“BI is about providing the right data at the right time to the right people so that they can take the right decisions”
It’s non debatable descant that any business would benefit from better insight into their operations. It stands true and indubitable for small businesses, SME’s and large businesses all together. No matter whether your organization is doing outstandingly well generating beyond comparison ROI or the business is not in a good shape with the ROI & profits witnessing a downturn, you would need data and more importantly the tools to analyze that data. For you to discover the flaws and errors and work accordingly to fix them, it is very important that you get to make the most of the analytical skills your company compasses. From managers to executives, every individual that is a part of your business would want to know whether they’re making the right decisions to boost revenue and stay profitable. This is why a business intelligence (BI) approach to decision-making is vital for any business. BI Solution hands you the data acquired through a myriad of activities ranging from general inputs from staff and customers to the extremely important turnkey facts & figures that happened to get you that dream project. Not only that, but BI Solution helps with collecting, analysing and interpreting data to drive smarter business decisions.
With BI Solution, you can gather information to empower strategic decision making. BI insights have been used on a daily basis in most of the SME’s and large companies to influence daily operational considerations like staff rostering, task assignment, generation of visual data, etc. The list just goes on if I am to continue. Business Intelligence has transformed the way businesses function and this revolution is strongly supported as it is helping organizations to grow better and faster.
Here are 10 reasons why your business should use Business Intelligence to guide decision making:
1. There is no room for feeble intuitions in decision making.
Research makes it clear that up to 40 per cent of major workplace decisions are hunches. However, a greater number of business leaders admitted to having lost some prospects of growth and betterment by going with intuition rather than basing decisions on concrete data. Well, no matter how good your intuition, your brain is not adept to consider all possible variables and crosscheck data between systems. [Unless you are born with a brain that is superior to every other brain on this earth].
There are quite many moments when you go with your intuition and trust your gut feel on this that making a big business decision is not one of those moments. Business should be run on data and not hunches. A BI solution endows you with easy-to interpret realistic data and analytics to help you with a fact-based decision making. So you know that getting 20% extra material would be required to complete order and keep guessing it.
2. Know your business and business processes in and out.
To make informed business decisions, you need a consolidated view of what’s happening across all business units. But it’s really hard to get the full picture when you have facts in pieces. For example, the various independent tools may offer you with reports for disparate membership, point of sale, gaming, roistering,finance systems, however without a system that collects, collaborates and interprets results based on data from all these sources, you could not take any well informed decision. A BI solution can collect and visualize data from all these systems, analyze it and interpret result. You can identify relationships between data from various systems and get a bird’s eye view of what’s really happening in your business and make decisions accordingly.
3. Track sales and customer activities.
Has that Customer Appreciation Event been a more effective promotion than the weekly giveaways? If you can’t answer that question with confidence, it may be time to consider implementing a BI Solution for decision-making.
BI solution can measure and compare data to determine a marketing activity’s performance. It does not limit you with only numbers but helps in decision with simple and easy to understand visuals. This gives insights on what works and what does not and once you have this information, you can tailor your products, services and promotional activities to ensure the success of future campaigns.
You can analyze the visual data to figure out what works and what does not and accordingly plan your campaigns ahead. This ensures success and also prohibits expenditure in all the wrong spaces.
4. Leverage Data
There is a huge amount of information collected every year. If you have a system in place that collects and stores this data in a good and understandable form, you can leverage this data to grow business. So the longer you use BI, the more valuable it becomes. With more data to draw on, BI gets even better at helping a business make more informed decisions over time.
“Every second of every day, our senses bring in way too much data than we can possibly process in our brains.”
5. Monitor Customer Behavior
Customers are the lifeblood of any business. The power to make or break a business, lies in the hands of customers. That makes it very important for a business to closely monitor their customer behavior. If a customer buys 2 bottles, instead of their regular 6 from your store, you need to know why? Are they unhappy with the service? Has the other store been providing better products or services? Is their promotional activity more effective than yours? Is would make you stay ahead of your competitors and give your customers exactly what they want thus retaining them. It might not directly impact your sales but has a great role and also helps acquire new customers in lots of ways.
Business that uses BI to make decisions can use customer behavior data to what their customers want and work for it to improve the customer experience.
6. Effective Team Management
You can run a business seamlessly to drive results only when the people behind the business work good enough to strengthen the base of the business. Their performance is hindered when the team members dont work well. A collaborative team environment is essential for a business’s success. A BI Solution might not have direct impact on the members however with analytic and data it is utilized by many SMEs to match labour with sales and keep a tab on an employees performance in various functions which ensures you have the right number of employees in the right places to meet business requirements. Smarter staffing decisions improves the overall productivity of the company.
7. Manage Finances in the best possible way.
No business would like taking chances with its finances, no matter how big or small it is. A BI-Based approach to decision making helps you identify under performing revenue sources to maximize strong performers and improve the under performers.
8. Dont miss opportunities due to lack of information
A business should not spend time, efforts and money on manually exporting information from multiple systems running queries or consolidating data in Excel when it could instead work on acquiring leads and getting better. The time required for these tasks could be hours, or even days. By the time, reports are generated and analyzed, the information is usually out of date.
“The goal is to turn data into information, and information into insight.”
This could mean your business is missing out on new opportunities and leads. With BI, you can get instant access to reports and analytics, and respond to trends faster.
9. Improve decision making
It is very important for a business to analyze past performance to pinpoint the factors impacting the business growth and make decisions that would help grow the business. BI Solutions helps in decision making by making the historical data available to you. This helps in prohibiting your business from repeating previous mistakes and capitalize on emerging opportunities.
10. Keep a track of the changing business trends
Use BI to identify key business trends early enough and accordingly plan things ahead to grow your business. BI helps nontechnical users analyze and note turnkey features and activities that drives business. This helps in making faster and smarter business decisions.
You can read more about Nevpro’s BI Solution here.