Business Intelligence is one of the greatest tools’ technology can put at your fingertips — if you know how to use it correctly. Read on to learn more about how BI training can turn your business around.
In the modern world, businesses have to be ever-changing to survive. With so much competition, companies have to take constant steps to consistently improve the service they provide, as well as improving the way in which the company operates and the way in which their staff work. All aspects have to be at peak efficiency in order for the business to remain successful.
Therefore, being able to make informed decisions when making changes to a business structure, even when minor, is essential. This is where BI reporting comes in.
In this article we’ll be taking a closer look at BI reporting, finding out what it is, and why it should be an essential part of your business.
What is BI Reporting?
Business intelligence reporting (BI reporting) is what businesses use to collect, observe, and present pertinent data. This data comes from both internal and external systems, and BI reporters can assemble this data, analyze it, and create reports, dashboards, and graphics for business decision makers.
The information that BI reporters collate is essential to any decision making a business undertakes. It gives those leading the business the necessary information they require in a simple, easy to access report or graphic. This allows the necessary parties to make the correct and informed decision in regards to changes within the company.
What Should BI Reporting Aim to Achieve?
A BI reporter’s goal is to enable company decision makers and troubleshooters the ability to see and analyze as well as understand the data required to make essential business decisions. When working with the right tools and training, a BI reporter is able to communicate large amounts of complex data in a simple form, such as a graphic, that allows for easy interpretation of the information at a business meeting.
Benefits of BI Reporting
There are so many reasons why BI reporting is beneficial, if not essential to the modern business. Listed below are some of the key reasons you should consider implementing BI reporting in your business if you haven’t already.
Actionable Data – The amount of information a company can accrue in quite a short timespan can be astounding. Everything from stock takes, to staff manifests, to even maintenance reports can all pile up. In the modern age this has become even more of an overwhelming thing, as almost all of the data will be held in a non-physical form on a cloud or a database.
A well-trained BI reporter is able to accumulate these mountains of information and is able to extrapolate the salient parts of the data and refine it into a clear and simplified form that provides an overview of the work in question. This data then becomes actionable. That is to say it is information that business decision makers can easily use to act on problems or make decisions on changes to the company.
Advantages over Competition – BI reporting helps highlight the strengths and weaknesses of a business, as well as the assets a business already possesses. Because of this, the information that a BI report can present can give a business a real advantage over the competition, as it makes it clear the areas on which they need to improve, and can potentially highlight how they can use their strengths of existing assets to achieve this.
Smart Business Decisions – It goes without saying that having all the relevant information at your fingertips will help you to make a better, more informed decision than when you are left clutching at straws. In such a competitive business world, it is essential that all decisions a company makes are smart and well informed, as even just one or two bad decisions can be the catalyst of company failure.
Customer Satisfaction – If your business is making smart and informed decisions, then it is likely that customer satisfaction will rise. BI reports can include elements such as customer responses or feedback, which businesses can use to help ensure that the decisions they make will both be beneficial to the company, and pleasing to the consumer.
With so many competing companies, keeping customers happy is essential. Statistics have shown that consumers no longer show the same brand loyalty as their parents and grandparents. This is largely down to increased customer awareness, as well as the rise of money advice resources and comparison sites. Therefore, if customers become dissatisfied with the service you provide, they are highly likely to migrate to a rival company that offers the incentives that they value.
If you’re wanting to increase your BI reporting standards and are not sure how to proceed, then your first step should be to ensure you have your key staff members well-trained. Having a designated team of BI reporters is essential to the growth and well-being of a company.
Therefore, you should seek out the correct training, such as from a certified training company, to ensure your reporters are able to deliver to you high quality and useful information to help your business grow.