Nick Shopov: ô7 Ways to Improve Profitability Using Business Intelligence (BI) Technologiesö
Ladies and gentlemen, we live in a new era. Recently we’ve been hearing the quote “Information is gold”, nowadays it can easily be transformed into “Information Management is gold”. Truth is said we are nowadays bombarded with data from many sources but we seldom have the time and ability to filter this data and turn it into valuable profit-bringing information. Here is how Business Intelligence (BI) helped me achieve that.
Nick Shopov is a BI/DWH Software Developer with 3 years of experience in Business Intelligence and Data Warehouse technologies, project Management and leadership coaching.
1. Business Intelligence (BI) Helps Profitability by Aligning Processes with Strategy
Tracking cash flows may be useful but not always transparent enough to get a god grip of what any single unit in your company contributes to the overall strategy. BI does by following the information flow.
2. Business Intelligence (BI) Helps Profitability by Emphasizing on Granularity
Your overall profitability is based on the sum of many macro and micro factors that are often underestimated in a company. Call it a secretary that delays an order with 3 hours because of bad prioritization or transportation costs via a specific carrier. Business intelligence (BI) helps you drill down to understand the granularity of your business. It helps you identify those 20% from Pareto’s principle and invest less in the 80% that do not constitute so much to your success.
3. Business Intelligence (BI) Helps Profitability by Empowering Workforce
Business Intelligence is often misunderstood as a tool for higher management only. Truth is that BI helps any sector and any individual on the work field. With many users using facts instead of assumptions you are likely to build a highly capable workforce that is enabled to take fast-face decisions. Hence you also nurture what you cannot otherwise recreate – individual leadership on every level in your company.
4. Business Intelligence (BI) Helps Profitability by Serving Your Customers
As a tech guy I dislike untargeted advertisement. It’s a sign of laziness to work on your prospects and also disrespect to their personal time. Business Intelligence (BI) kills spam. It let’s your focus your sales and marketing efforts to those prospects that are willing to get to know you with the exact product family they are interested in.
5. Business Intelligence (BI) Helps Profitability by Managing Finances
Instant and accurate financial performance information is critical for taking the tough decisions in your business. Business Intelligence (BI) helps you get an understanding of the cash flows unified from the multiple ERP and CMS systems in your company. The effective analysis of data permits businesses to improve operational efficiencies, negotiate better with their suppliers and customers, reduce wasted resources and inventory, find out root cause and take appropriate actions etc.
6. Business Intelligence (BI) Helps Profitability by Reducing Recruitment Overhead
Call me a futurist but I am confident that technologies are much more reliable, accurate and fast “employees” than many of those now available from on the job market.
7. Business Intelligence (BI) Helps Profitability by Investing in Your Trust Bank
Business Intelligence (BI) is not for your company only but also serves to your external stakeholders – clients, board of directors and advisors, controlling institutions. Those encapsulated software solutions speak for themselves and voids the chance for manual accidental (or not) manipulated reports and predictions.
Bottom line, sooner or later we will all depend on data. Question is whether we shall wait for the competition to force us utilize the Business Intelligence technologies or we will be the ones to go one step ahead.