Modern technologies have transformed the way we acquire information, it is no longer a matter of using educated guesswork or relying on client feedback in order to understand your market. Business intelligence (BI) plays a crucial part in understanding both the market and your customers in order to offer compelling prices and build effective marketing campaigns. Furthermore, it allows you to suitably address the needs of your customers and win business.
Business intelligence remains one of the hottest technology trends of this decade. It is a simple, yet powerful solution for companies tired of making poor business decisions and failing to spot new business opportunities. Business intelligence is a set of tools which gather and process data to present it in a graphic form for you to quickly understand. Visualising data is a great way to make use of large volumes of information which your business produces on a day to day basis.
Your business generates a lot of data every hour and you can turn this raw data into valuable information. BI tools can process and analyse data, that would otherwise be overwhelming and time consuming, in order to influence future business decisions. By investing in BI software solutions you can turn the overload of information into new opportunities for your business, bringing data together from different departments and using this to increase revenue.
Dashboards and visualisations help to extract crucial information from the raw data and present it in clear charts and metrics. For instance, you can enter two different indicators and see how they influence each other. This automation and ease of use provides your employees with a greater amount of time, allowing them to focus on analysis.
It is much more cost-effective to retain an existing customer as opposed to gaining a new one. Additionally, the probability of selling to an existing customer is much higher than to a new customer. Through the use of business intelligence software solutions you can understand your customers, their buying habits, what they are buying and what they are not.
With more advanced knowledge of your customers you can not only better identify your business needs but also provide your customers with better services accompanying the main product. With the information from business intelligence tools, your sales team can better prepare a way to approach clients, discuss potential opportunities and introduce new products in a more effective way. By improving your customer service you can strengthen relationships and earn loyalty.
Through pulling data from your sales and analytics you can also learn more about your future customers and how to reach them. Business intelligence can help you by comparing the data with your promotion channels, such as Facebook, to gain knowledge of how to successfully advertise your products to a specific group of customers.
Emotional or intuitive decisions pose risks you cannot afford. To keep the competition at bay you have to make more data-driven decisions. With the information gathered by your BI tool you can be prepared for fluctuation of demand. Having the whole database at your fingertips will make it easier to make better decisions and to justify your actions and decisions.
There is a reason why business intelligence is one of the hottest technology trends of the decade. It can answer the most crucial questions and help you to understand both your company and customer better. To find out more about the most important business intelligence features for every company read this article. If you are looking for a business intelligence solution HeadChannel Ltd. can help you with developing one.