Marketing | 2 Min, 30 Sec Read
Every business has some key operations and management to be carried out on a daily basis. Managers from different teams are responsible to bring out new strategies and execute it for the growth of an organization. Amongst many departments, in an organization, common goals or duties of managers include employee management, planning, and implementing new ideas to attain profits.
The use of business intelligence (BI) can be more useful in maintaining day-to-day operations in a company. From employee management to business forecasting it can keep track of all the data required and provide deep insights while managers try to improve the existing system. Here are a few instances of how the introduction of BI software helped in improving the existing system and which resulted in more profitability.
The performance of employees can be tracked exactly with KPI (key performance indicators). A traditional approach of indicating KPIs is through IT-generated reports. Many times this process becomes tedious as a manager has to request for the report for the IT department and then it takes around 3-4 weeks for them to generate the reports and send it to your desk which is also a static report.
Also, these reports become outdated by the time you analyze it for future predictions. It also doesn’t give you insights on what basis the team’s performance was good. For example, if it is a sales team the IT report only indicates that there is a growth/ decline in a particular period. But doesn’t highlight the other conditions like customer demand for the product, geography, and other variants.
By consolidating BI software, managers can have instant access to reports with the most current data which gives you the exact reason behind the underperformance of any team. In this tool, managers can also rate individual team members on various criteria applicable to their performance analysis.
Any team for that sake has to show results in gaining profitability to the business they work for. It may include expenses, profits, cost-cutting, and many more aspects related to finance. Traditionally these were maintained on spreadsheets which have the maximum possibility of errors. As the modification in any of the cells would result in a complete disaster of the report. These spreadsheets can be easily manipulated by anyone without being tracked.
With the use of BI, any team can have a 360-degree view of their business with multiple sources combined to give you detailed insights. With real-time data, you can analyze and streamline the process for cost-cutting and increase profitability.
Usage of business intelligence by an organization empowers the managers and higher authority to make significant changes required to take the business to the next level. Companies that have incorporated BI can see rapid growth in every aspect of their business in achieving a competitive advantage. Try our own product to be the best in the market and grow fast with our BI software.