ecalling a similar event in their past, subconsciously. However, to take a massive advantage of your intuition, you need to have a past experience.In this article, we will be covering a few ways business intelligence helps businesses grow. The digitized age of business tools has enabled users to take the help of technology and use it for their immense growth Bahamas Phone Numbers most common example of such tools is Power BI. Business intelligence allows small, medium and large enterprises to use the power of big data by analyzing the same and come up with trends and solutions.
What is business intelligence?
Business IntelligenceBusiness Intelligence (BI) is a combination of tools, technologies, applications, and practices that help businesses in collecting, integrating, analyzing, and presenting raw data into insightful and actionable business information. BI is made up of
Data mining
Analytical processing
Querying and reporting
What is the purpose of business intelligence?
The major purpose that Business Intelligence serves for a business is helping the corporate executives, business managers, and other operational heads take better data-driven business decisions. Many companies are using BI for cost-cutting, identifying better business opportunities, and spotting inefficient business processes.
What are the benefits of using business intelligence?
The major benefits that business intelligence provides are directly derived from the purpose it serves in the modern business scenario. Business intelligence helps in:
Accelerating decision-making process
Optimizing internal business processes
Increasing the operational efficiency
Driving revenues
Gaining competitive advantages
Identifying the market trends
Spotting addressable business problems
The major issue in the modern business scenario is that business owners often mix business analytics with business intelligence. A business owner must understand that the core of BI is reporting not process management. Business intelligence has the power of transforming organizations; however, this is not implemented because business owners lack the knowledge of
What BI involves?
Where should they start?
How long does the result take to show?
Let’s explore the bits and pieces of business intelligence and guide you towards the path that will help you transform your business process; making you successful.
1. Smarter decision-making process
Being a business owner or at the managerial level having a firm grip on your organizational data is important. Information doesn’t generally mean intelligence especially it is scattered all around the organization.The sole purpose if business intelligence is to get your organizational information structured and analyzable. Business intelligence enables businesses in strategic decision-making. Having a system in place that keeps your organizational at a centralized location and up-to-date, leads to better business decisions and superior financial performance.A smart sales CRM (Customer Relationship Management) solution plays a pivotal role as it bridges the gap between managers and subordinates. The gap is bridged as the system delivers a range of key business metrics such as
Productivity
Team performance
Customer product/service preferences
Sales cycles
Customer purchase behavior
Core customers
Revenues and
Market trends
All these metrics have their own sets of data that are compiled inside sales CRM. The CRM then uses its reporting feature for analyzing this bulk data. Once the analysis is done by the CRM system it provides the data in the form of facts and figures which the upper management of a company uses to pinpoint any discrepancies. In short, the business owner, rather than going for the intuition, backs his decision with hard facts that the CRM reports to him.
2. Improved customer service
“People will forget what you said, people will forget what you did, but people will never forget how you made them feel” – Maya Angelou
It’s all about providing world class customer experience to your customer base. Your business will thrive or bite the dust depending on the level of customer satisfaction level.Making an impression on your customers makes sure that they return to make more purchases from you in the future. Eight percent of current customer base can generate 40 percent of your entire income.Business intelligence can source and compile the data of your repeat customers. Based on the collected data you can easily create strategies for attracting your current customer base to make more purchases. Business intelligence helps business owners to provide customers with a data-driven experience that helps them keep sailing their organizational boat amongst their competition.
3. Better customer knowledge
Customers are less receptive towards what you want to sell to them. They are changing with the market dynamics and want a solution to their problem. In the past few years, the journey from developing an initial interest towards a product or service, to the point where customers make a purchase, has seen a tremendous change. In simple words, customer engagement has trumped outrageous promotions.
