The Time for Business Intelligence is Now

From a BusinessWeek special report March 2, 2009…

The recession is fostering interest in Business Intelligence [BI] software, which helps companies analyze the data they collect for new cost-cutting or sales opportunities.

Business Intelligence software can bring together data from disparate parts of the company.  Once that happens, companies can do analysis, run reports and make predictions based on past performance.  Some BI software lets companies weave in external information, such as the price of gas or the unemployment rate in certain regions, to better understand how market swings or economic trends are affecting customer behavior and the company.

My Thoughts…

Why even consider Business Intelligence software?  I contend that a Business Intelligence solution designed for your company will reduce costs, increase revenues and mitigate risk. 

In this economy, I can’t imagine a company whose business objectives don’t include reducing costs, increasing revenues and mitigating risk.  How can a Business Intelligence solution help?

Reduce costs – Get the right information to the right person at the right time in the right format so that they can make critical business decisions.  Identify and monitor your key performance indicators [KPI] to reduce costs. 

Increase revenues – Create KPI’s that focus on sales and your customers.  If your biggest customer is purchasing less this year than last, isn’t it important to know why?  If your rate of closing deals is going down, you should address it.  In this economy, it is no longer good enough to have ‘happy’ customers; you must have ecstatic customers – ones that will recommend your company to others.

Mitigate risk – Learning that a KPI isn’t being met at the end of a month or a quarter is not soon enough.  We all know that if we catch a problem early and fix it, we are much better off than if we let it fester for a month or quarter.

The current state of the economy requires all companies to think about how they do business.  There is a lot more pressure to make the right business decisions.  Those business decisions can be made a lot easier if your decision makers are provided with the right information at the right time in the right format.

Your Thoughts…

What steps is your company taking to become one of the winners?