The pandemic COVID-19 has deeply affected the economy as a whole. Consumer buying behaviour declined thereby affecting the revenue, sales, and the future growth of the business. During the time of turmoil business intelligence became the solution for a business to run successfully.
Business intelligence provides an in-depth analysis of different strategic business decisions that increase productivity, increase sales or revenue, and enhance the growth of the company. BI also gives an opportunity to the companies to compare the historical and current data to make better decisions and predict future outcomes. The businesses believe that BI functions according to the expectations and accomplishes the needs of the business. As a consequence BI solutions have accelerated the degree of the reputation of the company.
The main reasons which highlight the positives of BI are
It facilitates better planning and analysis: with the use of BI, a business will able to focus on its operations. The business must be data-driven to make effective decisions.
The degree of accuracy is enhanced: the increase in accuracy will help the business to make decisions regarding business forecasting.
Helps in the forecasting of sales: forecasting is important in preparing budgets and helps the companies to improve their marketing strategies.
Improved pricing strategies & product offers: if the business adopts methods to improve the products & services and selling at a reasonable price will improve the level of sales in the marketplace.
During the period of crisis, the business can successfully continue its operations by leveraging BI solutions. It shows the way or acts as guidance for a business to direct and control its path amid COVID-19. From the findings of Sisense, State of BI & Analytics Report 2020: Special COVID-19 Edition, 500 data professionals in the US were surveyed. Almost all the companies are leaning on insights that will navigate them during the period of crisis. The data professionals in the US shifted to the use of data analytics during the economic recession. Even small industries increased the use of analytics in the period of disturbances. Business intelligence will be helping hand for the companies rely on useful insights for effective leadership, management, and in the decision-making process.
