Importance of business intelligence is at an ever increasing rate. With the fast pace at which businesses are competing, every decision that you take should be well informed and accurate. Every business big or small requires business intelligence to run effectively and efficiently. Business intelligence is derived from the data the business creates, it could provide information from revenue trends to customer experiences. This humongous pile of data if rightly analyzed; the intelligence gathered from it will be the wealth that will lead any organization to success.

Tracking the Right Goals

Importance of Business Intelligence

What does the above image tell you. All those who drive a car knows that this depicts the fuel gauge and it shows that you have hit the bottom of your fuel tank. With your experience you might predict how much more you can go till you reach the next fueling station. But it will be just based on your intuition and it won’t be accurate. There was a time when we had just the fuel gauge on our car dash. All that we knew then was that the tank will empty soon. But how soon we could not say.

Importance of Business Intelligence

Now things have changed and cars have become smart. With new technology advancement, cars now show how many miles we can drive without emptying the tank fully. So this form of information is known as intelligence. The car is giving you insight into how much you can drive using the fuel that’s available inside your fuel tank. So you can accurately plan your refueling.

Similarly, your business will have many indicators. Using a proper business Intelligence you will be able to get accurate insights and take timely action. Like in the case of the car, you can fuel at the right time without breaking down in the middle of a trip. By rightly monitoring your company vitals, you can take the right business decisions at the right time. The right business intelligence tool will help you achieve that.

Tracking goals regularly

Suppose you are on a weight loss journey. Only if you regularly track your progress, you will know how much you are progressing, if the current diet plan is working out or what changes have to be made etc. Similarly business intelligence also has to be regularly tracked and closely monitored to be on track of your goals regularly. Thus the importance of business intelligence is essential for any organization.

With BI tool like InsightDials you will clearly know the story your raw data is telling you and based on that you could take your business decisions with insights and not intuitions. InsightDials is industry specific and we handpick the popular tools and key metrics that matter the most to your industry. Also, being a no-code dashboard, it’s easy to integrate and no hazzles of complex data modeling and computing. So now you have smart intelligence at your fingertips all the time.

So always remember, tracking and monitoring the results constantly using smart BI tools, is essential to achieve your business GOALs.

By Liz Mathew

Founder, InsightDials

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