Business intelligence (BI) can have a major influence on an organization’s business decisions by leveraging software and services to turn data into measurable actions. This technology-driven process has the power to help corporate end users better analyze the state of their business and provide insight that contributes to improved decision-making. While business intelligence does not directly tell business leaders what to do or what could happen if they do make a certain decision, it does offer an effective way to learn about current trends and their own business choices, which can help them grow and thrive.
Top Benefits of Business Intelligence
Make Decisions Based on Facts
One of the biggest mistakes a company can make is to base their decisions off of what they think will happen instead of the real facts. Business intelligence provides organizations with the data they need to make important decisions, such as which products to market more and which to discontinue. Business data can be collected for all aspects of a company, such as finances, production, and customer satisfaction.
Gain Faster Access to Data
Having quick access to up-to-date information is crucial for modern businesses. The average length of time to receive an IT-generated report is about two days. However, modern business intelligence technology allows organizations to access accurate data anytime with the touch of a button. This can be useful when time is of the essence and an important decision must be made right away. Over time, having faster access to data can impact other areas, too, such as the productivity of the sales team. In turn, this can boost revenue and help employees learn new skills.
Turn Data into Actions
Business intelligence tools help organizations improve their decision-making and learn the best strategies to predict future market trends and patterns. When data is gathered from websites and other sources, business intelligence solutions can be used to analyze this data and identify trends that can be used in your own business strategies. Business intelligence can also help you better understand the unique processes within your business. With this information, you can identify new opportunities for a brighter future. While BI will not tell you exactly what actions to perform, it can give you the information and insight you need to make these decisions.
Improve Negotiations and Sales
Your sales team is one of your most valuable assets. However, even the best sales team can have trouble performing without the right resources. Business intelligence technology can be an invaluable tool for a company’s sales team as it provides employees with up-to-the-minute information about current sales trends, customer preferences, product improvements, and other data that could make or break a sale. This information can also come in handy when you are negotiating with your suppliers and potential vendors. With access to current trends and other key information, you could potentially save a significant sum of money.
Measure the Effectiveness of Marketing Campaigns
You put time, money and effort into creating marketing campaigns for your business. Of course, you want them to pay off. However, it is not always clear whether or not a marketing campaign is living up to expectations, especially when using traditional marketing strategies. Business intelligence technology gives companies the tools they need to effectively design and monitor the success of marketing and promotional campaigns by providing real-time insight of how customers are reacting. Quickly cease campaigns that are not showing positive results and focus on campaigns that are delivering ROI.
Better Understand Customer Behavior
An organization has to meet the needs of its customers to continue growing in a positive direction. Unfortunately, understanding exactly what your target customer is looking for is not always easy. Business intelligence tools provides organizations with the data they need to better understand their customers’ behaviors, such as buying patterns and trends. Using this information, your company can develop products and services designed to specifically meet these wants and needs. This can lead to increased customer satisfaction and greater brand recognition and loyalty. You can also gain a competitive advantage in your chosen industry.
Learn More About Business Intelligence
In today’s digital world, many businesses strive to gain greater control over the wealth of information available to them. Learning how to best leverage new technology is no easy feat, and gaining an understanding of new technology can take time. When it comes to decision-making, technological advances like those involved in business intelligence can make a major impact on your organization’s operations and overall practices. It’s time to learn how you can improve and optimize your company’s performance and decision-making abilities. Contact Hartman Executive Advisors today to start a conversation about using data wisely to make informed decisions and grow your business in a strategic direction.