Did you know that over 70% of company data usually goes unused when it comes to analytics?
Every business has a wealth of business intelligence available to them which they could use to help their brand thrive as they move forward. But, not many companies are actually using it, and even those who do aren't making the most of what they have. If you're guilty of leaving your data un-analyzed, you're not alone!
One of the biggest reasons that business intelligence isn't being utilized is because companies don't know what it is or how to use it. But, more importantly, they don't know why they should, which makes the other two questions pointless to answer.
To make sure you don't fall at the first hurdle, here's a no-nonsense guide to why you need business intelligence.
A Simple Business Intelligence Definition
At Acxtron, we constantly have people asking what is business intelligence? so if you don't know then don't feel behind. Here's a brief explanation to help you understand.
Business intelligence refers to the technology, strategies, and practices that are used to gather, analyze, and use crucial company data. The whole purpose of business intelligence is to help you and your company make better, more informed decisions. It's vital across your departments and can be used to empower your brand and lead it to success.
But why is this important, and how can a business intelligence analyst actually make long-term changes in your company? Here are just some of the specific benefits that you could use.
Know More About Your Customers
Without a doubt, one of the main reasons that more companies are starting to invest in business intelligence tools is because of customer insights. The knowledge you can gain on the people who shop with you is incredible!
For example, you can gain insight into how best to reach your customers, both now and in the future. With consumers becoming less responsive to marketing, this is invaluable and can quickly speed up your journey from point of interest to sale. It can also give you an advantage over your competitors, helping you tap into your target market with ease by using data, and help you grow your business in the long-term.
You can also track customer buying trends, understanding what they're buying and why. Once you have this data, you can create new products that are likely to appeal to your customers based on what you know they like and meet their needs. All of this data can be made easily accessible too, helping get it to the people who need it.
At the heart of customer insights from business intelligence is the ability to improve your customer experience. By knowing your customers and what they respond to, you can leave them satisfied and encourage them to return for more. Your aim is to improve customer retention whilst simultaneously generating new customers with similar profiles.
All of this will help you create a business that has the customer at the center. In the longterm, you'll be able to solely create products that you know your customers will want and constantly improve your services as you generate more data.
There's no doubt that your companies productivity can be improved in the long-term with the help of a business intelligence consultant. Different processes can be made much more efficient with the use of data, including the following:
- Automating daily tasks
- Prioritize tasks based on their impact on your business
- Get rid of pesky bottlenecks
- Generate working sales strategies quickly
- Become more organized
- Compile all useful data on one easy to use platform
You can also improve your customer service, using past customer data to make future interactions simpler and quicker. You can store and access customer data with the click of a button, giving your sales team useful insights to help them retain your customers and give them a more useful service. From noting past complaints to being able to easily access their sales history, this will make the job of your customer service team a lot easier and more effective.
One of the great advantages of business intelligence is that you can give the tools straight to your team. Teach them how to use the data and let them get on with their work more efficiently, helping you create a more productive team for the future.
Boost Your ROI
Your return on investments (ROI) is crucial to keeping your business thriving and your profits increasing. Business intelligence tools can help you follow your ROI across a range of areas and make sure everything's moving in the right direction. You can assess every area of your business separately, from your inbound marketing to your HR department.
Within each department, you'll be giving a range of useful data you can utilize, from how much income each section is generating to their month-on-month performance. Use the data to improve each area of your business and boost your ROI in every department.
In the long-term, you can fully optimize each department so that it's functioning at full capacity. You can also use your data to create informed ideas about how to expand your business and keep it growing.
Transform Big Data into Actions
The world keeps generating more and more information every year, and a lot of this can be used by your business. One of the areas of the web that's producing endless data is social media, and you can connect your social media channels to your business intelligence tools to make the most of what your potential customers are pumping out.
From spotting new, developing trends to keeping up with customer feedback, social media is an incredible market to tap into with the right tools. Your business intelligence tools will help you make sense of the data and use it to make informed business decisions. This could help you get the head start you need over your competitors to push you to the top.
Over the course of your business, there's no doubt that the data of the world will change. Luckily, you can use business intelligence to keep ahead of trends and adapt your data analysis before you fall behind.
Start Making the Most of Business Intelligence
Business intelligence could be exactly what your business needs to start making the right decisions to help your company thrive. If you're intrigued by any of these benefits, find out more about how you can build and use your own business intelligence dashboard at Acxtron.
If you have any questions about business intelligence and want to learn more about how it could be used to help your company, get in touch with our team today. When it comes to your business, we're always happy to help!