4 advantages of business intelligence for companies

In its early days, Business Intelligence, also called business intelligence, was reserved for certain specific professions. It was aimed at data analysts, statisticians and predictive modelers. Today, this science has been democratized and is increasingly used by business leaders and employers. Business managers and decision makers who are concerned about their performance and relevant decision making for their business use business intelligence tools. Why use this solution in your company? Find out the answer in this article.

Make predictive analytics possible

Business Intelligence brings together the technologies, tools, methods and systems that enable a company to analyze data for the purpose of prediction. It actually makes it possible to collect data related to the activities of the organization in question. This collection of data in the form of analyzes makes it possible to:

  • determine predictable business trends for the company to take action against competitors;
  • highlight likely events related to the commercial sector to help the commercial teams sell better and thus increase revenue;
  • better understand customer behavior in order to identify their profiles, the products to be offered to them, as well as the means of advertising to be implemented;
  • anticipate sales and marketing techniques for optimal business growth.

There are different business intelligence platforms. Among these, you can implement the MyReport solution for your company. Business Intelligence systems are very useful for good predictions about the future of the structure to take the necessary actions, so these forecasts are promising.

Prevent and eliminate errors at all levels of management

In the management of a company, many situations can arise and be a source of development problems for it. Business Intelligence is a solution to these disappointments in the management of structural development projects.

Business intelligence to predict fraud

A few years ago, a French study revealed that around 50% of a company’s employees are likely to make management mistakes. This same study revealed that the employees of a structure may be tempted by embezzlement as well as corruption during their function.

The use of business intelligence technologies makes it possible to anticipate this type of risk, regardless of the size of the company. In fact, Business Intelligence has tools capable of doing automatic reconciliations of all company information. Purchase orders, invoices and payments are reconciled to detect any fraud.

Business Intelligence to prevent business closures

More and more companies are facing situations of legal liquidation or restructuring. This situation is often due to poor management of customers, suppliers and the company’s expenses.

The integration of Business Intelligence in the management of your company saves you from falling into such mistakes. With business intelligence, many optimal solutions are actually made available to anticipate errors towards the company’s suppliers and customers.

Simplify the management of your company thanks to Business Intelligence

The real reasons for being of an administrative and financial direction in a company are optimization of the cash flow and management of the incoming and outgoing budget. The larger the company, the more difficult it will be to manage this component. While traditional management software can help, it has several shortcomings.

Business intelligence: bridging the boundaries of traditional management software

There are old computer programs used for administration. But their decay wastes time. Moreover, with their use, it is really difficult, if not impossible, to understand the real sources of potential discrepancies. Thus, Business Intelligence, in contrast to these outdated systems, allows unlimited better cost management in a company.

Better budget management

Another advantage of making use of business intelligence lies in the fact that it develops more fluid and transparent budget brokers. Depending on costs and financial flows, Business Intelligence tools make it possible to adjust the budget periodically (monthly, quarterly, semi-annually, annually).

Automated dashboards

The dashboard produced by a Business Intelligence tool makes it possible to monitor and make decisions that suit the company’s development. Once again, Business Intelligence systems make it possible to automatically generate dashboards. These documents are created taking into account the indicators that best meet the requirements of the company and the current market.

Optimize data processing

Unlike traditional management methods, which are tedious to use, Business Intelligence solutions are quick to learn. Business intelligence speeds up data processing. As a positive consequence, decision-making within the structure is more reliable and fluid.

In short, Business Intelligence is an IT solution for decision makers and company managers. It allows through tools to collect, analyze and process data. This data science aims to use predictive analytics to improve business processes and performance.

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