Business intelligence solutions are quickly becoming a cornerstone of most companies’ operations. Whether running a construction company or working in manufacturing, you can benefit from critical insights and powerful business intelligence tools. Companies are using business intelligence every day to identify trends in the market, find and eliminate problems within the company, and predict revenue streams. In order to give you an idea of why BI is becoming so popular, we’ll go over 9 reasons why business intelligence is good for your business.
1. Make Quick Decisions
One reason why business intelligence is good for your business is that it helps you make rapid decisions on time-sensitive issues. Without real-time data from business intelligence, you’re forced to wait for your bi-weekly or monthly report to provide you with the information you need to move forward. In the cases where waiting is not an option, you may end up having to act on the fly and make decisions that can potentially open you up to great risk. With business intelligence, you have access to real-time data that enables you to make quick decisions. Decisions such as whether or not to switch to a new supplier or offer a timely promotion to customers.
2. Consolidate Data
Business intelligence can also help you consolidate data from multiple sources into one platform. Providing you with a comprehensive view of your customers, your company, and your industry. Instead of having to manually enter in datasets from different data silos, you can use business intelligence to automate the process and start analysing the data for trends. You can also bring in untrusted data from sources such as emails or customer service chats in order to glean further insights into customer behaviour.
3. Improve Your Marketing
Business intelligence is incredibly valuable for your company’s marketing campaign. A centralised business intelligence solution gives your marketing team the information and insights needed to develop digital marketing tactics tailored to your preferred customers. Your team can also use real-time data to measure how their efforts are performing. Whether or not to invest more in one form of advertising or switch to another. With a solid business intelligence solution behind your marketing campaign, you’ll see a higher ROI and boosted conversion rates.
4. Know Your Business
The more you know about the ins and outs of your business, the more smoothly you can operate. Business intelligence leverages data to expose detailed insights into every corner of your company’s processes and procedures. It will tell you why you’re suffering from delayed deliveries and where the problem is. Highlight how many of your customers are abandoning their carts in the middle of the checkout process. As well as provide more valuable insights that can inform your decision making. When your business has access to these data reports on a regular basis, you can begin to build on what’s working, tweak what isn’t, and fix problems as soon as they arise.
5. Know Your Customers
In addition to helping you know your company, business intelligence helps you know the customers you serve. What if your customers are frequently complaining about the same defect in one of your products? This is valuable information to know so that you can fix the problem and retain these customers. You also need to know what promotions your customers will respond to in order to better create tailored offers that can close a deal that would otherwise not go through. Business intelligence offers you insight into the behaviour of your customers to help you keep them happy and loyal.
6. Enhance Productivity
Your productivity is greatly enhanced when you bring on a business intelligence solution. Not only does it do the work of data collection and consolidation which your data analysts were previously done by hand, but it also enables greater communication between team members. Business intelligence cuts down on the time spent emailing back and forth by giving everyone access to the same platform and timely alerts to allow you to make decisions as a team.
7. Boost Revenue
Increasing revenue is one of the biggest goals a company can have if they want to grow their business. But in order to increase your revenue, you need to know where the opportunities are. Business intelligence gives you the ability to find increased opportunities for revenue and predict revenue streams from certain endeavours. It can show you whether or not you can upsell to existing clients or even new trends in the market that you can take advantage of. When armed with these insights, you can stay ahead of the trend and meet the demand where it arises.
8. Gain a Competitive Advantage
All of these benefits that your company gets from business intelligence help you gain a competitive advantage. You can’t afford to operate without keeping an eye on the competition. Therefore, BI is such a useful tool to monitor what your competitors are doing. The software can help you see what your competitors are doing right that you’re not doing as well as what mistakes they made that you can avoid.
9. Minimise Risk
Risk is inevitable when running a business, but that doesn’t mean you can’t take steps to minimise it as much as possible. Business intelligence does a great job at predicting how certain decisions will affect your business. For example, you can use data to see whether or not your newest product will be well-received among customers before launching it. This gives you an opportunity to make some last-minute tweaks before putting your product out there.
In the world of data, knowledge is power. A business intelligence solution gives you the knowledge you need to make the kind of decisions that help your business thrive. With the help of a quality BI solution, you gain access to real-time data and insights that can guide you every step of the way. Invest in a business intelligence solution and you’ll begin to see the numerous ways in which your business can grow.