March 18, 2020
What do we mean by “Productivity”?
According to the Business dictionary.com, “productivity” is a measure of the efficiency of a person, machine, or even system that helps in converting inputs into meaningful and useful outputs”. It is the effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.
The saying, “work smarter, not harder” sits perfectly for Business Intelligence. Itis more than just a concept. BI software is designed to explore and analyze flaws in a business’ data collection strategy and then solve them into actionable insights that result in a profitable proposition.
Intelligence is essential for gaining the information … deployed strategically to achieve fixed goals, and it helps to prevent “mission drift” of the organization. It helps companies by changing data into insights and action by analyzing data quicker and become more agile with decisions.Business Intelligence pulls in data from many sources to monitor the health of the organization.
Business Intelligence is a combination of two most important words that any organization knows – “Business” and “Intelligence”. The first, “business,” is the life-line of a company. It is what the organization, its employees and executives do, and the goods or services that it deals with. The second, word is “intelligence”. This means using knowledge and skills to optimize all of the factors that go into creating a successful company.
Together, business and intelligence are what that creates a powerful, profitable corporation.
Factors leading for Increased Productivity
So what is the profitability of deploying a business intelligence software?
BI plays a very crucial role in the strategic planning of organizations and is used for multiple purposes, including measuring performance progress toward business goals, by using richly visualized intuitive reports for performing quantitative analysis, reporting and data sharing, and identifying customer insights. BI even allows businesses to monitor sales, logistics and even productivity.
If you still require a more credible answer to the BI solutions, here are some offerings that a BI solution can do for your organization.
Access quick business information
Many business decisions are required to be made on the spot, and to ensure organizations are making the right one, the management personnel need access to information.
Information is not simply the numbers printed on the balance sheet,, but also what and where those numbers stand for your organization. Using a BI software solution, the management derives information at the click of a button to help them gain a competitive advantage.
Save time on data entry and report making
Manual data entry is prone to human error, even if it is copied and pasted from another source. Even, it takes a lot of time to do properly. But if we use a well-configured BI system, you can eradicate the time spent on data entry and decrease the amount of time spent on performing calculations. BI tools allow for fast reporting and data visualization that provides a comprehensive view of data and information in one place.
Gain customer insights
Understanding the patterns in customer behaviour helps in determining the profitability curve of the business and the organization. BI tools make it easier for companies to know what customers are really interested in, without spending hours upon hours poring over past reports.
Benchmarking
Benchmarking is the process of comparing an organization’s progress across certain crucial factors with industry best practices within the same or related industries. allows you to track where your business has been, where it is now and where it will go in the next few years. These reports offer accurate, timely data allowing businesses to evaluate their performance against individual KPIs and providing valuable insights helping the company assess its capabilities, compare its strengths and weaknesses, identify trends and market conditions and respond quickly to change.
Benchmarking can also help organizations identify their rivals that are the most likely to pose a threat by rising far above the industry benchmarks by increasing speed and decreasing costs.
Identify areas to cut costs
BI software can analyze areas business processes and ascertain areas where cost-cutting can be proved beneficial. With careful management of inventory and manufacturing expenses, detection of cost-cutting will be easier.
Productivity
Goal management organizational as well as employee productivity can be performed simultaneously in businesses. Deploying BI tools, managers can input quantitative goals such as sales or target delivery time and track its progress on a daily basis. Tracking the inefficiencies in the business by spotting internal trends also becomes easier.BI tools help in monitoring the operational tasks and its output, performance of the employees and even identify core areas where the process needs to be streamlined for type efficient running of the organization.
Visualization and Dashboards
At times reports may seem too obvious and abstract to interpret, reducing the ability to act on key metrics. Popular BI systems offer visualization tools to provide a better understanding of historical data, real-time updates, forecasts and trends.
All the information is centralized and automatically converted, merged and reported with self-generated data visuals. They can be accessed on dashboards through mobile devices and tablets, allowing instant access to key business metrics for marketing and sales for taking quick and instant decisions.