business-intelligence | 4 mins read

Top 5 Benefits of Business Intelligence That Can Turn Your Business Around

top 5 benefits of business intelligence that can turn your business around 1648622591 7819
Sanchari Chatterjee

By Sanchari Chatterjee

What is Business Intelligence?

Business intelligence is a process that gathers raw business data and uses tools like business analytics and data visualization to prepare reports and insights in the form of pie charts, graphs and other infographics that help business managers make sense of their numbers.

Modern business intelligence systems can be used as self service tools that managers can use to monitor both, historical as well as real time data. This helps businesses optimize their operations and improve their decision making.

5 Benefits of Modern BI Software- No. 1 Big Data Mining

Data mining is one of the primary functional aspects of modern Business Intelligence systems. It involves data analytics tools picking up raw data from a company's Restaurant Pos software or supply chain management software, for example. These data sets are stored in data warehouses from where BI tools can fish out relevant information. This is then used to prepare analytical reports, graphs and charts in order to give a business a clear indication of problem areas and possible solutions.

Data mining and analytics lie at the core of analytics software. They not only enable a business to better understand its customer base and market trends, but also plan ahead for course correction and expansion.

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No. 2 Faster Data Analysis

no 2 faster data analysis 1648643242 9938

Data analysis is among the top benefits of business intelligence software. BI tools extract raw data from the different management software of a company and use it for data analysis. Data analytics tools convert this data into actionable reports with visual elements. Quick data analysis helps improve Customer Service as these reports enable businesses to act immediately on problem areas and setbacks.

No. 3 Real Time Analytics

Real time data analytics tools offered by analytics software will track and analyze both, your historical data sets and your current numbers. This helps businesses study their real time performance and make tweaks to operations accordingly.

With real time analytics, you can make immediate changes to your daily operations and also prepare yourself and your restaurant staff for the future. Real time analytics will also help you in Forecasting Inventory well in advance by studying daily patterns and sales trends.

No. 4 Better Business Decisions

All business intelligence systems and analytics software aim to help you with betterdecision making. This is one of the primary objectives of business intelligence systems. For example, your BI tools will help you figure out what works for your business and what doesn't on the basis of a Trend Analysis.

With predictive analytics and forecasting, managers are better equipped to make bolder business decisions. With detailed and data driven analysis of each business process, your decisions can be based on hardcore facts instead of instincts and guesswork.

Data analytics tools will assist you in making intelligent decisions for both, the short term and the long term.

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No. 5 Customer Satisfaction and Employee Satisfaction

Data Collection and data analytics are not restricted to operational processes alone. Businesses can use these tools to monitor employee and customer satisfaction too. When business intelligence tools are integrated with employee management software or customer management systems, the BI tools will pull data from these to study trends and patterns.

With reports generated from employee and customer management software systems, BI tools can help business users identify problem areas and modify their operations accordingly. Businesses can introduce initiatives that drive more employee engagement and customer satisfaction and then go back to the analytics software to see if these changes bear the desired results.

Top 3 Business Intelligence Software for Restaurants

1. Zip POS Dashboard- The Zip POS Dashboard is a specific business analytics tool designed for the restaurant industry that will generate intuitive POS reports, analyze data in real time and identify trends that dominate the market. This analytics software is easy to set up and use and promises to increase your revenue while guiding your decision making.

2. Sisense- This business intelligence software uses attractive data visualization tools on its dashboard for businesses to find easy meaning in the data sets. It also provides data analytics solutions and market insights to help business owners make informed decisions. Sisense also allows users to combine multiple data sets, produce data visualizations and customize dashboards according to their specific needs.

3. SAP Business Objects- SAP's BI software is a complete suite of data visualization, data reporting, analytics and sharing tools. This BI system will collect all your data from various sources and convert it into insightful reports that are easy to understand. With its analytical reports, the BI software will help with efficient decision making.

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