How Successful People Make The Most Of Their BI

When you bring up business intelligence, boring summaries of statistics and dry analytical reports often come to mind. The reality is that business intelligence offers many capabilities. When integrating business intelligence into your company, you’ll want to explore the various options available. From creative visual reports to interactive dashboards that can present data insights in a colourful and straightforward way. To help you get the most out of your BI solution, we’ll talk about how successful people make the most of their business intelligence.

Set Goals

The first thing successful people do to make the most of their business intelligence is set specific, achievable goals. These goals usually form as the result of questions you hope to answer. For example, in which areas of your business can you reduce spending? Identify inefficiencies and how to correct them? Are there any issues that recur from one project to another?

Once you know what you’re asking, you’ll be able to determine specific goals that you can achieve. Successful people are always driven, using business intelligence to pursue a goal while measuring their progress actively. The more focused you are on meeting benchmarks and inching your way closer to a goal, the more you’ll get out of business intelligence.

Give Customers Real-Time BI Reports

One of the most significant benefits of business intelligence is its ability to provide real-time data and analytics. While real-time business intelligence has value to help you make data-driven decisions, your customers can benefit too. Customers benefit from access to current and relevant information. The more recent your data, the more trustworthy you will appear. Instead of providing customers with infographics containing stale data from several months ago, give them access to real-time analytics. By building business intelligence into customer-facing reports and products, you take full advantage of everything BI offers and show your customers that you care about transparency.

Improve Employee Performance

Successful people take advantage of business intelligence to improve the performance of their employees. When managing specific projects that involve multiple team members, it can be challenging to know which team members require the most help. It can also be tough to ascertain who needs immediate intervention and who can wait. With simple real-time reports, you can immediately see where performance is lagging and step in accordingly to offer assistance. This can help prevent issues from growing out of control and improve employee performance overall.

Business intelligence can also help managers identify which of their employees exceed expectations. Managers can use data reports to identify top performers and reward their exceptional performance. Instead of relying on past performance records to reward employees or correct errors, you can use BI to manage and support your employees proactively.

Automate Menial Tasks

One of the biggest wastes of time in data analysis is the time spent on grunt work. The menial work of manually entering data is a waste of time for both the business and the data analysts. Their efforts could be better spent on the analysis side of data rather than the collections side. Those who find success with business intelligence tools know how to use the technology to automate data collection and make the most of their data analysts’ time.

Business intelligence allows you to skip the hours it previously took to assemble and validate data. With that prep time reduced, you can quickly analyse data reports to identify trends in real-time. This saves time on sensitive projects and frees up more space for your data analysts to perform other valuable work.

Give The Best Customer Service

In addition to providing customers with real-time data, successful people also use business intelligence to address customer issues quickly and efficiently. Slow customer service can lead to customers taking to social media to complain about your business. Using business intelligence can detect customer dissatisfaction early. This detection not only nips problems in the bud but improve customer retention and loyalty.

For example, what if you find those customer complaints about your products have any consistent problems. You can pinpoint issues with your product and improve them on future orders. You can also use BI to comb through customer reviews to find what consumers like about your products and where they want you to improve. Lastly, you can use BI to conduct a cost-benefit analysis when dealing with service issues like warranty claims.

Predict Revenue

When making a business decision, the most important question you’ll want to ask is how it will affect your revenue. One of the ways successful people take full advantage of business intelligence is by using BI tools to predict future revenue. Whether you’re introducing a new product, tweaking an existing product, or introducing new software, the ability to predict revenue will help minimise risk. By using data sources, vertical growth rates, and historical data of similar endeavours, you can create a realistic prediction of your future revenue.

Embed BI Tools

The last thing that successful people do to make the most of business intelligence is to embed BI tools within other applications. By integrating BI tools, you can give users a journey packed with creative visuals and colourful interactive reporting. An embedded dashboard can highlight primary information in a captivating way. Embedded BI can also make it easier to access BI tools from smartphones. This capability allows you to assign work smoothly and evenly throughout various departments.

These are a few of the most powerful ways that successful people take a simple BI solution and turn it into a cornerstone of their business strategy. When you invest in a business intelligence solution for your company, follow these tips to get the most out of your investment.