Top 14 Benefits of Business Intelligence – Part II

The first of half of this investigation into the benefits of Business Intelligence (BI) – Yellowfin: Top 14 Benefits of Business Intelligence (Part One) – introduced you to the concept of BI and the first seven benefits as devised by the team at Yellowfin. 

Now, let’s pick up where we left off.  A well-executed and maintained BI environment will:

1. Help you understand customer behavior:  Identify, track and monitor customer purchase habits to effectively segment your current and future customer base.
   1. Help you identify and capitalize on up-sell and cross-sell opportunities
   2. Allow you to use customer data to meet and exceed customer expectations
2. Make you aware of emerging crises:  BI software can keep decision-makers abreast of ongoing operations via regular, scheduled reports.  In addition, BI software can be configured to send automated alerts to appropriate decision-makers to notify them of incidents that require action – such as warehouse stock quantities dropping below a predefined level.
3. Reduce resources and labor costs used for the collation, analysis and distribution of vital business data: Eliminate time and resources previously spent on correcting data errors and manually compiling spreadsheet-based reports.
4. Help streamline operations:  Quickly, easily and effectively identify and address areas of operational inefficiency.
5. Deliver superior supply chain visibility:  Organizations can achieve deep end-to-end insight into their supply chain, allowing them to effectively manage procurement, fulfilment, stock, transport, warehousing and retail processes.
6. Improve data security:  By accessing organizational data through a single portal, via a password protected BI environment, data security can be effectively managed.  Data access can be restricted by segmenting users according to predefined groups.
7. Help to develop and deliver better forecasting:  Answer ‘what if’ questions with a click of a button.  Forecasting and planning can be conducted by taking existing data sets, applying theoretical projections and estimations to that information, to model and predict future outcomes.

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Thinking about what Business Intelligence can do for you?

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