03 Aug The transformative powers of business intelligence
Business intelligence software is helping companies perform on a whole new level. By offering insight into every facet of the organisation, these tools are supporting strategic decision making and using data analytics to drive efficiencies, improve productivity, and gain competitive advantage.
Working smart is the name of the game for modern business. The double whammy of Brexit and the global pandemic have highlighted how building operational resilience is a strategic imperative. Disrupted supply chains and ever-shifting demand have forced businesses to continually flex and pivot. Agility makes it far easier to compete in the modern climate and access to real-time data empowers leaders to respond to changing conditions and ensure they optimise performance.
Data is king and lies at the heart of Industry 4.0. Getting the right information to the right people at the right time provides clear competitive advantage. Business intelligence software collects and analyses data, offering actionable insights across every department, identifying opportunities for growth and areas for improvement. This capability was once only available to large businesses but advances in cloud computing has made these tools accessible and affordable for all types of businesses.
Supporting strategic decision making
The real value of business intelligence software comes from translating raw data into meaningful information. Its ability to collate, analyse and present data in a user-friendly format is invaluable for businesses looking to optimise performance.
Be it sales trends, inventory levels, productivity, or procurement, these tools shine a light into every nook and cranny. Rich visualisation capabilities allow users to quickly make sense of the information in front of them, putting performance into context and highlighting key trends.
Users are transformed into data analysts with the ability to request pre-formatted or bespoke reports which give insight into specific areas of the operation. Rather than struggling to make sense of numbers on spreadsheets, decision makers are presented with easy to interpret charts, graphs, and infographics that with the click of a button can be shared across the organisation.
Business leaders no longer need to rely on gut feelings. Software solutions now support new levels of data mining which allow users to refer to correlations, patterns, and trends to inform business strategy. When the unpredictable happens, be it disrupted supply chains, spikes in demand or competitor price cuts, companies have the tools they need to make quick and informed interventions.
Benchmarking and performance management
Benchmarking is a valuable tool for businesses to gauge performance against that of their competitors. Business intelligence platforms allow users to generate reports which evaluate performance against a whole range of KPIs to ensure the company stays ahead of the game.
The software allows business leaders to set, manage and track performance goals, be it in relation to products, people, or processes. Progress can be monitored on a real time basis. By ensuring they always have their finger on the pulse, users have the power to exploit fleeting opportunities and resolve minor issues before they escalate into large scale problems.
Keeping track of complex data sets can allow you to spot changes in consumer behaviour before your competitors, identify areas for cost saving, or strengthen negotiating powers when dealing with suppliers.
As well as maximising profitability by identifying opportunities for growth, business intelligence software also boosts the bottom line by optimising cost. Data analytics and monitoring offers an ideal opportunity to identify waste across the organisation, be it wasted natural resources, over-paying suppliers, or quantifying time spent on mundane tasks that could be automated.
The software can also scrutinise processes and procedures, highlighting bottlenecks, duplications, and inefficiencies. Around half of business revenue is tied up in the supply chain and by providing data-driven insight to the procurement department, business intelligence solutions can ensure every penny spent is maximising value.
Not surprisingly, more companies than ever are waking up to the value of business intelligence software and the opportunity to use data-driven insight to steal a march on the competition.
At Alliance Procurement Solutions (APS), we’ve taken business intelligence to the next level with our new cloud-based platform i-QMN. The solution collates and analyses information from disparate sources, helping business leaders drive efficiencies and improve productivity.
Even the most inexperienced member of staff is transformed into a data genius with the ability to interrogate every facet of day-to-day operations. I-QMN can collect data from disparate systems, manage and manipulate it to offer a single source of truth.
Whatever the query, or deep dive, our platform is fully configurable and can be tailored to meet the needs of any business. Digital innovation at this scale breaks down barriers to growth, offers new clarity and ensures everyone is striving towards the same goals.
To find out more about what i-QMN can do for you, please contact APS on 0330 311 2601 or firstname.lastname@example.org.