In a digital-first world, consumers aren’t the only ones on information overload. With the ability to track and collect data on pretty much anything, managers and business owners are desperately seeking a way to maintain a strong grasp on organizing, understanding, and implementing intelligent decision-making with their company’s data.
Using business intelligence software is one way to keep your company from drowning in a flow of data that seems to never stop. Business intelligence is the conglomeration of the infrastructure, tools, applications, and best practices that work through the information presented and analyze it to optimize decision-making and organizational performance. This type of software holds several benefits.
Informed Decision Making
To be a successful business manager, it is important to have a strong knowledge of your company data is telling you. Simply having the data does not increase smart decisions. If the data of your company is split amongst departments or disparate parts of the business, then decisions are made against a narrow view or understanding of the facts.
When the real-time, real-world business intelligence moves between all members in a structured, analyzable way, it will contribute to better assessments and decisions. When running in tandem with a customer relationship management solution, management is able to fully analyze the full range of business metrics, whether sales cycles, productivity, core customers, revenues, product preferences, and even customer behaviors. This gives immediate feedback on which direction to take the company or how to respond to external factors.
Beating Sales Goals
The information relayed from an intelligence program is an in-depth analysis that can be used to boost the output and performance of your marketing and sales teams. This software can measure individual and group activity, but more than that, it can analyze customers’ accounts for trends in behavior. Thus gives sales a strategic advantage for up-selling, cross-selling, and purchasing incentives. It revolutionizes product or service forecasting.
The marketing team can get similar information on purchasing trends or consumer and economy factors, tailoring the advertising programs to capitalize on the areas that indicate growth potential. They can also have reports that track and measure each campaign, using the information to adjust their approach in the future to ensure marketing initiatives are as effective and profitable as possible.
The future of BIS will be to avoid department-specific problem solving and more towards deployments that encompass the entire company’s business activities. This will give managers a more complete picture of company goals and whether or not they are being met.