In today’s customer-centric, digital-first world, many business owners and managers are bombarded with ‘information overload’ and are urgently seeking ways to derive greater control, understanding and intelligence from their organization’s data. One of the best solutions to this growing problem is to adopt a Business Intelligence (BI) strategy, but in reality many companies have been slow to do so due to a lack of knowledge of exactly what it involves, where to start, and how long it will take to see any benefit. The truth is: Business Intelligence should be an integral part of your operation.
Technology analyst Gartner describes Business Intelligence as including “the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance.”
These analytics have nothing to do with website data and statistics but are just as important to the efficiency, revenue growth and success of a business. In its most basic form, business intelligence encompasses the analysis of a company’s raw data and analytics, to produce actionable takeaways. Data analyzed might include current sales figures, customer shopping habits or operations costs. With more data at our hands, business intelligence is critical to making informed business decisions and can be a key component of forming predictive analyses for the future of a company.
Here are the top benefits of incorporating business intelligence into your long-term business strategy.
- It reduces costs
The oil and gas industry have been using business intelligence from the start. Many would say it’s ingrained in the industry. From geological data to help determine where and how to drill for oil to assessing market conditions and profit advantage opportunities for gas pricing, quantifying value is at the core of how this industry extracts value and raises profits.
- It improves efficiency and productivity
The healthcare industry is now leveraging business intelligence to drive efficiency and productivity. One of our clients used business intelligence to pinpoint challenges in their system for patient referrals understood where inefficiencies lived and eventually addressed these problems by incorporating a digitally connected referral network. Business intelligence allowed them to experience a boost in their appointment completions, shortened scheduling time and also decreased appointment lead-times and the average cost per referral.
- It supports decision making
Amazon is known to leverage business intelligence and predictive analytics to support everything from customer engagement to lead scoring, customer segmentation, lifetime value cross-sell recommendations and win-loss analysis. Business intelligence supports data-driven decision making with the right information at the right time.
- Smash sales and marketing goals
Your Business Intelligence programme will deliver in-depth analysis to kick start sales, boost the performance of your marketing function, and crucially shake up the way that both teams work together.
Let’s take sales first. Providing your sales people with tools that can measure their activity and identify trends in customer behavior is fundamental if they are to time their approaches more strategically and exploit all up-selling or cross-selling opportunities.
- Power up productivity
Business Intelligence has the potential to release inefficiency bottlenecks, refine existing business processes, automate routine tasks and bring new levels of organization and prioritization to everybody’s work. The efficiency and productivity gains can be considerable, including more responsive customer service, better use of salespeople’s time, and closer measurement of product development cycles and marketing campaigns. The efficiency element is also evident at a more senior level thanks to automated reporting and dashboards.