Why BI should be on your 2019 Agenda?

2019 is already here and like others you must also be contemplating as what to bring in 2019 radar. Organizing scattered data and gaining actionable insights from that data is one of the top business challenges that companies face. With each passing day, the challenges of analyzing data intensify. Yet with the remarkable surge in data, many organizations are not able to leverage insights from their data and respond quickly to customer demands. So, there comes a need where it becomes absolutely critical to invest in a business analytics solution.   

“Gartner says that by 2020 more than 40% of data science tasks will be performed by machines and we already see this happening”

This blog will serve as a springboard for business owners eager to mitigate their data challenges head-on and invest in a BI solution in 2019.     

1. Automate budgeting and forecasting

When it comes to empowering your finance teams, moving away from spreadsheets to specialized tools can make a huge difference.  By bringing in a smart BI tool, you can automate your budget and forecast process and stand clear of your current and future goals.  

2. Predict new revenue streams

Respond quickly to new changes, analyze past and current data and get a glimpse of the future. With the next-gen BI tool, it becomes relatively easy to help your team members and tap into new business potential and get a glimpse of the future.

3. Improve customer service

In a hyperactive competitive market, a customer does not stay well for a long time until they receive a high value of it. If a customer dissatisfaction can be detected early through the actionable insights, the root cause can be addressed well before in advance.

4. Foster collaboration among team members

Business Intelligence software helps you access your information from anywhere and at anytime. It also facilitates you to wear multiple hats and juggle multiple responsibilities. As the workplace is increasingly becoming dynamic, being equipped with the right software to ensure the smooth operations is key to success.

If you do not have the right software to answer this trend, it can hamper productivity and collaboration. At the same time, make sure to foster a culture where everyone is empowered and communicate insights across the organizations.

5. Market your cross- and up-selling offerings

Just imagine, if you could have relevant forecasts ready to market your cross-and up-selling offerings. Thanks to predictive analytics you can optimize your entire customer journey and make predictive demands patterns.        

With BI tool, it becomes easy to empower your staff members irrespective if they are in finance, sales, marketing or any other department. Create personalized reports and analytical queries independently with self-service capabilities in BI. You no longer have to make decisions on mere a gut feeling, but you should have hard facts at hand to make the right decisions. These were few of the compelling benefits that a BI tool can offer to your organization.   

So, do you monitor these signs.  

• Reporting takes time and is done manually which is becoming time-consuming and cumbersome.

• No Actionable insights and data in real-time

• Difficulty extracting data from multiple sources

Then, BI must be on your 2019 agenda.