In the last couple of decades intelligence technology has evolved exponentially, and from then on it has changed our lives dramatically. It has changed us in regard to what we eat, how we work and how we live. But, above all else, intelligence technology has affected the way we do business, and that’s a continuous millennial process. The most notable difference between how business was done some years ago and how it is done today is the time that is invested on it. Every action has to be done in the smallest possible time frame while maintaining the best quality and end results. This was achieved thanks to business intelligence software, or BI. Amongst other advantages like cost retention and mobility, time saving seems to be the most important characteristic. Business Intelligence software has become an integrated part of most companies, as they are aiming at aiding the company by satisfying their customers either by cutting costs, time, interaction or reliability.
Making Less Risky Decisions
Business intelligence helps companies make better informed and less risky decisions by presenting information in a well-structured, organised and accessible manner. Business intelligence software offers varied tools to provide its users the best information available when it’s required, and one of these tools is the dashboard. Many managers and executives rely on this tool in order to take well informed decisions especially when time is of the essence.
Making Information Readily Available
Business intelligence also helps the user to avoid risky decisions by making the information available anytime and anywhere. For instance, many companies need to access varied information, no matter what part of the globe they are in, and that can be achieved by using a web application. Having the information when you need it ensures client satisfaction and it avoids taking any unnecessary risk.
Another important tool is the alert system. It ensures that the user receives critical information in the shortest possible time frame. This tool can often make the difference between a good and a bad decision in a timely fashion. Users can also make well informed decisions by using online analytical processing (OLAP) technology. As businesses expand and become more complex, so does the customers’ demands. OLAP business intelligence allows users to access information faster by using a complex and interactive system. By using any other method to access the same information the time frame expands, leaving the user vulnerable to uncertainty, and that may lead to poorly informed decision making which brings unnecessary risks to the company.
It seems that in this modern day and age, the problem in making better informed and less risky decisions using Business Intelligence does not depend on the information itself, because in all cases the information is the same. The problem lies on how fast the information will reach the person who needs it, and that’s where Business Intelligence comes in.
By Sam Hurley; a Digital Marketing Consultant at http://www.fdcstudio.co.uk/ providing search engine marketing services for a vast range of clientele