Gone are those days when Business Intelligence was used by only big companies that can afford to maintain teams of IT specialists and data scientists. However, things have changed tremendously with the advancement of technology. Small businesses are making use of BI to gain competitive advantage & transform their data into business insights. It’s time to go beyond analytics and choose robust BI tools to make quick, informed and smart business decisions. It doesn’t matter how much data you create every day unless you turn them into valuable information. With BI, immense opportunities can be unlocked focusing on what the users want.
Let’s learn a few tips on how organizations can use Business Intelligence Analytics Solutions to grow and make better decisions.
- Derive Knowledge from Bulk Data
As the rate of data creation rises, businesses are finding it a challenge to extract information out of the plethora of data. Business Intelligence can solve this with the capability to derive valuable insights from the various business processes and enable organizations to better understand users and market trends. This helps in delivering customer’s expectations and building lasting relationships.
- Better Relationships
Customers are the king of any business and to make them stay, you need to respond to their needs. BI helps you to gather customers’ behavioral data and structure it to get them analyzed easily. The insights will help in improving customer service and giving you an idea of how to approach your users in the coming days and what can be done to enhance the overall customer management process.
- Customize Sales Strategy
Using BI, the sales team can carry out in-depth analysis to track the activities and figure out trends in customer behavior, which helps in planning approaches and up-selling & cross-selling options. Detailed analysis will help the sales pipeline to enhance forecasting and work scheduling enabling companies to check trends and react faster to the potential sales opportunity.
- Drive Revenue for Business
With BI platform, one can transform the bunch of information to new business opportunities, as data from different areas like inventory, manufacturing, supply chain, etc. can be clubbed together to extract information that drives decisions. BI enables you to find out where and how your users consume their information and what will make them purchase/subscribe. This will help to make plans taking full advantage of that information.
- Unified View of Customers
BI provides access to all the business data irrespective of the platform you use through a consolidated dashboard. The dashboard includes all the data related to customers from CRM system, email marketing, website engagements, chat interactions history, etc. all combined into a single view of the customer along with their business interactions. As users interact across various channels/platforms, it is important to have a common view of the customer and understand how to address them or meet their needs accurately.
- Quicker Decisions
To grow a business from a startup status to a successful enterprise, making right decisions is a must. It is possible only by constantly analyzing the data, from where the valuable information can be retrieved. BI ensures that organizations have the right tools to analyze and visualize the data for the better presentation to the key stakeholders, which helps marketers to react faster and more efficiently during the decision-making process.
- Avoid Bottlenecks
Though there are many BI tools available in the market which can be integrated with the accounting software, the main concern is to understand the business type considering its pros/cons. BI is not only capable of tracking KPIs but also help in forecasting to avoid problems in the market with better decisions. An easy-to-use BI dashboard platform that is reviewed regularly will help in avoiding bottlenecks & making informed decisions.
- Faster Collaboration
As BI provides the ability to access data online from anywhere & resolve queries without IT support, any member of the team can view the same data anytime from different locations & make decisions together. The self-service BI helps in sharing data by individuals from different departments so that people can understand better whatever is going on in another department. Providing data access not only increase cooperation & collaboration but also allow employees to access their performance & business dashboards any time they want.
As you are now aware of what business intelligence can do to your business, it’s time to start using one by taking help from the leading Big Data Analytics Firms! Analyzing data properly will not only boost performance but also improve customer satisfaction and retention. There is no other better way than to use the right BI tool to analyze your company data. Don’t just rely on experience and instincts to make decisions! Use Business Intelligence to retrieve meaningful insights from data and identify strategic priorities to attain growth in your business.