Top 7 Ways to Use Business Intelligence in 2024

Posted on Feb 06, 2024 at 10:02 PM

Nowadays, business intelligence is the key to corporate success. The reason may be that the business constantly evolves to become more complex. We see that competition between companies in various fields increases with continuous development. This led to the creation of the concept of business intelligence and its positive impact on companies.

The emergence of the term business intelligence dates back a long time. But recently, we noticed that globally successful companies have resorted to it extensively, in several stages, and different & creative ways. This article will discuss the common intelligence ways these companies use to support their field of work.

What are the ways to use Business Intelligence?

The concept of business intelligence includes a lot of different processes. For example, searching for data, collecting & analysing it, and deciding what to do and what not to do. Here is a collection of the 7 most common ways to use business intelligence more effectively:

• Make better decisions:

Business intelligence programs improve decision-making skills in organisations. The tasks of these programs include Gathering, storing, and analysing company information helpfully scattered across various departments. This makes it easier for employees to access and analyse it. Thus, team leaders can create the best strategic decisions based on accurate data and information.

Your analytics and information must be constantly updated to maintain the quality of your decision-making process. Your company's customer relationship management provides you with vast information, such as (knowing customers' desires and analysing the ever-changing market trends). Hence, follow up on updated reports to make actionable decisions quickly within the business.

For example, based on business intelligence software, you can predict when something will go wrong in a particular supply chain. Hence, you can proactively remedy the situation by providing alternative supply chains.

• Improve dealing with customers:

As discussed above, business intelligence programs help predict and organise customer needs and determine desirable or undesirable products or services. Thus, the customer journey must be defined more accurately, allowing for higher customer satisfaction.

In addition, the business intelligence program aims to reduce customer complaints. It alleviates all clients' problems and gives a broader understanding of their vision and desires. It also explains business reactions to products more clearly.

• Achieving great competitiveness with competitors:

Performance-based systems and technologies of Executive Intelligence give companies a remarkable ability to compete and deliver the best performance. The reason is that the business intelligence system - as mentioned above - allows companies to know the market's direction and speeds up the decision-making process.

Business experts help you analyse the data you own and create new visions for the future, Avoiding or addressing past mistakes. They also allow you see the initial difficulties that you may face in the future.

• Building a more effective business model:

For your business services model to be effective and impactful, you must focus on all your data and information. You must do deep analyses of this data to reach the final reports that are easy for employees to understand and use later to improve their work quality.

Data is often internal; That is, of the organisation from within only. For example, internal supply chains, production times, manufacturing processes, etc. It may also be external data, such as (competitors' performance, market trends, etc.). However, you must consider all these data.

• Develop new performance metrics:

It is more comprehensive than traditional KPIs because business intelligence systems discover and create unique new metrics that help evaluate employee performance more thoroughly. These measures also determine the organisation's leaders and managers' best job performance.

New metrics make scheduling more accurate, save meeting time and offer many other benefits. Several recent reports from Microsoft have also proven that the minutes it gives each employee may be worth thousands of dollars in the future!

• Enhancing the productivity of all employees

Business Intelligence software embodies the phrase, "Work smarter, not harder!". These programs provide insights that raise the efficiency and intelligence of employees in carrying out tasks and provide additional support to increase their productivity. Thus increasing profits.

One of the best uses of business intelligence technology and techniques is automating routine processes. For example, you can automate processes instead of manually collecting, analysing, and auditing information. You can do this through the use of data analysis tools. In turn, it will save employees' time, increase their operational efficiency, and make them more focused on creative work.

Moreover, you may need to offer several training courses to your employees, such as Business Analytics Training. You aim to develop them, equip them with new skills, and get them to their best job performance.

• Get fast and accurate reports:

One of the benefits of business intelligence is getting in-depth, fact-based reporting. Simplify these reports so that all employees, without exception, can understand them.

Undoubtedly, if you have a vast amount of data and information, the process of analysing it will be costly and tiring. But don't worry, because there are data analysis tools that have proven their efficiency and ability to analyse data accurately without errors.

In Conclusion, 

As companies collect and store data for future use, the importance of business intelligence will undoubtedly increase over time. Therefore, it is your responsibility to improve yourself in this field to ensure perfect results in the future.