BI can have a direct positive impact on a company’s performance at numerous levels. Companies are increasingly investing in it. This year only, Gartner predicts that the business intelligence and analytics market will reach $16.9 Billion.
But how can a company benefit from a BI tool?
All data in one place
19% is the average amount per day workers spend looking for information.
BI gathers the information needed in one single place facilitating access to anyone.
Faster and smarter decisions
47% of business professional admit dealing with slow and untimely access to information. (Boston University Research).
According to Bain & Company, BI offers a 5X quicker access to a company’s internal data. The time that was previous spent analysing data can now be used in getting results.
74% of non BI users are negatively impacted, companies are forced to rely on manually assembled data, leading to possible human-error and a huge waste of time.
With a BI tool, you can download data and create reports at a distance of a click
54% of business professionals claim their company have to be analytic-driven to be competitive (Boston University Research).
A BI tool provides the right features to turn data into relevant information, this can help identify opportunities to your company that were once hidden behind all that data.
47% of Business Leaders that don’t use BI agree that critical business questions go unanswered (Salesforce Research)
Bi tools allow easier comparison and sharing of information between different departments and individuals.
58%v of BI leaders consider reporting and analytics to be the best driver of innovation for their firm (Forrester)
49% of Business Leaders that don’t have BI in their companies say that turnaround time to get answers is too long. (Salesforce Research)
With the improvement of operational efficiencies and the drop of the amount of time spent searching for information a BI Tool helps saving a considerable amount of time.
Better Managed Resources
25% believe BI Tools help reprioritise resources (salesforce report).
BI allows a real time visual of what is the current situation within an organisation via the analysis of all the available data.
Benefit all departments
30% increase on Operations to 20% on Marketing and Sales AND 16% in Finance, all departments show benefits with the implementation of a BI tool. (Boston University Research).
$13.01 how much companies earn for every dollar invested on Business Intelligence and analytical solutions (Nucleus Research).
Once you get all the right data insights decision making and strategy processes will be improved, leading to an increase in the company’s performance and profitability.