The importance of business intelligence is growing at the same rate as data, which is becoming less and less comprehensible to the normal human brain.
But because digital data is powerful for making decisions and improving business performance, it will only be beneficial if you know how to properly handle it. This is where modern BI concepts come in.
- They keep you from drowning in data
The fact is, without business intelligence, you risk a real opportunity to drown in data. Just look at these numbers: According to CloudTweaks, 2.5 quintillion bytes of data were produced daily in 2015. Do you know how much a quintillion is worth? That’s 2.5 followed by 18 zeros. We’ve already entered the era of Zettabyte, also referred to as one of our buzzwords for 2019, and on a 2012 scale, the entire Internet contained only half of one Zettabyte in the data.
- They give a lot of ideas
By leveraging BI concepts and solutions for your business, you can extract a wealth of insights that can help improve interagency and external communications, problem solving processes, online data analysis, financial performance, goal setting, marketing, and profitability. ,
- Benchmarking is more accurate
By working with Key Performance Indicators (KPIs) based on business intelligence, you will be able to set realistic goals. In turn, this will accelerate your overall success by helping you formulate strategies more effectively and work more effectively towards achieving key targets. By choosing and configuring the right KPI template for your business, you can measure your goals and progress at a deeper, more accurate level.
- You can predict the future of your business
Another key concept in business intelligence is the ability to predict future trends. The easy-to-digest patterns and information provided by online business intelligence tools and solutions offer reliable means of predicting future results and developing plans to either prevent disasters from occurring or take advantage of potential trends in front of your competitors.
- They provide powerful data visualization
If you can visualize your data with online data visualization, making it readable to the human eye, you can tell a story with your views and communicate your discoveries to others more effectively. This will enhance the success of your organization by making it more powerful than ever before. And BI solutions will help you do just that.
