Why invest in Business Intelligence

Why do companies invest in Business Intelligence?

To answer this – let’s talk about what Business Intelligence actually is:

We collect loads of data, whether we know it or not. If you have a business bank account, you have data. If you send invoices, you have data. If you have customers, you have data. If you have products, you have data.

Data is being collected in all sorts of ways, by all sorts of apps. Business Intelligence (or BI) is the process of organizing that data in its various forms into useable information. There are countless benefits to doing this, so I’ll name a few of the most common:

  1. Learn more about your customers – find ways to market to new customers / learn from your existing customers.
  2. Clean up your financials – get a list of all your financial data and quickly see which expenses can be dropped, find areas where you are spending less or more than you intended to.
  3. Align your business goals with data-backed indicators – accurately track your business strategy with real-time performance indicators.

That’s just a few to give you an idea. So back to our original question – who invests in BI systems?

My answer – People who want to an edge on their competition. People who want to rely on data to supplement their intuition. People who want to create better experiences for their customers. That’s who invests in BI.

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