In a time of financial crisis and budgetary restraints, is it effective to invest money in Business Intelligence projects that historically have had dubious results? Yes, absolutely, but only if you get it right.
Organizations that get it right stay in business
At the end of the day surviving in an economic crisis and business intelligence are about exactly the same thing – doing what you do better than the guy next door. It does not matter if you work for a 10-person company or the biggest multinational in the world, organizations that get it right stay in business and those that do not, fail.
When you succeed with BI…
If you are successful with Business Intelligence your company will benefit in the following areas (from recent research):
- increased customer satisfaction scores
- a much better margin structure and profitability
- lower stocks and less capital required
- lower turnaround times
- better decision making and collaboration between teams / departments
Some examples of the added value of BI
- BI can help you to see which products are not bought by your customers while they should!
- BI can give you immediately insight in which products or services are not profitable
- BI can help you to quickly see which customers are probably not paying back their loans
Choosing the right product
Part of getting it right is choosing the right Business Intelligence-product for your organization, it is not a guarantee of success, but it helps.