Business intelligence is a technology-driven process that helps executives make informed decisions based on data-driven analytics and actionable data. In a world dominated by data, it’s more important to for organisations to understand the relevance and importance the data gathering and extracting value from the data to ensure continuous growth.Business intelligence is a technology-driven process that helps executives make informed decisions based on data-driven analytics and actionable data. In a world dominated by data, it’s more important to for organisations to understand the relevance and importance the data gathering and extracting value from the data to ensure continuous growth.
Companies of all sizes and industries are gathering data to understand their customers and uncover their potential. The data can include customer demographics, sales between different time periods and in different regions, customer reviews, production volume, marketing strategy effectiveness, inventory.
Business Intelligence (BI) tools and processes offer real time, historical and predictive views based on data gathered. This helps executives make informed decisions based on proven data instead on intuition which is subjective and error-prone.
Professional BI processes and tools offers automated capabilities for data collection and monitoring, the critical data insights can be visualized using interactive graphs and charts that make the information easier to digest and navigate.
After analyzing the data it becomes imperative to apply the in your business and identify opportunities based on data. Experts in the field can help you identify and vastly use the information to deduce key points from the results provided by the BI processes and tools similarly to how a chess grand-master can visualize their opponents moves much faster and accurately than an amateur.With this in mind, here are a few BI use cases for different functions in your organisation.
- Identify your customer’s behaviour – analyse which customer acquisition methods works best, which customers pay on time and refer you to new clients
- Shorten your sales cycle – identify which sales representatives are performing best, what makes them so effective and how to replicate their methods to the rest of the reps.
- Improve customer experience processes– customer experience and satisfaction are among the most important factors for growth and success. Working with focused customer-centric KPIs offers insights to boost your customer-facing efforts as well as your internal training and development initiatives.
- Control your entire procurement operations – procurement synergy between all players in your organisation influences greatly your customer satisfaction and service consistency. With procurement BI insights you get to make the right decisions based on data.
- Boost the financial health of the business – BI technologies allow you to predict future outcomes to generate informed strategies and boost growth. This is especially true when it comes to finances, where forecasting plays a key role in building budgets and planning for costs.