How Business Intelligence Can Play A Significant Role In Strategic Business Planning

By Author: Bappaditta Jana
Total Articles: 67
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Today, we live in a world where a large amount of data is collected from us. However, it is not this collection of data that makes this vast amount of collected data quite impressive. It is the ability to process and analyze this data that makes it meaningful. Organizational leaders spend substantial time brainstorming and devising a plan that aligns with their business goals and objectives, and they use the collected data to do the planning. For the same, tools powered by business intelligence( BI) are used by businesses because now it is well-known that strategic planning is vital to achieving success. So let us discover how this unfolds.

Interactive dashboards

Most BI tools now have interactive dashboards that facilitate businesses to see the information that otherwise remains hidden in the maze of rows and columns of standard business reports. Actually, strategic business planning becomes impossible without any access to hidden data insights. Hence, much of the planning is done either by guesswork or based on inadequate data. This leads to inaccuracies or errors in planning. The clear presentation ...
... of the business figures in these interactive dashboards of BI tools proved like a boon for entrepreneurs for accurate planning with minimal effort. Moreover, these interactive dashboards are well-equipped with multiple features that help to customize the reports and see the information that they want to clear their doubts while planning.

Data visualization

The graphical representation of data is known as data visualization. BI helps entrepreneurs to visualize their business data like never before. It enables them to identify the hidden patterns and grasp complex concepts without putting any extra effort. When the data before them is in charts and graphs, identifying business bottlenecks or the areas that need immediate attention became a cakewalk. It also helps to know many other aspects of their business like never before, such as the factors influencing the behavior of their target customers, predicting sales volume, tracking the performance of their employees or business initiatives, comparison of domestic and overseas revenues, and so on. So, when they have such a vast amount of knowledge, effective planning becomes easier.

Customer insights

Customer insights always empower marketing professionals to plan their marketing campaigns, and business intelligence offers a myriad of such valuable insights. Once these professionals have their hands on their customer's habits or behavior, they can effectively plan advertisements or marketing strategies that can deliver desired results. For example, a sports shoe manufacturing company may think that their target customers are only sporting professionals or those who love to play sports. However, customer insights can reveal that their customers are also people to strive to be like their favorite athletes.

Interestingly, BI not only plays a role in making plans but also in decision making and increasing the overall revenue. No wonder even start-ups are now adopting BI technologies to harness its advantages.

Bappaditta Jana is a blogger who loves to spend his free time engaging in sports or gardening. Based in Kolkata, he is currently working with EasyReports an IT firm that has developed a BI reporting tool that can easily integrate with Tally ERP and many other applications.