Having all the company’s data right at your fingertips in a fully integrated management solution is amazing. However, many businesses are taking it a step further. They have implemented Analytics and Business Intelligence tools to help them not only see the data but understand what it all means. Basically, it’s not enough anymore to be able to just see data but now many executives are trying to make sense of it all. That’s the key in finding solutions right away, at the slightest indication of a problem. This is why management solutions need to offer businesses real-time information, which will allow managers to derive insights from their data in order to make quick and accurate decisions.
According to an article published in Forbes (Forbes, 2010), analytics help with the question “What’s Next?” rather than looking backward and asking “What Happened?” This is the difference between having an analytics solution and not having one. It’s there to help shape decisions in order to improve efficiency and reduce risk. In turn, the benefits gained from this new way of making decisions can increase profits and steer the company towards growth and success. Some examples of what analytics can do for you are:
- Predict which products customers want and how often they want it (Customer Behavior)
- What prices customers are likely to pay for those products (Pricing Strategy)
- Which marketing or advertising techniques work in order to optimize ad/marketing spending
- Ensure inventories are at the optimal levels
It’s no wonder why many enterprises are seeing the true value in Analytics and Business Intelligence tools. Being able to recognize problems right away and solve them before any major losses or headaches occur is sure to bring about success and company growth. Using the latest technology made available to businesses today is a game changer that will truly drive real business advantage.