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Business Intelligence is a set of methods and technologies for data collecting, processing and analyzing. BI connects business analytics, data visualization, data mining, infrastructure and data processing tools, technologies for making informed decisions. The tool allows to work with business activities data, obtain data on competitors, and determine market trends. This allows to make effective data-driven decision-making process, optimize all business processes, including customer experience and employee satisfaction improvement, ensure smooth efficient operations and increase revenue. Let’s take a look at exactly how Business Intelligence can help improve a business.

1. Data driven decision making

Business Intelligence enables an efficient decision-making process by transforming disparate information into ready for analytics data. Access to up-to-date corporate information provides a prompt response to any events. Customer Relationship Management (CRM) solutions bridge the gap between staff and managers.

2. Customer needs analysis

Along with active changes in the market, customers’ needs and interests are changing. Each client is looking for the best way to solve their problems. This influenced the growth in demand for embedded BI tools, in particular CRM. This system allows to study the client’s interaction process with a particular brand in real time, as well as to determine the best way to interact with a particular client. Analytical data also makes it easy to segment customers depending on their life cycle, set up individual interaction methods. This approach ensures optimal resources usage to attract new customers and maintain the current customer base. Moreover, Customer Relationship Management (CRM) solutions bridge the gap between staff and leaders.

3. Improvement of market analysis effectiveness

Business Intelligence helps to get complete and up-to-date market information. Users have the opportunity to analyze data on shopping patterns, identify information about customers, their behavior, and predict market trends. This in turn contributes to more efficient planning of business activities.

4. Effective business model

Working with all the data company owns, including marketing strategy, data on competitors, market, buying habits, and more allows to create a reliable and results-oriented business model.

5. Sales strategy

To develop an individual sales strategy, it is important to study and understand information on sales volumes, annual turnover, competitors, trade policy, etc. BI tools used to study these indicators allow to plan lead cost, turnover, future growth, number of sales and develop an individual marketing plan.

6. ROI on Marketing

Currently companies use many channels and ways to promote their product or service. BI tools provide an opportunity to calculate the ROI of a marketing initiative (email marketing, promotion in social networks, applications, Google Ads campaigns etc.) and determine the most effective marketing solutions and strategies.

7. Mobile business intelligence

Getting up-to-date information is an important component of any modern business. Access to real-time data provides an opportunity to gain a competitive advantage. A fully integrated mobile business intelligence solution gives an access to the business information you need to make strategic decisions.