BI or Business intelligence is a topic you keep hearing more and more about in recent years. But can a BI system really help a business to grow? In this article, we tackle the very question of sharing our BI experts’ wisdom.
Providing the right data at the right time to the right people, a good BI system help businesses make the right decisions in order to improve their bottom line and overall organizational efficiency. Below are 8 ways that a BI help you grow your organization…
1. Boost sales
Sales are one of the most important aspects that contribute to company growth. Thus, improving your sales cycle is going to help you massively with the goals you are targeting to achieve in your organization.
A good BI software ensures you deep insight into sales that will enable you to see opportunities for process improvement in your sales. From sales strategies, analyzing steps of your sales funnel to time durations it takes for a prospect to move from one step to the next step, the analytical tools of the system will help you interpret data your sales team collect better than ever. Thereby managers won’t have to guess on most effective and the least effective sales techniques so they can spend their money only on methods that bring them the most yield.
2. Improve your marketing
Optimizing your marketing efforts affect your marketing ROI and the company’s top line significantly. With the analytics tools provided by a BI software will enable you to analyze your marketing efforts in ways you never think even possible to do.
The system will give you the ability to analyze all your marketing campaigns and their returns and promotional yields giving you a better idea on what works and what doesn’t in terms of marketing efforts based on facts. With this, you will be able to optimize your marketing dollars minimizing wastes and helping the growth of the company.
3. Offer you in-depth insight on customers
Understanding your customer is one of the key elements that will set your path towards the business growth you seek. The better you understand your customers, you will be able to provide them with a better service without falling behind your competitors.
A BI software capable of providing you with analyzing customer data to provide you with insight to help you monitor your customer behaviours and identify new customer trends constantly. The tools will allow you to draw data from various channels across various departments such as sales, marketing, customer service, operations, product development and more so you could see the complete picture easily.
4. Improve collaborations between sales and marketing teams
Every company has a well-organized process to collect data from the marketing department and from the sales department. Yet most of the companies don’t have processes in place that allow marketing and sales team to work together benefiting from each other’s data -which hinders the potential of both teams to improve ROI of their efforts. A BI software will bridge the gap between the sales and the marketing team enabling them to get more out of the data of the other team in their department’s efforts. For example, data on customer behaviours and market trends will help the sales team to come up with strategic cross selling and up selling ideas the customers will crave for.
5. Smart HR management
Assigning the right person for the right job is one of the main struggles of HR departments yet is essential to ensure the rate of growth the company is after. With many elements to juggle with, this can be overwhelming from recruitment to retention.
A BI software helps you streamline the HR management of your organization as it gives you a clear global view of all your HR data. From talent acquiring, interviewing, hiring, termination, benefits administration, annual employee evaluations, legal and government regulatory to labour compliance and more the tool will ensure, you are on top of everything thus your HR managers will always know what needed to be done to optimize the ROI.
6. Help you stay control of your finance
Finances are crucial to business success. Yet many companies fail at this as they don’t have effective processes in place to keep track of their business finances. A good BI software makes tracking your financials easier than ever before.
The system will collect data across all the department from all the channels and analyze data on your behalf providing you with useful insights that will drive your organization growth. The system will help you keep on track of all areas including, business expenses, invoices, budgets, company revenue and more so it will be easy for you to determine what has to be done, what needs to be cut off, what can be increased, easily and accurately.
7. Find your new opportunities for growth
A BI will collect all the data of your organization into one place and analyze them altogether enabling you to use data you collect in new ways you never thought even possible. The analytical tools will present you with insight dissecting the data collected digging deep to find in-depth meanings of all the data. With this, you will see the strengths and weaknesses of your departments, operations and in the organization and room for improvements.
Plus, the insights will guide you to create new opportunities for business growth utilizing the data to bridge market demands. It will be easier than ever for your organization to understand the market place and the customers better and predict future patterns based on data.
In today’s competitive business landscape having business goals and potential to achieve those goals is not enough. You need something that can help you optimize your potential towards your success with a road map- And a Business Intelligence software can help you do just that backing up your decisions and actions with data. If you are interested in learning more about a BI and it features check out TigernixBI which offer you a premium BI solution.