5 examples of how Nordic companies are using Business Intelligence
Business Intelligence can be used to optimise companies in many different ways. Such as contributing to increased sales, cutting costs, improving product quality or creating shorter lead times. But how are Nordic companies using Business Intelligence in their businesses?
What is Business Intelligence?
Business Intelligence is not a specific system, but an umbrella term for processes and methods used to gather, store and analyse data from the business or activities in order to optimise its results. All of the data collected is then combined to create an overall view of the organisation, making it easier to make better and more effective decisions.
Using the data collected by the organisation gives you a better understanding of what is happening in the business, making it easier to acquire the right insights for smart business decisions. Business Intelligence gives the business a unique opportunity to better understand its customers’ behaviour and patterns, to see what is happening in the market and to acquire a better understanding of what is going on inside its own operations. If you make sure you use these insights in the right way, you will also make sure that you are one step ahead of your competitors.
Possible challenges relating to Business Intelligence
Business Intelligence is rarely about algorithms and systems. The most common challenge is when the management team in the organisation is not sufficiently on board or does not have a clear goal regarding what they want to achieve by collecting, analysing and making data-driven decisions.
A few examples of how a number of Nordic companies are working with Business Intelligence
When you collect and analyse data from different systems in one single place, you have better control over the organisation, resulting in better corporate governance and more correct and relevant supporting data for decisions. But how does it actually work in practice? It is not obvious how this can be applied to your own company without real-life examples. We therefore list below five examples of how Business Intelligence is being used at different Nordic companies:
1. Adapting insights according to areas of responsibility
Business Intelligence enables all employees to have access to data based on their areas of responsibility. This means that employees can see which trends and factors are driving the company forwards, providing a deeper understanding of how their own efforts are supporting the big picture.
2. Reducing manual process stages
With fewer manual stages in processes, mistakes are reduced and quality increases. This results in time being freed up that can instead be devoted to analyses and follow-up.
3. Creating a better overview of planning and budgets
Business Intelligence enables you to use your collected data to create a summary view and give you a full picture of planning work and budget processes. Different functions also make it possible to drill down into individual transactions and records as required.
4. Using indicators and benchmarks for results
Many companies use Business Intelligence to compare current result data with historical data in order to easily compare results with goals.
5. Data visualisation
For most people, the easiest way to understand information is visually. With Business Intelligence, you can transform data analysis into visual presentations such as charts, graphs and histograms. This makes is easier for the whole company to understand and use the collected data.
Most small and medium-sized companies need help to understand the value of data collection
A mapping exercise conducted by the Swedish Agency for Economic and Regional Growth reveals that knowledge of how to work with collected data varies within and between different industries. But that both small and medium-sized companies need external help to understand the actual value of using collected data in their business.
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