Digitizing and automating production processes provides companies with an abundance of data. But how can you leverage this data to optimize internal and external processes? The answer is Business Intelligence. In this blog, we’ll explain what Business Intelligence is and how you can use it for your company.
What Is BI software?
Business Intelligence (BI) can transform the vast reservoirs of data about your business processes into insightful information, enabling informed decision-making. The data processed by Business Intelligence comes from within your own company. However, this data is often underutilized because converting it into clear information can be challenging. BI software is specifically designed to help make sense of the data, by collecting and analyzing all of it. The insightful information derived from this process is visually presented in a Business Intelligence dashboard. Business Intelligence is not a single action but rather encompasses the entire process, from data collection and analysis to presenting it in BI dashboards. BI software is a valuable asset for both small and large companies to accomplish this.
Business Intelligence: gaining data insights
The larger the company, the more challenging it can be to make the right strategic decisions. Vital information can be retrieved from various corners of the company. However, creating a valuable overall picture from this data can be a substantial task. Business Intelligence collects and analyzes all company data, offering a clear view of the organization. With this insight, a company can make both practical and strategic decisions related to finances, sales, logistics, and operational processes. This sounds perfect, right? However, BI truly starts working for you when the data gathered from various sources is linked and interpreted correctly. BI tools can be invaluable in this process.
What can you do with a BI tool?
It is now clear that without Business Intelligence, gaining insights from data is incredibly challenging. With so much data, distinguishing between essential and non-essential information is a monumental task. BI tools, a form of BI software, allow you to quickly separate the crucial from the non-crucial within the data. This makes discovering trends much easier. BI tools can be used across the entire organization to extract these trends and gain more knowledge about processes. Think of HR processes, logistics, and financial processes. They are also useful for determining how to improve efficiency and monitoring Key Performance Indicators (KPIs).
Benefits of Business Intelligence software
Implementing Business Intelligence software provides companies with insights, insights, and more insights. However, there are additional benefits when working with BI tools. Let’s highlight the key advantages:
- BI supports consolidating all information in one place. You no longer need to traverse the entire factory to gather data and validate information.
- Costs decrease and productivity increases; a benefit that every production environment would gladly embrace. By using BI tools, you save time and costs that would otherwise be invested in data collection and processing.
- Decisions are made based on relevant and accurate data from your own sources. This results in improved strategic planning and execution.
- Goals become more than just aspirations. Progress towards goals and their achievement is clear and visual.
- Data is understandable to everyone. Visual elements within BI tools make access to the obtained information accessible and transparent for all employees.
Visualizing Data with BI Dashboards
Business Intelligence software goes beyond collecting and analyzing data; it also allows you to visualize data through BI dashboards. Within these dashboards, priorities for the company are instantly evident, thanks to visual elements like charts, graphs, and trend lines. Visualizing data in a BI dashboard makes it clear for everyone to see ongoing trends without the need to dig through data for hours. Thus, BI dashboards make data accessible to all employees, not just a handful of specialists within management. This way, you easily involve the entire team in monitoring the company’s progress.
Simple BI solutions from EZ Factory
At EZ Factory, we specialize in creating clear data through dashboards. With the EZ-GO app, every employee can easily follow work instructions and digital checklists. By collecting the outcomes of these digital checklists, along with other data, it quickly becomes clear which trends exist on the production line and where action is needed. Adjustments can be made in one place for the entire factory. Gathering and analyzing internal data, such as autonomous maintenance tasks and audit scores, is just one part of our smart solutions. Our EZ-GO platform is fully designed to visualize tasks, instructions, step-by-step plans, and outcomes. By providing the entire team with a digital platform where standardized processes can be followed step by step and results must be entered, it becomes clear during audits how much process confirmation exists.