Business Intelligence Training & Software Benefits for Companies
Business intelligence training has become crucial in the modern enterprise environment where usable information access and retrieval play an integral role in informed and accurate business decision-making on a daily basis.
What is Business Intelligence (BI)?
Business intelligence refers to the systems and platforms available for collection, storage, retrieval and collaboration on the usage of information critical to business success. Research has shown that revenue is closely linked to the quality of business intelligence within a company. More and more companies are adopting BI practices, including business analytics to help them gain and retain a competitive advantage in the marketplace. Easy data access is one of the main benefits offered by advance BI software and platforms. This facilitates quick decision-making, which can be crucial to the success of a company.
Through BI software data across many systems can be collected and compiled into usable reports for specific departments or the entire company. The larger the firm, the more complex its data sources and the more sophisticated platforms are needed to ensure easy and quick access to relevant, fresh and accurate data. The fast retrieval and collaboration features of BI systems make it possible to save time, always have access to relevant data, and to ensure an audit trail of business decision-making exists.
Decisions Based on Accurate Facts
With BI systems in place, the company managers can easily see detailed reports on every aspect of their departments or the business as a whole. This includes data on customers, sales, production, finances, growth, and risks. The report information can be used for investment purposes or the improvement of sales or production. It helps the management to make decisions based on confirmed data.
Though access to information management and sales personnel can quickly identify new market opportunities, spot weaknesses, identify potential losses, make projections, understand customer preferences, and follow trends. With detailed data available for decision-making the sales teams can focus on the relevant areas to ensure more sales and better leverage in negotiations. Training on business intelligence software usage helps to gain a better understanding of how to use the tools in support of decision-making.
Companies lose a lot of money because of wastage. With BI software and the training to understand how BI works, companies can easily identify areas of wastage which may have gone unnoticed before the implementation of the BI strategy and usage of relevant tools. This helps the company to save time, resources and money, as well as assists them in finding solutions. With such tools in place it is possible to analyse situations, sales, transactions and agreements and to identify where overlaps of work, sales and products exist, which means a drastic reduction in duplication of efforts.
The BI tools help for self-assessment of the firm’s weaknesses and strengths and to do comparisons with competitors. The tools can also be used for market trend identification and thus aid in quick responding to changing environments. Firms can identify profitable opportunities, areas in which they are losing money, potential customers and the most profitable operations. Knowledge regarding the principles of business intelligence and the software tool functions will help the management to maximise on the features of BI software and platforms.
Predictive Analysis & Modelling
Using data mining and online analytical processes management is able to identify relationships between data and thus use the information for predictive analysis. This process keeps factors such as economic environment, customer distribution and sales volumes in mind, providing for accurate basis to make forecasts. With the BI platforms it is possible to integrate the tools with other existing business analysis tools for accessing of relevant data and to use such in creation of predictive models.
With so many benefits to offer the firm, business intelligence tools have become essential business decision-making support forms throughout companies. However, as mentioned earlier, proper knowledge of business intelligence functions, tools and uses will go a long way to ensure optimal usage of the software. It is thus important to ensure that the people of your firm receive the necessary business intelligence training.
DataAssist is a well-established business intelligence company. We provide a range of training options for BI and data management professionals, in addition to our web-based business intelligence solution, DataAssist.