Business Intelligence Systems
Many companies in different industries are using business intelligence system (BI), a system that tracks the raw data such as sales transactions, labor costs etc. of a company. For some companies the use of a BI system yields better results than for others, how is this possible?
The first thing that a company should understand when starting to use a BI system is that the system provides a lot of very useful data, however it does not analyze this data and is not able to determine what data is useful to the company. It is up to the company to decide what data they want to track with the BI system, how they want it to be presented, and what is going to be done with the results. It is important to build a strategy around the use of the BI system.
For the restaurant industry in particular a BI system is very useful. Due to the fact that the restaurant industry is very operational driven and competitive, results from the BI system can be implemented fast. Determining the core business of the company and building the BI system around this core is important for the quality of information provided by the BI system.
Even though other industries cannot implement change as quickly as the restaurant industry, the correct information derived from the core business of the company will still help determine choke points and new opportunities for a company. The job of sales people is to sell, however often they are stuck behind their desk doing administrative work. Since all sales people are looking for the same type of information when preparing a presentation or sales call the BI system can help make the process of acquiring this information more efficient. This leads to more time to sell for the sales people, and should lead to higher revenue.
To conclude a BI system can benefit companies in many industries tremendously, as long as those companies beforehand determine what information is important for them, how they want it presented, and are able to implement the system with the cooperation of all parties involved. A BI system can improve the quality and efficiency of work in almost all departments of a company, from sales, to accounting, to operations etc.