Benefits Of Business Intelligence Automation
Business Intelligence, or BI, helps businesses perform excellently by making reliable decisions. It enables you to choose what’s suitable for your company through data-driven processes, such as analyzing market behavior, data comparison with the competition, performance tracking, and many more.
Using BI is just one step in boosting your business; automating it through its combination with automation strategies such as artificial intelligence and business process automation takes efficiency and reliability to another level.
Below are the reasons why you should use business intelligence automation.
Business intelligence already gives you critical insights to grow your profit better. As stated, it can show you detailed reports on your customer’s behavior, such as their buying patterns and product preferences.
This helps you reduce costs or limit production with items that don’t sell well from your lineup, effectively saving you money in the process.
Automating the already efficient BI increases your business’ revenue growth even more. Reports will be more accurate and objective by lessening the more fallible human involvement in the process.
The AI used in the automation process makes more logical and reasonable predictions. It ensures all points are covered by projecting simulations in more possible scenarios. This lessens the unexpected sales turnout typical in predictions made by non-AI reports.
Automated business intelligence also helps you control costs by cutting unnecessary expenses brought on by operational inefficiencies.
Automated BI enables you to use automated lead distribution. Manual lead distribution requires employees to check leads before sending them out, slowing the overall business flow and sometimes even failing due to human error.
Automating the process helps you avoid human error, make faster sales, and get higher-quality leads.
Logistics and miscellaneous expenses also tend to pile up with improper handling. For example, wrongly routing your shipments through a farther warehouse unnecessarily increases shipping time and costs.
Automating logistics processes, such as choosing which shipping company offers the lowest cost and where to store your products safely relative to lead locations, makes the whole process easier.
Automated business intelligence also gives you the option to do automated marketing. This allows the streamlining of your marketing tasks across different platforms and campaigns to maximize your marketing team’s efficiency and cut costs.
Instead of having your team do menial tasks such as social media posting, lead generation and retention, and email marketing, you can have them focus on more complex tasks. This may include generating new strategies or retrofitting existing ad campaigns to better suit automation.
Numbers and statistics can sometimes be hard to understand on their own. Even if you do understand it, some of your employees may not. This makes the distribution of information less accessible to your company.
Data visualization, which plays a crucial role in handling a company, is one of the strong suits of using business intelligence.
Seeing data in more digestible forms, such as charts and graphs, is scientifically proven to make it easier to understand. BI software can also quickly recognize and expose data that could go unnoticed easily with human eyes and text reports.
Instead of having to translate raw data manually, automated business intelligence makes it more effortless. This is especially helpful in democratizing information among your employees to help them better understand your decision-making process and foster goodwill.
Risks are always present in business decision-making, but automated business intelligence reduces them.
Human errors using manual encoding and data translation often bring unnecessary risks. For instance, an employee may input the wrong data on an Excel cell, which could jeopardize your entire-decision making process.
Mistakes like these are also exceptionally challenging to trace manually without proper audit facilities. A well-founded business can easily consume thousands of spreadsheet cells on finance. Even if you find and correct the mistake, there’s a low chance that you can find the person responsible for it.
Speed to Decision
Before our current technological advantage, businesses would have to call for experts to solve specific problems outside their employees’ expertise.
The entire process, which includes looking for experts, hiring them, having them analyze your company background and situation, to finally giving you solutions, could take days or weeks.
Now that we have business intelligence automation, you can make decisions faster and more soundly.
For example, your competitor decides to lower their prices for similar products your sell. Using business intelligence allows you to quickly decide whether to drop your prices too or not.
Alternatively, your BI software could give you options for promos, enabling you to sell similar products at the same cost but with an addition of surplus items from previous production rolls.
Measuring your business’s performance is crucial in determining the next steps. Without automated business intelligence, it could take you days to find out which direction to take in response to a crisis sensitive to your current performance.
For example, certain decisions, such as planning for promotional sales for the holidays, may depend on whether or not you can hold discounts in the first place.
Automated business intelligence programs can accurately compile and present you with the latest sales reports in minutes. The program can also do fast computations of projected revenue should you choose to proceed with promotional sales.
Alternatively, you can also measure your company’s internal performance, such as employee satisfaction, productivity, task completion time charts, and automation integration feedback. This allows you better to monitor your company’s growth to the basic levels for a more hands-on approach.
Relying on manually updated spreadsheets and other non-automated database formats results in more errors, potential security breaches, and unnecessary file duplications.
Automated BI allows you to compile important information in one virtual location for easier access. This also allows for more consistent tracking and updating as it can notify and show you who accessed the files and what actions were taken.
This system also allows easier collaborations with different departments or companies. Since your file’s location is securely and automatically stored in one place, choosing which can be accessed with the proper credentials makes file sharing easier.
Predictive modeling is a part of data science concerned with machine learning, data mining, and harnessing statistical techniques used in modeling for strategic predictions.
Essentially, predictive models look at specific patterns in data from previous transactions and overall company history to better identify risks and opportunities.
These automated predictions help boost your revenue by analyzing the trajectories of your present sales rate. It also helps you smartly forecast your inventories, allowing you to restock when item production prices are at their lowest.
Predictive modeling also ensures that your cybersecurity is at optimum levels by detecting fraud and running automated simulations on your system’s weak points.
Implementing automated business intelligence is an effective strategy to boost your company’s overall efficiency. But as with any step in business decision-making, you should ensure that you know and have weighed the pros and cons of your choice.
After all, business intelligence and its automation software can be a costly investment, but as technology progress, it becomes more and more evident that this is the way to go.