5 Ways Business Intelligence Transforms Your Company by Amanda Harley, MBA–Part 5
Over the last few weeks, we discussed how business intelligence (BI) could help you transform your business. The first four ways covered were:
#5 Business Intelligence is based on real numbers and information and NOT on a gut feel
#4 Measure the ROI of products, suppliers, salespeople, and customers
#3 Business Intelligence Helps Assess Risk within an Organization
#2 Using Business Intelligence to Forecast the Future
In our final discussion on how business intelligence can transform your business, I believe the #1 reason BI could transform your company is that it requires action. You have the real data: you’ve determined the ROI of your key drivers within the business, assessed the risk, figured out what to forecast, and now you must implement all of these solutions. Business Intelligence systems provide a mechanism for disciplined action. You can no longer sit back and coast through the business blissfully unaware. BI is where data meets action. At times, it does require you to make tough decisions that should have been made years ago. Long awaited tough decisions require us to swallow our pride, sometimes admit wrongdoings, and possibly change habits. Some businesspeople aren’t ready for this type of “in your face” decision making and information, and that’s ok because change IS difficult. Business Intelligence is a GAME CHANGER…..when you use it. Use the information from your BI system to analyze your strategy and develop your strategic action plan to grow your business. Develop your own BI system. You have the tools available in the other posts to implement a BI system on a small scale that WILL have a huge impact! I guarantee it!