What Is Business Intelligence and Why Is It Important?

Are you wondering if business intelligence is something your company should invest in? If the grown of the market tells you anything, your answer should be a yes.

The business intelligence market is expected to grow to a value of $33.1 billion in 2021. Companies of all sizes are investing in data to help them grow.

If you’re interested in using data in your business, you might be asking the question, “what is business intelligence and how does it help?” Keep reading to find the answer to your questions.

What Is Business Intelligence?

Data is everywhere on the internet. Consumers post it on social media, you gather data from your customers, and research institutions release large data sets. The question is, how can you bring this data together to learn from it?

This is what business intelligence does. It’s the process of bringing together data, generating reports, and using data analysis to learn about what’s happening with your business and the world.

How Does Business Intelligence Help?

Now that you know what business intelligence is, you have to learn why it’s essential for businesses today? Below are four business intelligence benefits that make it worth the investment.

  1. Makes Data Easily Accessible

In the past, businesses had their data scattered all over the place. They used different apps, management methods, and computer tools. All of this made combining your data in a central location difficult and not worth doing.

With today’s business intelligence software, that is less of an issue. It can connect to your third-party data sources and collect your information for you. Whether it’s Knowi vs Tableau vs Power Bi, you can find a tool to make business intelligence work for you.

  1. Better Customer Satisfaction

Business intelligence solutions provide access to all your customer data. This means you can see what works and doesn’t work with your products.

You can use this data to improve your product offerings. Your data will show you customer journey drop-off points and common failings with your offerings. Refining your products will lead to better customer satisfaction and more loyal customers.

  1. Find Market Trends

You don’t only have to rely on your data when using business intelligence. Many other intelligence firms publish market reports online for companies to purchase. You can plug this information into your business reporting systems.

Doing this will give you more insight into the trends of your industry. Spotting a trend before your competitors is a huge advantage and will put you ahead of them if you can take advantage of trends before they do.

  1. Fast and Accurate Reporting

Doing reporting by hand is time-consuming and labor-intensive. On top of that, it’s easy to make mistakes when someone is manually entering data. That isn’t an issue with business intelligence.

Since you automatically import your data from your applications, you never have to worry about someone making a data-entry error. It also saves hours for your employees who bring your data into your reporting system. These capabilities mean you get quick reports that provide you accurate data.

Invest in Business Intelligence Tools Today

You need all the information you can get to make good decisions in today’s world. Now that you can answer the question, “what is business intelligence?” you have what you need to start investing in tools. Start analyzing data today to see the benefits for yourself.

If you want to learn more business tips, head back to our blog to find our best advice.