Business Intelligence Tools Meet the Need for Speed in Decision Making
Companies rise and fall on their ability to act quickly on business intelligence. Competition in most industries is fierce and marketplace opportunities extremely time sensitive. Businesses that respond too slowly lose out to their quicker rivals.
Business intelligence is all about making better decisions faster. Better decisions lead to the realization of corporate objectives, such as minimizing waste, increasing the number of jobs per shift or reducing the number of hours per job.
Information is always changing rapidly, often in a big way. Decisions based on up-to-the-minute data improve customer relationships, increase revenue and maximize operational efficiencies. Thanks to the speed of today’s processing systems, real-time data warehousing and business intelligence systems put information at your fingertips. Take a company that sells merchandise online. Information on inventory levels available to call center representatives matches information on the company’s website.
Key Performance Indicators enable organizations that use business intelligence systems to analyze whether actions are resulting in progress toward their goals. Key Performance Indicators reflect critical success factors. The percentage of income derived from return customers or percentage of customer calls answered in the first minute are common Key Performance Indicators. When they are accessed, reviewed, analyzed and acted upon quickly, businesses achieve a higher rate of success.
A real-time approach isn’t required for every part of a company’s business. There are dozens of business intelligence products featuring various types of analytic capability (see the accompanying downloadable list of popular applications). DataCraft can help you gain a competitive advantage by integrating the business intelligence tools best suited to your objectives.
