identify opportunities and develop models or strategies accordingly.
Using interactive software such as Domo analytics can spend less time compiling reports and innovating and developing new ideas.
3. Data-driven decisions
Having highly accurate data at your disposal and faster reporting capabilities enables the management to make better business decisions. Features like real-time data and forecasts keep the organization on top of its operations to make the necessary decisions.
Now, the managers do not have to wait weeks to attain a report with the risk of data being outdated by then. Managers equipped with consolidated real-time data can make much faster and improved decisions.
4. Enhanced customer experience
Business intelligence can directly enhance customer satisfaction and experience by providing the organization with customer data across multiple touch-points. If the organizations utilize the data effectively, they can find areas of improvement and
develop processes to improve customer experience, thus, enhancing customer satisfaction.
5. Improved employee satisfaction
IT staff and analysts devote less time to responding to requests from business users. Departments that previously couldn’t access their data without consulting analysts or IT may now do so without training the BI software.
BI is built to be scalable, so it can provide data solutions to departments that need them. A well-rounded BI software is user friendly and provides an intuitive experience so that non-technical users can also reap the benefits of data at their fingertips.
6. Trusted and governed data
BI systems improve data organization and analysis by compiling the data into a common warehouse. Modern software combines all internal databases with external data sources such as customer data into a single data warehouse
This enables departments across organizations to access the data at the same time. Centralization of data using such software can save hundreds of hours of analysis time.
A BI software can prove advantageous for an organization as it is easy to use and provides data at the fingertips to make informed decisions.