Why do Great Decisions Necessitate the Need for BI Software?

  • 22 January 2020
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Need for BI Software

Imagine having a software that would state the future and predict everything you would ask for from almost anywhere. The way you interact with your customers. Every single detail about the sales and its prospects. The real-time information about your inventory whether it is going overboard or going understock. Every financial transaction, potential losses or risks which may hamper your business in the long run. Life would be much simpler. Isn’t it? The BI software that can process all information instantly and gives you real-time insights almost instantly. How amazing? 

It’s like having a magic wand in your hands

In today’s business world, business intelligence software is like a magic wand. The BI software enables business users to access unlimited data whether it is structured, historical, or unstructured data or residing in silos or social media. It is amazing how a single software can scan information faster and help gain key insights into how the business is currently functioning. 

Although business intelligence software does not indicate users to perform a specific action or tell the next course of action. It displays invaluable insights. It is our intelligence from where we can understand trends and service critical insights. We can use these insights to make informed business decisions, spot risks in advance, find revenue streams or hidden opportunities lurking in the business.  

No matter what the question you want to put forward – finance, inventory, top-performing customers, marketing, supply chain, human resources or so, you can easily gain deeper insights at the click of a button.  

Discover the decision-making power easily 

As a CEO, CFO, CMO, and other decision-makers, it is natural that you would want to gain actionable insights at the moment you wish to have. The figures about the top revenue channels, top customers, overdue amounts, and so much more. You can have it all with just a click, with no expertise and technical knowledge. So, if you have been using spreadsheets for excel sheets to do forecasts, you know there is a better way to examine trends, find correlations, monitor trends, mitigate risks, improve customer relationships or find new revenue streams and other critical insights.  

Let’s take a hypothetical case 

Daniel was finding it hard to rest his decision as to which of his retail outlet is performing the best? And, which one is the least performing and for what possible reasons? Daniel wanted to gain more value from his spreadsheets and excel sheets so that he can dive deep and filter out clear insights. But, legacy software was not supporting his decisions. Why? The overwhelming rows and columns were making it near to impossible to extract meaningful insights.  

Luckily, Daniel happened to be at his friends’ workplace. He was startled by the fact his friend was using some software with drill-down capabilities. Daniel was impressed and inquisitive about that amazing software. His friends acclaimed that he also had the same pain point as Daniel. He could not derive any accurate insights from the data as it was hard to analyze from excel sheets. One fine day, he took a demo of next-gen BI Software with self-service capabilities. After the demo, he decided to invest in a cloud-based model of business analytics software. Since cloud-based BI can be implemented faster so he took the decisions to get it implemented and use it for gleaning clear insights. 

Daniel came to know about the smart and next-gen BI Software which is also user-friendly and comes in his budget. The day he invested in the business analytics software he is using it proactively. He is drilling down further to know the exact cause of surging profits and unexpected losses, anticipate demand and supply and so much more. 

Now there is no more trial and hit method. Daniel is now using robust and enterprise-ready BI tools like Tableau or Microsoft Power BI which are enough to discover new areas of revenue, loss and identify where improvements can be made.     

Business intelligence software empowers businesses to ask any questions and get answers immediately. Instead of beating around the bushes, guesses, basic instincts; it is easier to base decisions. Why are sales progressing in a particular region? How is the current market trends impacting sales? Where the excess inventory is lying? Which products are in the high demand this season? Just about anything, you can ask and get answered in plain language.  

Let’s be your BI partner 

So, the next time you are planning to invest in business analytics software, you can contact one of our BI experts. Mother Dairy, World Health Organization, Haier, Harvard Global are few of our esteemed clients in BI.  

Nidhi Batra

About the author

Nidhi Batra is a marketing and brand communication professional with 10 years of experience working in the dynamic B2B marketing environment. She strategizes, writes, reviews a variety of content for demand generation and sales support activities. Having a Master’s in English from Delhi University, she knows how to navigate her readers on insightful journeys with her SAP published blogs and thought leadership content.