The reports from last month are in: your company’s revenue was down 15%. You thought sales would be higher. Looking at the reports, you see 12 deals sitting in the pipeline that still haven’t closed. Did they fall through the cracks? When was the last time they were contacted? On the brighter side, the new product you launched is in higher demand. Unfortunately, supply chain wasn’t told in time and the raw materials are on backorder.
You can’t manage what you can’t measure is a common truth in business. But what if the measurements aren’t easy to access? Too often, companies have the business intelligence necessary to grow, but it isn’t easily shared across departments.
Business intelligence should be used to identify trends, analyze price points, manage sales, track customer demand and recognize key performers within your organization. Having a clear knowledge of your company’s metrics helps set best business practices. Daily business decisions rely on real-time, accurate information.
Business intelligence (BI) is the power that keeps your company’s inner workings in motion. Business intelligence uses software to analyze raw data. Data mining, analytical processing, querying and reporting are all practices included in business intelligence. Without business intelligence, a business cannot be improved. A business that doesn’t use BI is little more than a hobby.
Sometimes it’s hard to extract necessary information from data collected. Because of a lack of process, data collected may sit in IT in an unusable form. Many businesses use on-site BI software licensed to only a few computers, limiting the number of employees with access to the information.
There’s a big difference between simply collecting data and actually getting the information needed to run a business. Because access to data can be limited to only a few users, you’ll need to wait for reports to be run in order to get the information. Even with those reports, some people aren’t sure what to do with the data or it’s delivered too late.
When information isn’t accessible, the entire company suffers. Information needs to be plentiful and easily accessible to enhance performance. Not just that, but how easy is it for your company to get in-depth and play around with the data that’s available? That’s why many businesses are choosing cloud-based business intelligence (or Cloud BI) for their operations. The right information can be right at your fingertips with cloud business intelligence.
computing, data is stored on the servers and users can access the data from any device connected to the internet.
Cloud software can offer several advantages to businesses looking to improve their BI:
The real-time information of cloud business intelligence allows course corrections necessary to keep your business on track. Having all the information available makes it possible to
After all, BI is about making information useful. Timely access to critical information can be a competitive advantage in the fast-paced world. The faster you have access to the data, the faster you can implement solutions. It’s no wonder that BI is heading to the clouds and companies are following along.