Should one invest in Business Intelligence?

21 May 2014 5 MIN READ

Should one invest in Business Intelligence?Companies these days are doing everything they can to have an edge over the others in the highly competitive market. One of the latest tools that are gaining constant popularity is the Business Intelligence tools. It helps the large industries to expand and manage the various branches efficiently and all the small and helps the medium scale industries to have a strong stand against the giants. And if you think that BI tools are complicated and time consuming, then you are wrong. It held true in the past, but thanks to the advance in technology, BI tools have become simpler to use. This is the reason why a lot of companies are opting for QlikView implementation. When everyone around you is going for some BI tool or the other, you might start wondering if you really need to invest in it. We give four reasons on we believe you should.

– To automate all your business processes

Automation is the answer to make organizational processes simpler and faster. It will also increase reliability, efficiency and performance of the company. This proves to be very beneficial for smaller companies as they usually comprise of smaller teams. Automation lends them a helping hand which helps the smaller teams to achieve the same results as the bigger team. Lesser time is spent and a lot of work can be done with just a click of a button, like managing reports, information, finances, etc. All this also adds up to a faster decision making process.

– To predict and identify market trends

It is important for every industry to stay abreast of market trends. They should have the ability to predict the same so that decisions can be made and actions can be taken accordingly. The bigger industries won’t see much of a dent if misread any market situation or respond to any change, but the same doesn’t hold true for smaller industries. If they can’t identity market trends, they will lose a competitive edge, with a good possibility of shutting down. Small businesses need BI like Qlikview services identify market trends and make decisions accordingly.

– Enables you to make accurate and quick decisions

Every company strives to be better than its competitors by improving their revenues, increasing profitability, getting higher returns of costs and minimizing risks. The importance of making timely and correct decisions should never be under-estimated as success has a direct impact on them. Making accurate decisions but not making them on time has cost many a company great loss. BI tools aids in creating automated reports, managing data, finances etc. QlikView services eliminate errors that are usually caused by human faults and improve data accuracy, allowing quick planned business decisions. Good business intelligence tools facilitates in making critical decisions.

– Get high return on investments

The aspect of money is really critical for small and medium scale industries. They do have as much money as large industries, so the scope of them making any error is very marginal. When you have limited funds, it becomes more important that you rather invest it in something that gives worthwhile that would give results almost instantly and have long term benefits. Investing in business intelligence tools initially can cost some money but in the long run the returns one will get on the investment will be really high. Ultimately, the aim of any company is to be profitable.

Small businesses need to be alert and extremely receptive to the dynamic business environment. They should have an open mind to accept any technology that would assist them positively. Having a competitive edge over the others is essential for any industry, no matter how or small it is. So, if you are still wondering if investing in business intelligence is a good idea or not, then the answer is yes. Don’t wait too long and lose out on the numerous opportunities.

About the author

Nidhi Batra

Nidhi Batra is a brand communication specialist at Uneecops. She is an active contributor to SAP Business One community and loves to write on smart and intelligent technology which is redefining business models such as SAP Business One, SAP Cloud, Tableau and Power BI. Having Master’s in English from Delhi University, she follows Gartner and spends her time reading avidly about Artificial Intelligence, SAP HANA, Cloud, DevOps, IoT, robotics and business automation.. Tweets at @nidhi_niya

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