What Is Business Intelligence and How Can You Benefit?

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It’s no surprise the business intelligence market will hit $33.3 billion in the next five years. In an age where business and technology collide, everyone wants to know how to maximize success.

Business intelligence (BI) is a skill and a toolkit. It’s useful for any data-driven business looking to take data analytics to the next level.

If you’re wondering how business intelligence differs from artificial intelligence (AI) or big data, the truth is they’re related. Business intelligence houses other business technology practices.

You’re in the right place to learn about the advantages of business intelligence. Here’s what to know.

What Is Business Intelligence?

If you’re familiar with software as a service (SaaS) or lead generation, you likely know more about business intelligence than you think. Why?

Business intelligence software and tools convert data into smart business practices. Things like data mining, data visualization, and measurement analysis improve business decisions, organization, and success.

Tracking trends keep businesses relevant and up-to-speed with market growth.

Benefits of Business Intelligence

Imagine how tracking your business’s numbers would change it. Using data to inform your business holds the following benefits.

1. Smart Business Decisions

It’s easy to think technology performs critical skills at the expense of your learning them. Business intelligence software’s different in that it makes its users more business-intelligent.

Tracking market trends, comparing data, and predicting success informs smarter business decisions. 

Once you have the numbers, there’s no reason for impulse, uncertainty, or risk.

2. Sales Increase

Since business intelligence prompts a data culture, it’s easier to profit. How?

Using data from trusted platforms lets you rely on market trends. You’ll learn how to stay competitive and negotiate better with vendors and suppliers as a result. Better negotiations increase sales.

3. Known Customer Behavior

Business intelligence empowers business users to better understand their customers. BI’s collection, storage, and analysis of data let customer engagement remain a top focus.

Tracking customer behavior also makes for better decisions and increased sales. All business intelligence practices cycle back into one another to strengthen the entire business.

4. Quick Insights

It’s true that in business, time is money. Business technology’s statistical analysis and quick reports increase business efficiency. No more late-night research sessions or letting old data sway your business decisions.

Business intelligence’s expediency lets you stay at the top of your game.

5. Self-Service Analysis

Having the right business software lets you feel more in control of your business. Business technology increases time management by letting you spend the right amount of time on the right projects.

Business intelligence functions on facts, creating a strong foundation. Sources like https://www.knowi.com/blog/power-bi-vs-tableau/ prove the value of letting facts lead your business. 

Business Technology’s Your Best Bet

Business intelligence makes having a successful business an accessible formula. For that reason, not using it can be a disadvantage in today’s world.

Business intelligence makes operations easier, more organized, and more efficient. Consider it an education on the best business practices for you and your team.

No more crunching numbers longhand or keeping diligent books. Let business software show you the reason it’s so popular.

For more on how technology can fuel your business, check out our latest blog posts!