Are you on the search for the secret weapon or tool that can launch your business into a whole new realm of success? Does it feel like profits have plateaued, and you’re looking for a way to inject excitement and interest into your product and get past the standstill? While there are certainly all kinds of solutions and routes you can take, it’s business intelligence that is starting to creep into the game and prove to be a real game-changer for today’s modern businesses.
But what exactly is business intelligence? How can you harness it and use it for the benefit of your company? Let’s take a look at the top reasons why business intelligence could be the right direction for your company to take.
Before we can even start to hash out the reasons why it makes sense, it’s important to understand what business intelligence is. It’s easy to pass it off as buzz words or just a trendy phrase, but in reality, business intelligence is truly that – intelligent. At its core, business intelligence simply means you are able to take data and turn it into useful business insights.
That data can be large scale or small scale, but the point is that you are using that raw information and completely transforming it so that it becomes incredibly useful. You will use services and software to take that raw data and then convert it into something called actionable insights, or steps that you can use to create a strategic approach to the future.
You can pull data from charts, graphs, reports, dashboards, summaries, maps, and more — anything that has an analytical approach and content.
One of the biggest and most obvious ways in which business intelligence can benefit a company is that it’s able to help shape the direction that the business should be heading in.
Every business needs a plan that is laid out with milestones and goals, which will help keep things on track and moving in the right direction. So, what happens if you’re on the wrong track? Maybe the direction the business is currently heading in won’t lead to success? Business intelligence can provide you with real data, real insight, and ensure that you’re able to correct the path and get back on track.
Another way this big data can help is to give you a leg up on your competition. Competing with one or multiple companies in the same industry can be tough and use up a lot of resources. So, why not take all that data you've accumulated and put it to good use?
It will identify areas you can make big moves in, make improvements, make cuts, and so forth. All of this can be done in an effort to move ahead of the competition, stand out, offer something unique, and make sure you’re first in customers’ minds.
Another huge bonus is the fact that business intelligence requires the combination of multiple databases. What this means is that you've got everything in one central hub, which creates a streamlined approach. When you’ve got information stored all over the place, it’s easy to make mistakes, have duplicate information, allow content to become outdated, and just overlook key metrics because you’re bogged down by all the data.
For many people, they are visual learners, and they need to see a concept, idea, or information laid out in a visual form in order to fully grasp it. Because business intelligence gathers data from so many sources, putting it together on a user-friendly visual representation is not only smart, it helps everyone to fully understand the concept and direction.
Then there is the fact that you don't have to figure this out on your own, as there are now dedicated programs that students can take that will equip them with the tools required to tackle business intelligence. In fact, there is a business intelligence MBA stream, which provides employers with the best of both worlds.
You'll have a candidate that has all the training, knowledge, and skills you would expect from an MBA graduate, while also having a strong understanding and grip on how to best integrate and make use of business intelligence. They will learn about the technologies and tools needed to study big data and business intelligence and transform it into the actionable steps that the company requires. You can click here to read more about this specialized MBA stream.
Finally, there is the simple fact that, like it or not, this is the direction in which all businesses are headed. A data-centric direction is just the way of the future — there is no getting around it. Where it used to be that many businesses struggled to get their hands on big data, today it is readily available, and thanks to the various software, tools, and expertise from employees, this data has become highly accessible.
It’s the case of not being able to stop the moving train. Think of business intelligence as a freight train moving a full speed — there is simply no stopping it. So, rather than fight it, it’s best to jump aboard and look for ways to integrate into your own company and use it to your advantage.
The exciting part is that people just seem to be scratching the surface still in terms of business intelligence and what it can offer companies. The future is very bright for big data, and if you move fast enough, you can stay ahead of the curve rather than struggling to keep up.
So, if you’ve been scared of the whole concept of business intelligence because it sounds too complex, it’s time to embrace this strategy and really start taking advantage of its many benefits.