A very informative and comprehensive article Posted By Daphne Lefran in Business.com and in view of my experience I would like to add here that Automated |Business Intelligence will make a significant difference.
This article highlighted the difficulties of assessing everyday business data through manual operations such as spreadsheet / word documents.
There are countless business intelligence tools available however selecting right toll is critical which can analyze, retrieve value from organizational data in minutes with any intermediary involvement.
A well implemented software solutions can compile complex data into actionable insights in a matter of minutes. Following are the main components of business Intelligence;
Reports are automatically produced based on data gathered from business department, social media efforts, marketing leads and other digital efforts. These provides quick return on actionable insights. Through automation less time is spent on formulating reports and more on considering potential outcomes.
2 Visualization and dashboard
Sometimes it’s hard to read all the information in the reports on aggregated data and hence visualization through dashboards is vital. These can provided separately as well as can be merged into report to highlight important information and can also be accessed on mobile phones.
Business Intelligence gain though automated reports and Visualization enable you to track where your have been, where it is now and where it is going. Business intelligence will involve analysing quantitative and qualitative metrics and what happened and why it happened. This help company assess its capabilities, strengths, weaknesses and trends.