Why Is Business Intelligence Important?

Simply put, business intelligence helps managers make better business decisions by showing current and previous data within its business context.

It provides performance benchmarks to make the business run smoother, smarter and grow more efficiently. BI can also provide financial information of an organisation such as company credit reports.

BI helps managers to identify market trends to increase sales or revenue. Used effectively, it can even help with compliance and hiring efforts. Just about any aspect of a business can be improved through business intelligence.

Digital transformation has created a massive influx of information, and it’s not slowing down. Data is everywhere – and is now implemented into business processes for organisations of all sizes.

It is available for all companies to access and extract new information to make informed day-to-day decisions and search for new opportunities to explore.

How business intelligence can help businesses:

  • Identify areas or ways to increase profit
  • Analyse customer behavior
  • Compare data with competing businesses
  • Track company performance
  • Optimise company operations
  • Predict success of new ventures
  • Identify market trends
  • Identify any business issues or problems

Examples of business intelligence:

  • Data mining
  • Reporting
  • Performance metrics and benchmarking
  • Descriptive analytics
  • Querying
  • Statistical analysis
  • Data visualisation
  • Data preparation

The Future of BI

The future of business intelligence (BI) tools and its evolution is proceeding at a frantic pace. The rapid advancements are, in large part, due to the immense value BI provides. As game-changing use cases and success stories continue to emerge, so do new ideas for enhancements, innovations and next-level analytic functions.

PXP has built XBRL into its in-house credit reference system, and with this XBRL engine, useful data can be extracted that gives users the ability to predict multi-industry trends in real-time and create reports.

WithCompany Credit Reports you can:

  • Get a detailed financial picture of any customer or supplier before you decide to work with them
  • Help protect your business from late payers
  • View their company credit scorecompany credit check, suggested credit limit and financial payment trends

>>Does your organisation need big data analytics tools to make faster, intelligent decisions?<<

With PXP you can make your data easier to understand, simpler to communicate, and much more useful!

You can create a company credit report containing company financial accounts and information – this includes a business credit score, built with multiple financial and non-financial datasets that take into account a company’s financial strength.

Signing up to PXP is quick and FREE, click here to register now.
To learn more and for any assistance, get in touch: [email protected]

To purchase business intelligence subscription plans, visit the Populous World PXP platform and sign up here for free: https://bi.populous.world/

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