What is Business Intelligence?

Many organisations within finance use the term business intelligence, but what is it and why should you use it your organisation? Business intelligence can be used in different ways depending on where you’re working in the organisation. You might be familiar with the term business intelligence in some way, but you want to understand it better. This article we will define the term business intelligence and show a few examples of how it is used in business today. We will also provide you with our 5 best tips on how business intelligence can help your organisation. 

 

 

Picture: Business Intelligence in Mercur Business Control

 

What is Business intelligence?

Business intelligence help organisations understand their data analysis of business information. A BI system can collect and present large amount of data to help you understand it better. With business intelligence you can identify new opportunities and create an effective strategy based on your insights. Business intelligence is used by organisations of all sizes. 

 

Why is Business intelligence important?

Business intelligence is important because it helps you to make better decisions in the organisation. You will have more opportunities in your organisation with the help of business intelligence as it will make you see certain trends and events. With these  insights, you will have a better chance of making more informed decisions which will lead you to more successful outcomes. 

Another great feature is to monitor your information in real time and use dashboards for data metrics to make it easier for the readers to understand your data. Business intelligence also helps you keep track of your KPIs (key performance indicators) by measuring your goals or by delivering specific results. A helpful way to see how your ROI (return of investment) is going. 

Business intelligence can also help you spot problems within the business. With a BI software you can identify the things that are working in the organisation and the things that aren't. By identifying your problem fast in your business intelligence software, you can rectify it fast. 

There are a lot of industries who are using business intelligence for better insight and reporting. When reporting information from your BI software it's easy to focus on the essential information. The report can easily tell the reader what happened in a particular environment. For example, if you are working with e-commerce you might be interested to see which one of your products is the best-selling and if not maybe the best-selling product size. There are several parameters that can help you gain better knowledge of your audience and their behaviour. 

Business intelligence is not only helping you make better decisions it's also a great time saver. Instead of analyzing and understanding your data in spreadsheets you will have all your information presented in no time with the help of a business intelligence software. We are also aware of that time can be a real thief and the bigger the company the more data to analyze, which takes time from other important responsibilities. Using a business intelligence software makes it possible for you to operate more efficiently and focus on your other responsibilities.  

 

Picture: Business Intelligence in Mercur Business Control

5 tips on how Business Intelligence can help your organisation:

  1. Understand and use your data: By using your data smart you can easily see trends and start campaigns that will help you reach your organisations goals

  2. Create a strategy: Analyze your data and create a strategy based on your insights from your business intelligence software. With a clear strategy it's much easier to reach your organsations goals. 

  3. See opportunities: With business intelligence you can find multiple opportunities by monitoring your data in real-time. The trend last week might be old today.  

  4. Identify problems: It's easy to spot problems in a business intelligence software. If you can identify it fast, it's much easier to rectify. 

  5. Save time: Have your business intelligence software focus on the essential information and save time. Time can be a real thief and analyzing a lot of data is not something you do fast. With business intelligence you will definitely save time and be able to focus on your other responsibilities.  

 

Conclusions on why you should consider using Business Intelligence

There are a lot of benefits with business intelligence both for small- and big organisations. We have hopefully given you some more information on how business intelligence works and how you can use it in your organisation. 

 

Business Intelligence with Mercur Business Control 

Mercur Business Control is powering a new generation of business planning and is a complete solution for corporate performance management and business intelligence. The company's easy-to-use planning solutions are available to everybody in an organisation and provide support for effective planning and business intelligence, in other words, the tools needed for better performance and growth. Mercur Business Control uses flexible input functionality that can be used for, business intelligence and both traditional financial planning or for detailed planning of sales, production, projects, HR and so on.

 

Contact us for more information: 

 

Mercur Solutions (UK) Limited - UK office

Mercur Solutions Limited
Ocean House, The Ring, Bracknell RG12 1AX, United Kingdom
+44 (0) 1344 388 025

Mercur Solutions AB - head office in Sweden

Mercur Solutions AB
Vretenvägen 13, SE-171 54 Solna
+46 (0)-459 69 00

 

Malmo Office

Stortorget 3, SE-211 22 Malmö
 

Gothenburg

Kyrkogatan 24, SE-411 15 Göteborg

Mercur Solutions

A Swedish company with over 40 years of experience, delivering solutions for performance management and business intelligence.

  

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