Smart companies are adopting new technologies, such as business intelligence to get ahead. This helps them take advantage of opportunities, quickly respond to challenges and overcome threats.
According to inc.com, analyzing data can help transform performance, boost revenue, increase profits and improve customer satisfaction and retention.
Many companies are using business intelligence (BI) software to do this. BI is one of the quickest and easiest ways to analyze company data leading to better business decisions.
Companies generate lots of data on a daily basis. This data includes information about sales, marketing, inventory and finance.
Business leaders often rely on experience and ‘gut-instinct’ to make decisions. However, it’s important to know how to use company data to make ‘fact-based’ decisions and reduce human error.
Fact-based decision making enables companies to adjust to changes in their industry. A good BI solution makes this easy and available to anyone, not just IT experts.