Just like humans, businesses are getting more and more intelligent over time! Thanks to the age of digitization, companies are capable of automating manual processes, scanning complicated data, and making informed decisions. Over time, the relevance and importance of business intelligence (BI) have increased for almost every department within an organization.
Public Media Solution defines business intelligence as “a set of processes that revolve around gathering data from multiple sources and analyzing it in the interest of your business.” It covers a range of modern technologies and solutions that streamline data management and helps you work with organized datasets.
Here are the four key elements of business intelligence:
- Data collection
- Data storage
- Data analysis
- Data reporting
Business intelligence has found application in software solutions designed for all major departments within an organization. Let us briefly understand how it affects different teams operating within your company:
Traditional financial planning and analysis (FP&A) processes have become obsolete. They are now replaced by more flexible and scalable digital solutions that rely on comprehensive data management. From preparing your company’s budget and making financial forecasts to analyzing expenses and handling cash flow, business intelligence forms the backbone of modern FP&A solutions. These solutions focus on continuous data collection, analysis, and reporting to stay updated at all times and improve your company’s financial health.
Sales And Marketing
Modern sales and marketing software prevents users from performing repetitive tasks. From lead management and sales forecasting to developing a targeted marketing campaign, BI helps your sales and marketing reps understand your customers better.
Business intelligence also helps you target the right audience, narrowing your marketing approach. For example, if you run a PR agency in Pune and need to help your clients limit their reach to Pune residents, implementing the right BI solution will help you collect and analyze data that is specific to your target audience. Once your clients know their audience well, you can help them build healthy relations with them.
Human resource (HR) management is one of the most challenging activities performed within an organization. With the trend of working remotely gaining widespread acceptance, HR managers struggle to cater to every employee’s needs.
Business intelligence allows you to store data regarding all your employees on a centralized platform. This data can be analyzed to track their activities, address their grievances, and increase their engagement. With a good BI solution at your disposal, you can build your employees’ journeys from the day they join the company until they leave it.
Implement Software Solutions Equipped With Business Intelligence With VIZIO
If you want multiple departments within your organization to embrace digitization and streamline their processes, VIZIO helps you set up solutions driven by business intelligence. Our team of skilled and experienced professionals will tailor their services to suit your specific needs, helping you attain your objectives in the best way possible. VIZIO helps you digitally transform your business and create your niche in the industry you belong to.