Many corporate owners and managers are flooded by ‘ information overload ‘ in today’s client-centric, digital-first environment and are desperately trying to find ways to gain better control, insight, and knowledge from data of their organization.
One of the best solutions to this growing problem is to adopt a Business Intelligence (BI) strategy, but in reality, many companies have been slow to do so – due to a lack of knowledge of exactly what it involves, where to start, and how long it will take to see any benefit. Therefore in this context, we will discuss the 5 reasons why Business Intelligence should be an integral part of your organization.
1) Making intelligent choices
As a business manager or operator, a good grip on what metrics the organization tells you is essential. Information, as we all know, is not necessarily equal to intelligence! This is especially the case if that information is ‘siloed’ in disparate parts of your business.
The primary objective of a BI program is to turn the data of your organization into organized, analysable knowledge. It is clear from the experience of our customers that getting up-to-date, data-driven information at your disposal will not only lead to improved business decisions but eventually lead to excellent financial results.
2) Help to attain marketing and sales targets
Your Business Intelligence program will provide in-depth analysis to jumpstart sales, enhance marketing function performance, and – crucially – shake the way both teams work together.
Let’s start with sales. Providing the salespeople with information that can quantify their operation and identify trends in customer behaviour is necessary if their solutions are to be positioned more efficiently and if they take advantage of all opportunities for upselling and cross-selling.
In marketing, the team can benefit greatly from BI by making sales information more accessible, which can be used to fine-tune and tailor their marketing campaigns. You can use software features to monitor and evaluate each campaign and use gathered information to ensure that potential advertising campaigns are as successful and effective as possible
3) Strengthening production
Business Intelligence has the potential to release inefficiency bottlenecks, refine existing business processes, automate routine tasks and bring new levels of organization and prioritization to everybody’s work.
Effectiveness and productivity improvements can be significant, with more attentive customer support, better time management for salespeople, and shorter product development cycles and marketing campaigns.
4) Enhance the accuracy and enforcement of data
Not only does the keeping of data in different siloes make it almost impossible to get your consumers ‘ 360-degree view, but it also hurts the very practical issue of data reliability and quality, which will harm all facets of your business. Addressing the underlying integrity of your data in any BI venture is indeed important – but we also see improved data management as a clear motivating factor behind such investments.
For instance, centralizing data helps to improve transparency and expose inaccuracies and gaps that will lead to wasted marketing spend, not to mention potential brand damage caused by sending insensitive or mistargeted communications.
5) Boost ROI
The culmination of all of the above points should be an enormous improvement in your business-wide return on investment – from everyday performance management, revenue conversion metrics and customer experience to research, modelling, and future growth strategies
In general, smart technology is adopted to track, advise, direct, manage and calculate Customer Experience – incorporating the notion firmly into the culture of the company that each group and each person is responsible for putting the customer at the heart of the business.
As we have already mentioned, the emphasis is on moving away from department-specific solutions and towards organizational implementations that help businesses maintain their strategic and tactical business operations closely associated with current goals.
That’s why BI can be summarized as offering managers with “a clearer understanding of how well their businesses are performing and whether they are achieving targets.”
You should contact Microsoft Gold Partner Trident if you want BI tools and their benefits. Our BI specialist will guide you to optimize your productivity and take maximum advantage of BI technology.