Four Use Cases of Business Intelligence for Businesses

CIO Applications| Wednesday, August 04, 2021

Financial issues have a long-term impact on a company. Business intelligence platforms provide information about an organization's performance on a variety of levels.

Fremont, CA: Easy-to-use data pipelines, data synergy, intelligent analytics, data visualization tools, and dashboards are all part of Business Intelligence (BI). These programs help businesses achieve their corporate goals, increase company KPIs, manage their resources, and communicate with customers holistically.

Here are four use cases of BI in business:

Research and Reporting

Investor relations teams can use BI tools to gain access to critical information such as investor ownership, real-time research, data estimates, and meeting analytics. BI Platforms can be used by businesses to analyze and alter data for Research and Reporting purposes. Popular BI tools ensure that the data of businesses and their stakeholders are kept safe and secure.

Financial Analysis

Financial issues have a long-term impact on a company. Business intelligence platforms provide information about an organization's performance on a variety of levels. This allows them to look at their team's productivity, top-selling products, revenue generated by a given division, and various other metrics. As a result, businesses are alerted to abrupt financial drops and can address problems before becoming significant issues.

Operations

Businesses can use business intelligence platforms to automate manual reporting, report automation, and other enterprise system interfaces. Sales teams will have access to customer relationship management (CRM) data via interactive dashboards, which will deliver fast, actionable information and a significant competitive advantage.

To leverage stakeholder expertise, a self-service BI deployment creates productive partnerships between business users and IT. Instead of manual research and reporting activities, enterprises and BI analysts may focus on macro strategy and long-term breakthroughs like enterprise data governance.

Performance Management

Business intelligence tools can effectively evaluate and portray the health of a large number of diversified data sets, allowing enterprises to conduct a "health check" to capture every aspect of the performance management matrix into a single score, including technology effectiveness, manual performance, the ratio of technology effectiveness-to-manual performance, and realized customer value management.