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One can use business intelligence to automate invoicing and reminders, ensuring that customers who owe them money do not fall through the cracks.
FREMONT, CA: Data analysis can help a company stay ahead of the competition. The use of business intelligence entails taking all available information, processing it, and analyzing it at a rate that a human could not achieve without the assistance of artificial intelligence (AI).
According to a recent study, 26 percent of all organizations are already using BI. As businesses in all industries embrace more technological advances, expect to see an increasing number of smaller brands embrace BI and the numerous benefits gained from using it.
Here are a few ways business intelligence might change a business for the better in 2022 and beyond:
The news reports on a major data breach in which hackers gained access to sensitive information almost every month. The last thing one wants to do is jeopardize the information one's customers have entrusted to one.
One may need to store data in the cloud so that remote workers and on-the-road salespeople can easily access what they need. Many security concerns arise as a result of easier access.
However, cloud storage may be one of the most secure methods of storing data. Companies like Microsoft spend over $1 billion per year securing their cloud storage and investing in other safeguards. One might have better luck protecting one's information from hackers if one uses a third-party provider.
One of the most pressing issues for growing businesses is cash flow. As one's business grows older, one may discover that one has a large number of outstanding invoices. One can use business intelligence to automate invoicing and reminders, ensuring that customers who owe them money do not fall through the cracks.
Because everything comes from the database, there will be fewer errors. One can even configure the system to notify one if someone falls behind and fails to catch up, allowing one to stop shipping products without payment. Set up system-wide alerts to notify all departments of the delinquency.
See Also: Top Artificial Intelligence Companies