How Tos: Using Business Intelligence in its Full Potential

In today’s business arena increasingly being driven by data, using business intelligence (BI) to its maximum potential unlocks new forms of value that translates to a competitive advantage and empowered business decisions. 

If you know how to use business intelligence properly, it resonates in every facet of the company — producing a positive and productive impact on the executives and employees. Here are five surefire ways to put your BI strategy into an optimal level for the long haul. 

1. Selecting the right BI tools

Make BI work for your organization by choosing a platform that best offers what you need or is scalable according to your requirements so you're sure to get your money's worth. Business intelligence tools and technologies can be harnessed to reinforce your company strengths and bridge the gap for your operational weaknesses, leading to an efficient organizational performance.  

2. Picking out what's necessary   

There is a sheer volume of big data you're going to be dealing with, but that doesn't mean you have to use them all. Sift through the available data, filter all the necessary information you'll be needing to make a sound decision and leave out the irrelevant figures.

3. Going past cost efficiency

BI offers other than just reduction of production costs. You'll discover that there is more to this approach than meets the eye when BI's processes and tools are used aptly across the company.

4. Turning discoveries into opportunities 

How companies use business intelligence varies from one entity to another, but uncovering new insights and possibilities are among its top features. BI empowers key decision makers through the trends and patterns found in your massive databases, that are later on transformed as strategies for your operations, management and finance and accounting facets. 

5. Growing your assets

Use BI to expand your current assets and increase your cash inflow. Through business intelligence solutions, you can hit your financial targets, thus generating more capital for your investments and other important business plans.  

 

Before, BI was elusive for small businesses and startups. But now that it's more accessible, cheaper and easier to navigate, the playing field has leveled. If you want to draw a difference in the competition, you need to be using business intelligence in the smartest way possible and deliver a different kind of value and perspective unique to your enterprise. 

Still starting out in the BI arena? Let D&V Philippines lend you a hand. We can guide you in harnessing and getting the most out of business intelligence through our in-house analysts. Grab a copy of our whitepaper The Rising Frontier: Harnessing The Power Of Business Analytics to know more or we can have a consultation on your available time for further discussion about what we can offer.