Are last year’s reports still relevant this year? Are the figures the organisation from the second quarter giving the management team a clear view of how business is performing? These are some of many periodic and pertinent questions which businesses ask in order to understand business performance. Yet, in many questions, information in organisations is treated in silos – each piece disconnected from the rest. What about the bigger picture? Isn’t there a missed opportunity in combining historical and present data, crunching it and through that, figuring out how to sharpen the business strategy? Certainly, there is! The question is ‘how’?
Enter SAP Business Objects Business Intelligence (BI).
SAP BI is a suite of front-end applications that allow business users to view, sort and analyse business intelligence data. By doing this, it empowers organisations to get better insight on the operations, including understanding the day to day business performance. Thus, it gives decision makers a 360 degree and detailed view on current performance, as well as, in aggregation with historical data and a view into how business will perform in the future (trending, what-if analysis and predictive analytics)
But, that’s just general explanation of what SAP BI can do. Here are ten ways the solution can turbo-boost business performance:
- It gives real-time reporting with real time data. With SAP BI solutions enterprises are able to monitor their business in real time, thereby avoiding guess work. Without this solution, executives will have to depend on their instincts to predict future trends and come up with solutions for handling business.
- SAP BI shortens an organisation’s reporting period. Why should enterprises spend time going through countless reports? With SAP BI solutions one not only get access to their information quicker but one gets real time accurate information. Instead of waiting for month-end to get results, more so, reports can be generated hourly, daily and weekly.
- It gives insights into buying trends or consumer trends. SAP BI gives a look into customer buying trends. With the analytics feature in SAP BI software, companies are able to determine what goods or services will be in demand and who specifically will be in need of those services and goods, and in which period of the year.
- It helps identify opportunities for up-selling and cross-selling products and services. By using intelligence solutions, sales teams can leverage data to build and modify models so that they can upsell and cross sell successfully to customers, whatever the industry.
- Streamline operations is simplified. How do organisations streamline operations without real knowledge and insights into what is going on in their operations? Knowing performance at every turn is crucial in helping make decisions on which operations to streamline and which to drop and SAP BI provides the capacity to do this.
- It increases efficiency. When employees spend hours looking for information, productive time (and potential profits) are lost. SAP BI solutions centralise enterprise (data warehousing), and that information can be accessed from dashboards anywhere any time through mobility features. This saves time and reduces inefficiencies.
- It capacitates determination of costs. With SAP BI, organisations are able to determine costs of production as well as costs of delivering a service. Figures can be adjusted as and when needed saving them money and increasing their profitability.
- It improves inventory management. Business owners use intelligence software because it helps order the proper amount of inventory at the best time so that customers can obtain their products faster. The business does not have to deal with the cost of holding excess inventory. SAP BI accurately informs this process.
- It gives companies the power to determine where the industry is going.Successful businesses use intelligence software to perform competitor analysis and explain what happens over a certain period of time. For example, SAP BI helps business owners determine how many items were sold at specific stores by a certain customer segment.
- It improves negotiations and sales. SAP BI Solutions are valuable for sales teams as they give them access to reports that identify product improvements. Intelligent software is very valuable to the sales force because it gives the team access to recent reports that identify product improvements, customer preferences, sale trends, and unexplored markets.
High-performing companies use analytic solutions strategically; they make analytics and metrics easy for employees to use and that helps organisations understand their operations and sharpen their enterprise IQ. SAP business intelligence (BI) and analytics strategically empowers businesses with the right information at the right time, and the result is insightful business knowledge with the ability to anticipate change and uncover new opportunities.