3 Ways Business Intelligence Can Improve Your Business
Modern business organizations are investing aggressively in Business Intelligence (BI), and the biggest reason for that is the BI capabilities that can significantly improve the organizational efficiency and as a result, overall productivity and profitability too. BI has been progressively evidenced to be helping enterprises in transforming their raw data into valuable insights and actions while enabling end-users to use that information in better, informed decisions. BI is all about collecting data from different unrelated data sources and assembling, transforming and outspreading this data into various informational datasets, which are then consolidated and interpreted into meaningful insights, available to be consumed by the end-users meaningfully. In simple words, BI helps business organizations by transforming their data into valuable insights and actions.
Today, the end-user of BI dashboard and reporting is every single unit of the organization having more effective meaning to get better insights into the business without seeking the help of business analysts for data again and again.
In this article, we cover the 3 topmost ways that BI can improve your business
1. Help You Identify & Focus on Your Profitable Consumer Niche
The best customer is not always the one who buy more from you, but it is the one who frequently buys from you. In detail, your best customers are not the ones who place bigger orders with you, but rather the recurrent customers with good size orders. BI helps you creating customer ranking based on frequency, recency, and their purchase value to help you determine your best and loyal customer. Once this accurate profile of your best customers is created, you can now focus more on your marketing and sales effort at this profitable consumer niche. This arrangement of the customer from high to low value allows you to do several powerful things such as knitting your customer acquisition efforts around the attributes particular to your high-value customers. Additionally, you can engineer to expand your entire consumer mix by targeting replacements of low-value with high-value ones. Consequently, your overall business productivity and profitability increase along with good market reputation and established base of loyal customers.
2. Enhance your Forecast Accuracy, Sales & Productivity
Information related to the future of your business mainly include questions and concerns like, what you are going to sale? To who it will be sold? What will be the anticipated demand for the existing/new product? In what quantity you should produce to meet the demand? How many sales should be expected? And most importantly, What ROI will be generated? If you get this information in your hand timely and accurately, it could bring immense value to your business. BI leverage excellency in forecast accuracy, which is crucial for enterprises to produce significant downstream enhancements such as inventory level reduction, order fill rates, and higher profit margins, etc. With the help of BI, business organizations can improve their forecasts accommodated with the effects of seasonal demand, slow-moving items, product promotions, and other outliners, etc. BI provides the decision makers with quick and easy access to the information with a detailed interpretation of the business past performance. This direct access to the facts and figures supports better and faster forecast accuracy and so the sales and productivity.
3. Quantify the Success & Impact of Your Marketing Efforts
BI leverages easy planning, monitoring, and assessment the effectiveness and success of your promotional activities, allowing you to see what marketing promotions/campaigns work best for your customer base. In turn, it helps you to shuffle your budget and resources accordingly to run even successful business efforts to generate the best ROI possible. Insights provided by the BI software can assist you in maximizing your revenues from each dollar that you invest in your business. Additionally, you can also compare your expected and actual results to work better and smarter against the new opportunities to increase your growth, sales, and revenues further.
Effective use of BI can lead your way to improve revenues, sales forecast, productivity customer retention, and customer satisfaction. So get your business nurtured with the powers of BI and opt for BI consulting company now.
