“With numerous organisations now experiencing an extraordinary rate of business change, the ability to respond quickly and effectively to business requests for new information and performance monitoring on new products is essential,” Computer Weekly writes.
By giving staff access to up-to-the-minute information and customer feedback, performance improves. This is because of a number of reasons, such as a sense of empowerment from having a business decision support system and the knock-on effect on sales through enhanced product and service targeting.
The financial services industry needs to respond to business changes quickly and smartly, and the global economic crisis has added weight to this necessity.
Yorkshire Building Society now ensures it can react swiftly to customers, business needs, industry changes and products, by using business intelligence tools to enable effective decisions to be made promptly.
It is estimated that about one third of the company, roughly 1,200 people, use business intelligence resources now. These tools allow people to do their jobs better, and to complete more tasks in less time.
Insights into the market include regional managers being able to analyse trends in customer activities such as a drop in mortgage applications or increase in people taking money from their savings accounts.
Tony Poolan, head of Business Intelligence at the building society, said: “Sales and marketing used to use spreadsheets. Now they are able to get more business insight with Business Objects.”
Yorkshire Building Society intends to develop current business intelligence activities, including targeting a younger audience through social media.