Why Business Intelligence Matters

Having access to data that reveals how your firm is operating is a game-changer. Data collection is simply one component of the puzzle. Collecting and analyzing a large amount of data can be a time-consuming task. This is especially true when faced with seemingly insurmountable amounts of data. However, with the correct tools, you can rapidly accumulate and view data in real-time.

So, what tools offer the best solution? The answer is…business intelligence dashboards.

Business intelligence is when companies analyze current and historical data using methods and technology to improve strategic decision-making and gain a competitive advantage. Dashboards present a consolidated view of corporate data and analytics on a single screen. It uses data visualization to emphasize key performance indicators (KPIs) and important business analytic metrics. This technology gives businesses a clear picture of their performance and equips them to plan, execute, and improve their operations with data to back up decisions.

However, there are instances where dashboards are counterintuitive:

• Users often attempt to incorporate too much information without comprehending restrictions or evaluating demands from the spectrum of different measurables extensive data analysis gives, resulting in an over-engineered or cluttered design.
• The use of dashboard metrics in the company is not governed by any established norms or hierarchy. This means that each person can uniquely interpret the measurements, resulting in a wide range of data being reported.

The purpose of dashboards is to revolutionize the success of managing your business.

Benefits of a Business Intelligence Dashboard

A business intelligence (BI) dashboard tracks data points that are essential to your company. Custom dashboards provide a consolidated view of all data to deliver insights into the entire business. Here we list the significant benefits of implementing BI dashboards:

Enhanced Perceptibility

BI dashboards offer more visibility by making data available whenever it is needed. Then businesses can rapidly respond to changing market conditions and internal operations.

Timesaving Efficiency

You no longer have to waste time generating reports from numerous systems. Instead, data is gathered from a centralized source and presented in the form of an easy-to-understand graphic overview.

Improved Forecasting

With greater insight utilizing historic data, business demands can be accurately predicted. Businesses can plan for changes in the coming business cycle by establishing measurable goals and deliverables.

Better Decision-making

A BI dashboard allows firms to analyze vital data quickly and thoroughly (from any connected device), whether it’s to report and analyze the entire organization or specific functional areas. Visualized interactivity helps to easily convey large volumes of data. Better business decisions may be made with the capacity to quickly discern what the data means.

Whatever is measured and watched will improve

Our computerized maintenance management system (CMMS) uses dashboards that provide information for analysis and presentation to measure performance and manage inventory across the business. It helps companies focus on the areas that matter to improve results and increase operational efficiency.

BuildFolio’s dashboards keep you informed even when you are out of the office. Through leveraging mobile compatibility, business owners can use any device to instantly access a data analysis summary. You can swiftly optimize the management of assets 24/7 with real-time data regardless of your location.