Coined somewhere around the late 1950s, the term “business intelligence” grew from a set of technologies known at the time as decision support systems. Today, the rise of technology and internet connection allows companies to track and compile data like never before. With all that data, however, comes the need to retrieve, analyze, and transform it in meaningful ways. Now, business intelligence software can harness the power of data within an organization. It offers a better way to sort, compare, and review data to make smart decisions.
Companies adopting business intelligence software, such as SYSPRO Analytics, can turn business data into insights and action. In turn, these insights can help companies make strategic business decisions that increase productivity, improve profits, and enhance growth.
Does BI Live up to Its Reputation?
There are many reasons why companies choose BI solutions. If you’re considering business intelligence software for your business, you may be wondering if it’s worth the time, effort, and expense to add it to your existing software suite.
A study conducted by BI-Tool.com surveyed over 2,000 businesses about business intelligence data. BI-Tools wanted to know if users felt that BI software lived up to its hype and whether companies felt they got the maximum benefit from it. Here’s what they found:
- Better planning and analysis: Companies felt that BI systems helped them most with faster reporting, planning, and analysis. In fact, 64 percent of responding companies ranked their ability to report, plan, and analyze data as “good” after implementing a business intelligence suite.
- Increased accuracy: Among the companies surveyed, 56 percent felt that business intelligence data increased the accuracy of their business analysis and planning.
- Biggest benefit to sales forecasting: Among the many tasks that companies felt that business intelligence data helped with, 57 percent ranked sales forecasting and planning as the area receiving the most benefit from BI data. Other areas where they felt that BI data provided assistance was in customer behavior analysis (40%) and a unified view of customers (32%).
- Improved pricing and offers: Pricing and offer optimization benefited somewhat from the implementation of a business intelligence software system. Twenty-seven percent of respondents felt that the additional data derived from their BI system helped them not only improve their pricing structure to become more competitive, but also improve the attractiveness of their offers.
How Business Intelligence Software Will Benefit Your Company
From that list of benefits alone, it’s clear that business intelligence software can add greatly to any business.
- Improved planning and analysis can be used to tighten processes, focus business operations, and use data to drive decision making.
- More accurate data equals better decisions. Accuracy also improves confidence in business forecasting. When you know that you can rely on your data, you can make better guesses about what the future of your business may hold.
- Improvements in the sales forecasting process guides companies through budgeting, marketing, and more. The more accurately you can forecast sales, the better you can plan your entire company budget.
- And, of course, improvements made to product offerings and prices aligned with the marketplace can help you sell more, which in turn improves revenues.
Adding business intelligence software to your company creates a positive ripple effect that spreads to all parts of the company. It’s not just about improving access to the data in your firm. It’s about using that data to improve profitability.
SYSPRO Analytics Business Intelligence Software from PositiveVision
SYSPRO Analytics is a powerful tool that allows users to intuitively build reports from SYSPRO data. With little training, employees can quickly access the information they need to determine operational patterns, underlying trends, evaluate financial performance, and leverage opportunities to beat the competition.
If you’re convinced about business intelligence software, or even just want to talk it over a little more, consider bringing PositiveVision into the conversation. Experts for SYSPRO Analytics BI software (among others), PVI draws on a wealth of experience to ensure businesses have all the data intelligence they need for success. Contact us today to leverage BI software success in your organization.