Do you know what your data is really worth to you and your company? Do you know what you can be doing with that data once you tap into it the right way? If you want to run your business more efficiently, make better decisions, get to know your target audience, and ultimately grow your bottom line, then investing in business intelligence (BI) is one investment opportunity you don’t want to miss.
Run your company more efficiently
Is that new initiative your marketing team has been focusing on actually improving operations or bringing in sales? Is the new packaging you created slowing down your warehouse efficiency or improving it? With business intelligence, you have quick access to all your internal data. That means you can ensure that all your departments are focused on tasks or initiatives that are improving the bottom line and moving the company forward.
One of the best ways to tap into your data is through business intelligence software. BI software gives you the ability to analyze all your internal data and find flaws in your systems. It allows you to set performance metrics on things like time, cost, resources, scope, quality and actions, all of which can be tracked and then analyzed for opportunities to improve. Not only does this make tracking performance easy, it makes diagnosing problems even easier. As you track certain data points, you can then set benchmarks for success to ensure you are improving year after year.
Business intelligence makes it possible for you to streamline many of the operational activities that require looking for and compiling data, creating reports, and then analyzing them. BI software helps better organize and manage data overall – even data that may have been lost or forgotten about. That means you can decrease the time spent looking for data and instead spend more time analyzing it for opportunities to improve.
Make better decisions
What if all the answers you ever needed in order to make some of your best business decisions were right at your fingertips? Well, they can be (or pretty darn close to it) with business intelligence. Good decisions are backed by data. Once you have good BI software in place and a dashboard for accessing your data, your time can be spent analyzing data rather than mining for it. You will then have easy access to the information you need to make better decisions – not just as a CEO but for department managers, too.
With BI, your sales team has the ability to take an in-depth look at sales cycles and trends that will help them better understand how the business works seasonally. This will help with hiring, forecasting, marketing, and staying ahead of future sales trends.
Your marketing department can also benefit from business intelligence. With more analysis tools and in-depth reports, they’ll have the knowledge they need to better understand the campaigns that work, the campaigns that don’t, and the reasons behind what worked and what didn’t.
Beyond sales and marketing, BI gives you the power to make better decisions across the board – for departments like human resources, shipping and receiving, customer service, and warehousing, to name a few. The effects should be able to be felt across your organization.
Better understand your customers
Businesses that have a deep understanding of their customers, their pain points, and their values and habits have an easier time acquiring and retaining customers. Consider these stats:
- 91% of email users have unsubscribed from a company email they previously opted-in to. (Hubspot)
- 84% of 25-34 year-olds have left a favorite website because of intrusive or irrelevant advertising. (Hubspot)
- 86% of buyers will pay more for a better customer experience. But only 1% of customers feel that vendors consistently meet their expectations. (Salesforce)
Today’s consumer expects a more personalized experience from the companies they do business with. Knowing your customer is crucial.
Understanding your customer is more than knowing which marketing campaigns are working and not working. Businesses need to take a deep dive into customer data to understand WHY those campaign are working or not. What are your customer’s values? What are their shopping habits? What are their pain points?
To really know your customers, you can go beyond sales cycles, who the household decision makers are, and other stats. This kind of BI needs to be combined with feedback and data from your customer support team on common complaints and needs that have not been met.
Then, your BI will start to show you a fuller picture of who your customer really is, and you can make better decisions about your products, services, sales and marketing efforts.
Your competitors are using business intelligence
According to stats quoted from Forbes in their 2015 “Roundup of Analytics,” “89% of business leaders believe Big Data will revolutionize business operations in the same way the Internet did. 83% have pursued Big Data projects in order to seize a competitive edge.”
This means your competitors may already be using business intelligence and thus diving into a wealth of customer knowledge and discovering trends before you.
The ROI will shock you
Still on the fence about making an investment in business intelligence software? These stats might change your mind.
- Organizations earn an average of $10.66 for every dollar spent on deployments of analytics applications such as business intelligence (BI), performance management (PM), and predictive analytics. (Nucleus Research)
- Companies that use analytics are five times more likely to make faster decisions. (Forbes)
- 74% of organizations that do not take advantage of business intelligence software will see a negative impact on their daily operations because of their lack of adoption. (BetterBuys.com)
Pulling the trigger on an investment that doesn’t pay off until some time in the future is tough. But this investment is different, because it’s the next best thing to purchasing a crystal ball for your company.
For a solution that is going to increase efficiency, drive performance, and significantly impact your bottom line, investing in business intelligence should be the easiest investment decision business owners make. It’s definitely one investment opportunity you don’t want to miss.