When you run a business, it’s likely that you’ll have a lot of data connected to it. Not all of it is useful – and sifting through to find the bits that are can be a painstaking and infuriating process.
This is where Business Intelligence (BI) software can help. It may sound like just another buzzword, but BI software is one path to helping understand your business better, whatever department or sector you’re working in. What’s more, certain types are already integrated into software you use every day – for example, Power BI sits within Excel as part of the Microsoft 365 suite, so you may already have it and not know about it!
In this article, you’ll learn what BI software is, and the many ways using it can benefit a business.
What is BI Software?
Business intelligence covers many different technologies that analyse data to improve day to day operations, from collaborative tools to project management systems. Though the technology itself has evolved, the term has roots going back to the 1960s (when data processing was a lot more manual!)
What can BI Software do for my business?
Gain better customer insights
As the saying goes, “the customer is king”. Understand them and you can tailor your product or service to exactly what they need. However, few businesses have the time to do this in detail. BI software takes this task off your hands, showing how customers interact with your business and what appeals to them. That gives you evidence to move forward with campaigns that speak to these people directly.
Optimise internal processes
No business can say that all their processes are 100% efficient. Somewhere there will be a bottleneck that slows things down. At worst, this could even lead to lost business revenue. BI software can speed up sluggish processes, whether that’s the marketing department getting cost-per-lead stats or salespeople tracking interactions with customers.
Identify areas to cut (or increase) spending
One of the benefits of BI software is that it gives accessible insights. This is especially true when it comes to business finances – BI software can tell you at a glance if you’re overspending on certain departments or campaigns. On the other hand, it can also show you where there might be untapped opportunities. Either way, BI software empowers business owners and finance departments to make important decisions without drowning in spreadsheets.
The competitive advantage
As well as giving you greater insight into what’s happening in your business, BI software can also let you see what your competitors are doing (or not doing), so you can act accordingly. That’s not to mention how a company that uses Business Intelligence software could already be ahead of one that doesn’t!
To summarise, business intelligence software has many benefits both internal and external. No matter what size your business is, or what department you work in, it makes data easier to digest – and to use to your advantage.
For Business Intelligence software that provides the information you need, when you need it, PKF Smith Cooper Systems have you covered. Contact the team today by going to pkfscs.co.uk or calling 01332 959008.
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