What Is Business Intelligence & Analytics and Why It Is Important for Businesses?

In the current scenario of big data, many business owners find themselves surrounded by large volumes of data. They are trying to figure out ways to develop a better understanding and control of this information in order to derive the best value for their business.

Business intelligence &analytics is a blend of tools, technologies, applications, and best practices that help businesses gather, integrate, analyze and present raw data into easy-to-understand, thoughtful business data to improve and optimize decision-making and productivity.

Why Do You Need to Consider Business Intelligence and Data Analytics for Your Business?

In small businesses, spreadsheets and other ad hoc tools are often enough to do the job. However, as companies grow, the number of information decision-makers need to understand grows as well. New products and services, new markets and possibilities, expenditure on operations, sales, marketing, and other growth-enhancing systems.

As a consequence, most people need to be part of the data collection and analysis process, and different people within the organization (sales, marketing, finance, etc.) need to look at data in various ways. Typical issues with the spreadsheet method include:

Time-Consuming and Labour-Intensive to Maintain

Establishing a company-wide model, constructing organizational plans, delivering and collecting information from different management teams, centralizing multiple spreadsheets, and troubleshooting broken macros and formulas is becomes cumbersome.

Inadequate Collaboration and Feedback

Desktop spreadsheets are soloed and do not allow for real-time data sharing and updating. Obtaining a centralized, precise view becomes difficult.

Prone to Error

Studies show that 20 to 40 % of all spreadsheets contain mistakes and as they become more complicated, error rates increase. Without an audit trail, changes and mistakes can go unnoticed and businesses make decisions based on inaccurate data.

Insufficient Analysis and Reporting

Collecting and trying to cobble data together through spreadsheets is complicated. Precise information that decision-makers require can be difficult to access.

Resolute Consulting Group LLC’s business intelligence and data analytics services provide businesses with a way to simplify the data collection process, analysis and reporting. Business intelligence systems are designed on a centralized platform so that everyone associated with the process is given a single, real-time view of the data. Many BI solutions feature self-service dashboards and reporting tools that make it a lot easier and less time-consuming to contribute to and manage things. To learn more about services offered by Resolute Consulting Group Houston, please visit https://www.resolutecg.com/ or call at (832) 835-5353.

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