Business intelligence has gathered many definitions throughout history. It started out in the 1960s as a system of sharing information across organizations. It quickly made the transition in the ’80s developing alongside computers as it turned data into insights, helping decision-making processes.
These days, modern business intelligence or BI puts flexible self-service analysis and governed data on trusted platforms, along with speed to insight as to its priority. Other than that, it empowers business users as it helps them make more data-driven decisions.
BI not only helps modern businesses have a comprehensive view of their organizational data, but it helps them quickly adapt to market and/or supply changes. All in all, business intelligence is a combination of technologies, tools, applications, and practices that help a business grow and develop further.
There is much more to it, and I’ve made it a priority to bring BI closer to you in as much detail as I possibly can. Keep reading to find out more about how business intelligence helps a company’s growth.
Better Decision-Making Process
Whether you’re a business owner or a manager, having first-hand knowledge of the company’s organizational data is crucial. That’s where BI steps in. With BI, your organizational information is structured and analyzable.
All of that leads to a better and smarter decision-making process, as having a system like BI in place keeps your organizational skills up-to-date and in a centralized position. By having a better decision-making process, your financial performance will be at a higher level.
Furthermore, you will need to implement a smart sales CRM (Customer Relations Management) solution. That’s where BI comes in handy. BI bridges the gap between managers and subordinates. The system delivers numerous key business metrics, including:
- Team performance
- Sales cycles
- Customer product
- Customer purchase behavior
- Market trends
- Core customers
In this case, the key role goes to CRM as it analyses their own sets of data thanks to the metrics listed above. Once the data is analyzed, you as the business owner can back your decisions thanks to CRM’s information.
High-Level Customer Service
A company’s or business’ main goal should be customer satisfaction. If your customers are satisfied, the word gets around, and your business grows. If not, the customer satisfaction level will drop much faster than it will grow back up.
There are plenty of ways to make an impression on your customers, and business intelligence will surely help with your goal. For instance, 8% of your regular customer base could generate around 40% of your entire income.
This is where business intelligence can significantly help. What it does is it compiles the data of your regular customer base or the customers that buy your products or use your services often. Thanks to BI, you can use the data you collect to create strategies that will help you attract your current clients to spend more money with you.
All in all, business intelligence is there to help business owners whose goal is to provide a data-driven experience that will keep them one step ahead of the competition.
Data Becomes Information
These days, business owners and companies use business intelligence for learning and development as well. This is especially true as the power of the internet is now more present than ever before. With that in mind, use customer data and use it to turn it into actionable information.
Why is this important? With the accelerated use of social media, the number of posts, photos, videos, and such added each day, the flow of data sent out into the world will only continue to increase.
That’s why it is essential to use business intelligence for learning the desires of both existing and potential clients and take advantage of that. That way, BI stays on top of the developing trends, and their customers are always put first.
The collected data is then turned into actionable information, and it’s all handled by business intelligence. The only important thing is to have a head start — and, with BI, you do.
Thinking About the Future
To keep your business afloat, it’s essential to think about the future. To do that, you need to do some business intelligence software investing. With such tools, businesses are able to anticipate the market trade and consumer buying traits.
With the buying history and projections made possible by BI, businesses can create a plan based on the consumer buying pattern. Not only will businesses better understand their customers, but they will also allow optimal resource utilization.
That will further help you to think about your business’ future and predict your customers’ needs. So, investing in a quality business intelligence system can only add to your business’ development and advancement. After all, that is your primary goal-keeping up a successful business.
If you’re interested in increasing your business’ productivity, there’s nothing that can better help you with that than business intelligence. Thanks to BI, you as a business owner will be able to:
- Refine your business process
- Automate your daily tasks
- Increase your organizational skills
- Prioritize your tasks that do not require manual labor
- Eliminate bottlenecks
Once your business successfully implements BI, you will be able to provide better customer service as the salespeople’s time will be used in a more productive manner. Automated reporting and intuitive dashboards will help with your business’s efficiency as soon as you reach the senior level.
That way, you will be able to track every piece of information that goes through your company, especially regarding contacts and deals, all with a few clicks. As the data is centralized, the upper management will be able to access customer data on any device via Cloud, cutting down on administration time.
Thanks to BI, if you work outside of the office, you will not need to make calls all the time to check up on basic information. You will be able to get all the updated information without extra manual effort by keeping the business data integrated.