Data and intelligence are at the core of business development in the new digital age. Businesses and companies use data to help make better and faster decisions. And as we try to find new ways to accurately gather information, we rely on dashboards and business intelligence software to help us gather real-time data from various channels.
The global business intelligence market was at $15.64 billion in 2016. By 2022, experts peg the whole industry to reach a valuation of $29.48 billion. More and more businesses jump into business intelligence to learn and grow, but before we make any advancements, we must first understand where we currently are in terms of available business innovations in the area of data gathering and interpretation.
Where Business Development is Going
What are business intelligence software solutions? They are tools for software developers that process and analyze business data and create insights to help make more informed decisions to improve a business’ health and development. Business intelligence software can measure all kinds of information, including inquiries, sales, traffic, conversion rates, and other business activities and information.
Business intelligence and reporting has become a central part of business development and strategy. And as they evolve, the business dashboard has become the most basic expression of the practice in software format. Various developers and service providers have now created reporting, dashboard, and business intelligence dashboards that can be embedded into a business’ existing systems.
While business intelligence in itself does not give recommendations, it helps decision-makers, managers, and stakeholders in a business make more informed and calculated decisions based on the numbers.
Reporting and Dashboard for Better Business Development
It’s no secret that using a business intelligence platform can help improve operations, marketing, accounting, and other business aspects. Studies show that data analytics can help make the decision-making process up to 5x faster for businesses.
Of course, integrating and implementing a business intelligence system for data reporting and analysis is extra work. But it’s an effort that never goes to waste when done right. Why? Here are a few reasons.
3 Benefits of Implementing Business Intelligence Solutions to Your Business
1. Increased Data Security
Let’s start with the less obvious benefit. One thing that decision-makers don’t always readily see as an immediate benefit that various business intelligence tools and techniques bring to a company is data security. Online business intelligence systems provide a reduced storage risk when compared to more traditional forms of storage. This makes using embeddable dashboards and standalone business intelligence tools a more favorable record-keeping system in terms of data privacy and safety.
According to Forbes, over 4.1 billion records were compromised in the first six months of 2019 alone. Using data analytics and business intelligence software for business protection is a great way to curb that risk.
2. Improved discovery process
At the heart of any business growth strategy is a continuous process of discovery. A business that wants to stay relevant and fresh needs new ideas, strategies, products, markets, and objectives. Having a business intelligence process in place improves this process by making various reports on a company’s key performance. Business intelligence analysis and reporting helps unveil areas of the company that provide clarity on what opportunities a business has.
For instance, a business intelligence tool will display buyer trends and help pinpoint specific segments that might perform better than others. This discovery allows sales teams to redirect efforts and spending towards market segments that show better lead conversion rates.
3. Business growth
At the core of using techniques of business intelligence is the goal of growing and scaling a business by optimizing performance. Using business intelligence software helps improve a company’s efficiency and profitability through more informed decision-making. Business intelligence can also help spot bug downs and problems in the organization that might be costing the company more money and thus help executives find ways to save on expenses and add to the bottom-line.
Selecting the Right Business Intelligence Software for You
When selecting and comparing business intelligence software, a lot of factors come into play. There are, however, three factors that must always be taken into consideration.
- User satisfaction and reviews. There are millions of other businesses and organizations already using some form of business intelligence software. Check what they have to say about their tool of choice and what makes it great.
- Compatibility. Is a tool compatible with your current system? Will your staff be able to intuitively use the dashboard based on it’s user experience and design? Will your developers be able to figure out how to set up the online databases? These are just some compatibility questions that company’s must ask and answer to make an informed decision on what business intelligence tool to use.
- Features and benefits. There’s never a one-size-fits-all solution to any business need. The same is true for business intelligence. Base your selection process on the features and benefits.
- Cost. Prices can vary according to systems. Find the one that fits your budget best.
Looking at business dashboard reporting trends, the use of business intelligence is moving towards using digital systems that developers integrate into business operations. Tools like dotnet report, for instance, can provide reports with all kinds of reports, charts, and graphs to help business personnel make better sense of what’s happening in the business. With the help of a developer, any business of any size can easily add dotnet Report to an existing application or even as a standalone solution.
As the world moves into the digital age, everything is turning to technology to improve the way we analyze and strategize. Using business intelligence systems can help bootstrap that process by taking out the nitty-gritty work and automating it. This way, teams can focus on answering the question, “what’s next?,” and acting on their plans.