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:
- Help you understand customer behavior: Identify, track and monitor customer purchase habits to effectively segment your current and future customer base.
- Help you identify and capitalize on up-sell and cross-sell opportunities
- Allow you to use customer data to meet and exceed customer expectations
- 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.
- 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.
- Help streamline operations: Quickly, easily and effectively identify and address areas of operational inefficiency.
- 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.
- 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.
- 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.
Thinking about what Business Intelligence can do for you?
For more on Yellowfin, visit http://www.yellowfinbi.com/ where you’ll find whitepapers, brochures, blogs and video.
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