The term ‘Business Intelligence’ (BI) means software applications which are used for systematic collection, analysis and evaluation of data. Business Intelligence aims at the collection of relevant company data in order to be able to make quick statements about the state and the achievement of corporate goals. The results for reporting, planning, predictions, market analysis and customer analysis are processed automatically. Through Business Intelligence software you always get all your company’s key figures at a glance, and you can resolve all the strategic and business issues even more effectively.
Operative and strategic relevance of management partner resources
Manufacturing Execution Systems (MES) allow the guidance, steering, control or monitoring of the production in real time. Customer Relationship Management systems (CRM) help you to collect, manage and filter important customer data. Enterprise Resource Planning (ERP) supports your company during the customized planning and control of resources. In order to analyze and evaluate all the relevant company’s data, these operative management partner resources must be readout. Through Business Intelligence software, the data of MES, ERP and CRM can be linked as well as analyzed and evaluated via a Business Warehouse. The results are then available for strategic decisions. Without Business Intelligence software the data link and evaluation is only possible with a high manual effort and with the help of programs such as Microsoft Excel or Microsoft Access.
Strategic competitive advantages by Business Intelligence software
The competitive benefits which you can achieve by using Business Intelligence software are enormous. On the on hand the burden on business departments is noticeably relieved. On the other hand the collected data are a sound basis for company decisions. You can discover problems or gaps in your value chain more easily, and you can quickly take measures to optimize procedures.
Reasons for Business Intelligence software at a glance:
Great time saver
Thanks to the automation through Business Intelligence you save a lot of time in the processing of high data volumes. Reworks in complex Microsoft Excel tables and other data processing programs are reduced. Business Intelligence helps you to streamline your business structure and to work more effectively.
With a preconfigured Business Intelligence solution, key figures are unified enterprise-wide. Thus, even different branches and offices of a company are easily comparable.
Low error rate
The Business Intelligence processes are automated. The evaluations no longer have to be done manually. This means that the error rate decreases when entering the data. The evaluations and assessments of the Business Intelligence software are very valid and reliable.
Up-to-date analysis at the push of a button
Once defined, the reports can be viewed at any time. The evaluations are always on the latest level. With just a few clicks you can compare your business figures with your corporate goals and check if you are on the right track.
The target-actual comparison allows easy verification of previous decisions. Has the effect occurred that you wanted to achieve? Must adjustments be made? All key company figures are verifiable and understandable to internal decision-makers and other stakeholders (e.g. creditors, auditors) through standardized reports.
Up-to-date evaluations and a functioning cause analysis allow you to react to trends quickly and to make adjustments. The competitiveness of your company increases and you are able to work more effectively.
Anticipation of market opportunities
By observing your business continuously, you are in a position to assess the market, potential customers and competitors even better. Moreover, market opportunities and risks can be anticipated more easily.
Big Data and Industry 4.0
Business Intelligence software links up business processes and prepares the way for you to Industry 4.0 and Big Data.