Embedding Business Intelligence (BI) into operational business processes allows all users to get a detailed data view and use it to improve performance, monitor and match market changes, and eliminate inefficiencies. Displaying historical and current data, analyzing customer and competitor behavior, monitoring performance, and analyzing marketing trends and campaigns help businesses make more informed and effective decisions. BI also helps organizations cut costs and identify inefficient business processes.
Business intelligence can improve business performance by:
- Fast decision-making process. BI solutions help to filter facts from huge amounts of unstructured data and provide users with instant access to them. This, in turn, allows to analyze internal information and make decisions quickly. It is important to have access to the right data to make strategic decisions, control all business processes and accurately predict. Data collection, entry, analysis, control and use can be quite time consuming. However, a BI solution can help reduce time and provide a fast and efficient decision-making process.
- High level customer service. One of the main business efficiency components is a customer service quality. Customers remember the service that in turn increases their loyalty. The use of BI provides the ability to find, collect repetitive data about customers, their interaction with the company and analyze them. Such an analysis will help identify ways to retain customers.
- Obtaining information about clients. Dynamic market changes affect customer needs. The main goal of the client is to solve his/her problem. This led to the development of such a BI solution as CRM. With this system it’s possible to get insights into how customers interact with a brand, find the best ways to interact with each customer, recover customer information, etc. BI also allows to segment customers using collected data that allows to develop personalized customer service strategies.
- Marketing ROI determination. The use of multiple promotion channels (social media, PPC campaigns, SEO, etc.) makes it difficult to determine the return on marketing investment. BI helps determine how effective a marketing strategy is. The tool provides facts and data-driven insights that help to identify working and non-working tools and processes. Such an analysis will identify and eliminate ineffective marketing techniques and redirect resources to more effective ones that promote business growth.
- Individual sales strategy. BI tools allow sales teams to determine the cost per lead, plan a budget, determine the number of sales, and plan for future growth. This allows to personalize the promotional offer, make it more specific that contributes increasing of sale chances.
- Improved competitor analysis. Planning, forecasting and budgeting is a great way to stay ahead of the competition. BI allows to track the effectiveness of a competitor’s marketing and sales, while differentiating services and products.
- Access to data from mobile devices. Achieving a competitive advantage, among other things, is possible when receiving real-time data. An integrated BI solution provides access to critical information needed to make important business decisions from mobile devices.
- Accurate sales forecast. The use of BI tools increases the accuracy of forecasts, taking into account promotions, seasonal demand, slow-moving products, etc. Easy access to sales history data allows to make accurate forecasts and make decisions regarding stocks and purchases.
