Due to the growing use of data and information in business operations, a BI (Business Intelligence) tool has never been in such high demand in the market.
Fierce competition is driving companies to seek new ways to optimize their operations, create and take advantage of opportunities, get closer to consumers and offer even more value for their services and offerings.
In this context, BI tools have been the alternative found by companies. Today, software and systems reinforce the ideal of data intelligence, collecting, structuring, improving and offering valuable information for companies of all segments and sizes. But let's delve deeper below.
What is a BI tool?
Specifically, we can understand a BI tool as each and every one of the technological resources that collect information from the most varied sources to help companies better understand the internal and external reality that affects their activities.
In practice, we are talking about technological tools capable of not only collecting data, but also storing and structuring it and, from there, generating adaptable reports, statistics and other information to guide managers and leaders in making decisions.
How does a BI tool work?
The idea behind a BI tool is to increase the value of information. This technology works in conjunction with a series of standards whose purpose is to transform data that does not have much value for the organization into precise insights that can help managers support their decisions.
BI tools provide historical, current, and predictive views of an organization’s operations. To do this, they most often centralize a large collection of information into repositories. These repositories are accessed by BI software, which begins to work with the data in different ways and for different purposes, such as marketing, management, finance, and predictive actions.
In general, a BI system supports reporting, analysis, interactive pivot tables, as well as visualizing and extracting statistical data. Within businesses, this type of tool deals with contracts, finance, human resources, and various other data sources.
It is worth mentioning that more robust tools have a portugal whatsapp data greater scope in the analysis of information , collecting data on the market and competitors. This forms a solid and reliable basis for managers to understand the position of the company and the public, taking the necessary actions to act in an even more competitive manner.
Check out some topics that make business intelligence a differentiator for companies.
Monitoring performance indicators
It is essential for any business to have tools that are capable of measuring the performance of its activities, and thus, be able to reinforce strengths and improve weaknesses.
Monitoring results in a concrete way, based on indicators, is one of the big differences that BI brings to companies. Gathering comments, analysis, statistics and numbers, for example, gives managers more visibility.
Finding revenue potential (upsell and cross-sell)
BI tools can also be very strategic in identifying revenue potential. When providing a service, for example, it is possible to propose new services based on what the customer has expressed interest in.
The data and readings made by BI software can also help the company when offering its services to consumers. Based on a reading of consumer behavior, it is possible to offer more complete services, with a higher average ticket, but which respond better to customer demand.
Advantages of BI tool
Applying a BI tool brings some interesting advantages. Here are some examples.
Cloud storage
Cloud support is one of the differentiators of modern BI tools. This feature, in addition to allowing permanent access to the system from anywhere, also brings valuable benefits from a financial and security perspective.
Nowadays, operating with data in the cloud is much more dynamic, agile, economical and secure for companies. In this model, the scalability of the systems and the possibility of reinforcing the processing capacity of the BI tool is much simpler, adapting better to the needs of each business.
Process integration
Another advantage of the BI tool is linked to visibility. In conjunction with an ERP , for example, the company is able to integrate different processes and sectors of the company, collecting data and information that can then be processed by the BI solution and returned as practical optimization proposals.
In this sense, it is clear that a well-managed BI tool offers a holistic view of the teams, allowing them to integrate data, understand the overall performance of the business and generate insights for different needs.