It doesn’t take a genius to realize that new businesses with innovative products regularly emerge, placing more pressure on existing players. In this hypercompetitive environment, the only way to survive is to keep up with customer demand.
Therefore, companies are always looking for ways to find glitches in their operation, boost productivity, and create the ultimate customer experience to increase sales, attract more clients, etc.
The key to achieving all of these objectives in the Information Age is one thing: Data. In addition to collecting data, you need to know how to properly make use of it. This is where a business intelligence (BI) tool comes in to help.
While many companies use business intelligence tools to advance their market shares, there are those who’re unsure about the exact benefits of utilizing BI. Hence, we’ve listed five good reasons why BI has significant value. But first, let’s discuss what Business Intelligence is.
What’s Business Intelligence?
In layman’s terms, business intelligence is a tool utilizing data mining, visualization, and analytics to turn raw data into valuable insights. Those insights allow businesses to keep up with supply changes and resolve any inefficiencies in their operation.
Using BI, you can store and govern online on reliable platforms and use flexible self-service analysis to gain actionable information and realize how far along you are on the road to achieving your objectives. Here are just some of the ways business intelligence tools can improve your business.
Why Use a Business Intelligence Tool?
Business intelligence tools offer a wide range of benefits for small and large enterprises. For now, we’ll focus on five prominent ones.
1. Better Decision Making
The key to growth and success in every line of industry is to use a modern, data-driven strategy. With the help of hard data, you won’t need to rely on assumptions and unreliable projections. A modern BI solution utilizes artificial intelligence (AI) and machine learning (ML) to swiftly process massive volumes of data.
In addition to improving efficiency, you’ll have access to a wealth of up-to-date and reliable data across all departments enabling you to make quick and informed decisions.
A business intelligence tool can help you:
- Detect & resolve faults in your operation
- Identify ways to drive down costs & boost profits
- Track progress on the way to achieving goals
- Spot the latest market trends & place you ahead of the curve
2. Higher Productivity
Perhaps one of the most common benefits of BI is creating a balance between performance and workforce management helping boost employee efficiency, otherwise known as “workforce optimization:.
BI tools centralize performance data and provide automated reports and dashboards for all departments to observe. These reports entail deep analysis to help businesses see what works and what doesn’t toward refining their existing processes.
Plus, automated reporting and analysis on such a large scale free up a considerable fraction of resources, allowing the staff to laser focus on applying those insights to the core aspects of the business. Furthermore, they can save significant time on warehouse management or transport scheduling and work on quality assurance, customer care, and other practical elements.
In addition to cutting down mundane tasks of the day, BI can use skill-based delegation to assign each task to the right team member, avoiding redos and avoidable errors. That’s advantageous because you can identify where you’re understaffed. Also, you can lower labor costs and improve customer experience.
3. Creating the Ultimate Customer Experience
Understanding customer behavior is the primary key to identifying their demands, creating the ultimate user experience, improving overall satisfaction, and lowering customer acquisition costs. Using business intelligence tools on digital platforms can help you do this and drive more traffic to your website.
BI tools rely on several data sources to provide a comprehensive customer profile inclusive of a wide range of factors, as follows:
- Demographics & location
- Interests & hobbies
- Purchasing habits
- Favorite social media apps
- Favorite device (smartphone, laptop, desktop computer, etc.)
By breaking down the data based on such elements, you can segment your online and in-store customers in addition to their usual shopping items and times of purchase. By knowing what they’re looking for, via CRM platforms, you can find effective ways to interact with them and keep customer satisfaction at an optimal level.
4. Optimal Data Accuracy & Compliance
Data protection regulations are becoming more complex across various industries. Having business intelligence tools allows you to manage data location and those who have access to it. Moreover, you’ll comply with local rules regarding data capture and storage.
Knowing data location and improving data accuracy will identify even the slightest errors within your reports, helping you avoid wasteful spending plus better focus your marketing. Producing error-free reports on a manual basis is almost impossible, hence the need for an automated solution.
5. Better Marketing & Higher Sales
Business intelligence tools provide comprehensive data sets to assist in monitoring development cycles, lower time-to-market, and improve marketing campaigns. You can tailor your marketing strategies and boost your sales by acquiring a clear idea of the target customer profile.
This will form a basis for developing growth strategies able to boost ROI, conversion rates, and customer satisfaction to a level where not a penny is wasted on misdirected marketing.
With the non-stop flow of changes and developments in every industry, businesses need to be more proactive than ever and find ways to maintain their competitiveness and adapt to constant changes in market demands. In this article, we demonstrated how a business intelligence tool could help you do that, but only if it’s tailored to your specific requirements.
With the vast spectrum of various BI solutions, all with their unique benefits and drawbacks, it can be a bit overwhelming to find the right solution. Fortunately, you don’t need to look very far because IMTS’s BI packages can take you to another level in retail/trading, import/export, the service industry, and even manage your special projects. What’s even cooler is that all this is offered with flexible pricing enabling you to only pay for what you absolutely need at any moment in time.
Therefore, don’t hesitate another minute and contact us right now!