The basic purpose of Business Intelligence reporting, in general, is to help managers, executives, corporate clients and businesses in making informed business decisions. To make this happen, there are a number of BI tools that are available for the collection, processing and analysis of data so that it may be converted into meaningful information.
Ever since the idea was proposed by Howard Dresner in 1989, the field of BI has come a long way from the initial mainframe-based analytical system. Business Intelligence reporting is mistaken, often, to be mere data analytics, but the fact of the matter is that it’s not: it’s so much more than that! Unlike data analytics, Business Intelligence reporting comprises of the following core activities:
- Data mining
- Online analytical processing
- Querying
- Reporting
Here are some of the factors that make Business Intelligence reporting an, absolute, necessity for your business:
The Changing KPIs
It’s important to keep a keen eye on your KPIs or, better yet, nothing would benefit your business more than the ability of keeping every KPI under surveillance. Business Intelligence reporting takes care of it by keeping a track of all of your KPIs and generating a notification every time the data of any KPI changes. Thanks to this vigilant eye, you can drill down to the underlying reasons of all kinds of changes.
Inventory Management
Inventory management is a tough job that’s made easier through the use of BI reporting. The fact of the matter is that you can throw the idea of efficient inventory management out of the window without a BI reporting tool. Why? Well, it’s because Business Intelligence reporting not only helps you in managing the amount of inventory that you order—by letting you know what EXACTLY you’re in a need of—but it also detects anomalies in the inventory data. As we all know, a good system of inventory management is necessary not only for a business’s efficiency but also for its growth.
Customer Behavior
BI reporting gives you a complete, 360° view of your customers and their behaviors. Through Business Intelligence, you’ll be able to have a better understanding of the customers’ behaviors and then be able to use that information in order to cater to their individual needs. Knowing what customers buy, when they buy it and how they like things to be are all important pieces of information that can be converted into money.
The core purpose of BI reporting is for the managers and executives to make informed decisions but, as you can see, they are capable of delivering on so much more. If you’d like to know what BI reporting can do for YOU, or how you can best take advantage of it, then you should know that we, at iDeskHub, have got just the professionals that you might need. Make the most of Business Information reporting, with iDeskHub, and see your business grow!
