Through Business Intelligence
Businesses must react faster to changing profitability and customer trends, and to do that you need the ability to access and analyze critical data about your business quickly. You need up‐to‐the‐minute information about your income, costs, and customers in order to make the best possible decisions. In many businesses, collecting and analyzing this information is challenging because different departments store the data in non‐integrated systems and provide varying levels of reporting. In order to get the information you need, you must rely on the IT department to sort out the data you need, or ask individual employees in each business unit to create reports. If IT is busy or employees are unavailable, you don’t receive reports.
A Business Intelligence (BI) strategy provides managers and executives with meaningful insight that is always available, real‐time and easy to interpret. BI plugs into data streams in every part of your business, so you can have unfettered access to organization‐wide information – without waiting for departmental reporting. When you automate the availability of critical performance data, you will streamline the workflows in your organization and improve productivity across the company.
An investment in BI creates an asset that will be used to generate incremental after‐tax cash flow. Without BI, reporting is usually a tedious and time consuming process at most companies. It takes time to access relevant data and the data is not always up‐to‐date. With BI, you don’t have to rely on your IT department or business unit managers to prepare reports. Information is always available in an easy‐to‐understand format. If you choose a Web-enabled system, you can access your key performance indicators from any computer when you are at home or traveling. User‐level security features restrict who has access to the data, so you can safely share business intelligence with managers and key personnel across the organization.
Once you have a BI system, you will gain tremendous insight into what’s happening in your business. You can see several examples of BI in our Warehouse Visualization Webinar. We specifically reviewed Inventory related BI visualization tools, but the principles are the same for every area of your business. Click here to watch the webinar.