Technology, strategies and methods are becoming more and more competitive, that is why the future of business intelligence has the vision to help and facilitate decision-making to its members. Have you heard about this methodology and the benefits it can bring to your
Before implementing these tools with centralized systems, we invite you to learn about Business Intelligence and why you should invest in this methodology that is evolving and entering more and more in the global market, both in small and large companies.
In the following lines, you will learn the advantages of implementing it in your company. Stay with us!
What is Business Intelligence?
In the era of digital business transformation, one of the key competitive advantages for companies is to make informed and fact-based decisions.
Therefore, the main vision of Business Intelligence is to turn data into information and information into knowledge to manage the company efficiently and effectively. All this, powered by financial technology tools.
Business Intelligence (BI) is commonly used in companies in the decision-making phase, from the most basic to the most strategic. In any case, these are the specific objectives and priorities of the company.
The main function of Business Intelligence is to efficiently group the largest amount of data and facilitate its interpretation. The combination of internal and external data provides a more complete view of the company.
From all this information, it is possible to create and develop better business strategies, identify new opportunities and increase the performance.
Business intelligence tools
The intelligence tools are software solutions that collect and analyze large amounts of raw, unstructured data from a variety of sources.
These tools transform this data into information, which is then converted into reports, dashboards and charts, facilitating analysis.
Solutions vary according to function. This is how they are classified:
There are many benefits of having a Business Intelligence tool, here are a few:
Process automation: Report generation and reporting will no longer be 100% manual, as there are tools to automate processes, optimize them, save time and Human Resources.
Benefits of the future of business intelligence in management
The implementation of Business Intelligence tools is the right solution for both small and medium-sized companies, as well as large organizations looking to make data-driven decisions. But what does BI have to offer your company?
1. Accurate data in real time
With the implementation of BI, decisions are made based on real and accurate data, since it allows having all the company’s information in a focused and structured way.
It gives the advantage of having a broader vision of the company, increasing agility in decision-making.
2. Simple and Customized Reports
With the use of Business Intelligence, reports are tailored to the needs of each sector of the company. Thus, each department manager will have all the information he/she needs in real time.
You can create your own customized dashboards wherever and whenever you want, including your key and important indicators.
One of the great benefits of using Business Intelligence is that its many tools provide intuitive and easy-to-use dashboards.
Just as business data analysis helps decision-making and identifies opportunities in an increasingly fierce marketplace, this same data can also help detect risks and missed errors.
This allows early decisions to be made that can reduce the likelihood of future risk and damage.
5. Save time
By optimizing your administrative processes and obtaining more information about your business, BI will help you make the best decisions in any area or department, increasing productivity and saving research time, since data is centralized in a single system, streamlining processes in the short and long term.
Managing your organization effectively means making the best decisions. BI depends not only on the user’s skill and knowledge, but also on the financial technology provided by the company. At Heinsohn, we believe that it is indispensable to use integration because it is the key to the future of business intelligence, as today’s organizations bets on centralizing all its data in an efficient and transparent way to get the best performance in the long term. If you are looking for more information about this topic, visit our Cloud Native Development Services.