Business Intelligence (BI) has long surpassed being merely a buzzword and has become critical for businesses as it provides insights in to your business in an organised and useful manner allowing for more informed decision making. Software, such as ERP systems, is used to provide business analytics, data mining, data tools, data visualisation, infrastructure and so forth, which then transforms that information into useful insights in to your business that is beneficial for decision making and planning. These insights can be used to contribute to an organizations' strategic and tactical business decisions by providing the user with reports, summaries, dashboards, graphs, charts, and maps of detailed intelligence about the functioning of their business.

IQ Retail recently partnered with Phocas. Leading BI software solutions provider. This partnership ensures exceptional business intelligence functionality for IQ Retail's customers, enabling businesses to analyse, access, and adapt their work processes to achieve specific targets. 

Benefits of Business Intelligence

1) Instant access to accurate data

In order to cope with the fast paced reality that is the business world, instant access to information about the business, its stock, its people, its sales and so forth needs to be readily available. BI make that a reality. This instant access with a snapshot of complex data empowers businesses and its people.

2) Improves decision-making

Instant and up to date information presented in a ‘digestible’ manner will provide businesses with better insights and intelligence than they might previously have had access to. This kind of information will aid businesses in making more informed decisions, contributing to greater success

3) Helps identify new opportunities

There are many benefits of having a BI system in place, but a couple of key aspects stand out, including the highlighting of new opportunities. Having access to real time information in a manner where you are quickly able to assess or get insights in to certain areas of the business has many advantages. Businesses can for example identify new trends and prepare accordingly. This kind of data allows businesses to respond quickly to any new changes or developments or to use it to their advantage when a new opportunity presents itself.

To find out more about how the combination of IQ Retail's system and Phocas' Business Intelligence solution can help your business make the most of its data, click HERE.