The primary purpose of any business is to maximize profits for its owners or stakeholders, that is to be successful and attract more customers. For this companies have to compete with their rivals. They need a working strategy. And the latter could be done successfully only by analyzing corresponding data. So as you see, to reach the main goal any company has to gather, understand and analyze data. And this is what business intelligence (BI) platforms actually do. These tools help businesses convert information into useful insights to make better decisions. According to Forrester's study
, “between 60% and 73% of all data within an enterprise goes unused for analytics”. This means companies that do their best to process as much data as possible can turn this data into their competitive advantage. You may have noticed that simple analytics solutions can also import, analyze and forecast data, however, BI platforms are more dynamic and adapt as you grow your strategy.
The importance of BI solutions for businesses that directly sell products cannot be overemphasized. With tools like Tableau, you can visualize supply changes over time, forecast sales and profits, analyze the results of marketing campaigns, automate reports and share them with all stakeholders, as well as track performance against KPIs easily and without additional efforts.