Why do most institutions use BI solutions?
The main reasons that institutions choose to use Business Intelligence are to:
1. Improve data accuracy and minimise errors
2. Reduce time and cost spent creating reports
3. Enable fact-based decision-making
4. Detect issues and opportunities
5. Provide self-service information at any time
6. Improve performance
7. Monitor and control business objectives
1. Improve data accuracy and minimise errors
Offline, decentralised reports and spreadsheets are prone to errors that can affect your business performance. An online, centralised system for reporting can improve the accuracy and speed of your reporting and analysis.
2. Reduce manual reports and processes with automation
Many universities spend a huge amount of staff time and money on creating manual reports and spreadsheets. BI lets you automate the reporting process in a central system that can be accessed across the business.
3. Enable fact-based decision-making
With accurate organisation information at their fingertips, employees at all levels can make more informed decisions to maximise performance.
4. Proactively detect issues and opportunities at the earliest possible stage
When objectives aren’t met, a tailored BI solution alerts and allows you to analyse, understand and report on the underlying problems.
5. Provide self-service information
Managers and executives can access information anytime, anywhere. No longer do they need to make successive requests through others who may have alternate priorities or limited resources at peak times.
6. Provide a shared understanding across the organisation
Employees need a clear, consistent view of the organisation to make decisions that will improve performance. Your data is one of your most valuable assets, and it makes sense to ensure it is visible and usable in day-to-day operations.
7. Focus your business and ensure plans are executed
BI allows the Executives to define business objectives that are visible and measurable across the whole organisation. A central system means that plans can be reviewed hourly, daily, weekly – not just once a month or once a quarter.
Who uses Business Intelligence?
- Executive Management
- Operational Management
- Research and Development
- Student Administration
- Finance
- Marketing
- HR