Any business can benefit from accurate data to succeed in today’s data-driven market. Traditional methods still have their place, but it is important to use modern business intelligence tools to stay competitive. To succeed in today’s digitally driven and fast-paced world, you must stay current. Let’s take a look at how different business intelligence tools can help you succeed.
Gartner research shows that global revenue for the BI/analytics software market will reach US$18.3 Billion in 2017, up 7.3 percent over 2016. The market is also expected to reach US$22.8 trillion by 2020, according to Gartner.
What is Business Intelligence?
Business intelligence (BI), is the process of analysing data and providing actionable information to businesses to enable them to make informed business decisions. BI includes a variety of methods, tools, and applications that allow organizations to gather data from different sources, prepare it for analysis, then use the data to run queries and create reports. Dashboards and data visualization tools allow for the analysis results to be made available to both corporate decision-makers and operational workers.
Companies can use the data derived by BI tools to make strategic decisions, improve operational efficiency, and increase productivity.
Also read: Must-Know Business Intelligence Trends for 2019Business Intelligence tools provide valuable data resources that can be used to help companies achieve their business goals and make strategic decisions. Data from customer interactions such as chat support, voice calls, email support and voicemail can be analysed and measured using BI tools to understand customer preferences and market trends. All of this data can be used to improve the conversion rate.
Learn how Business Intelligence can benefit your business
Enhance Competitive Intelligence
BI can help businesses improve competitive intelligence by making effective use of data and converting it into useful information. BI solutions make data available to authorized users and allow them to interact with competitive information from one centrally managed data warehouse. This allows organizations to make better strategic decisions by leveraging information quickly and gaining the same in productive ways.
Improve Market Intelligence
Market intelligence can be obtained using BI software. BI tools allow for better data analysis. This includes identifying customer insights and monitoring customer behavior. It also allows you to predict market trends and buy patterns.
Businesses can respond more quickly to changes in the market if they have all the information. You can improve your market intelligence by using BI intelligently and effectively.
Seamless Data Integration
A fully integrated BI solution can help businesses achieve success. Many businesses store data from different sources in different formats across multiple solutions. This makes data analysis and reporting difficult and complicated. Business Intelligence solutions can help reduce the complexity of data stored in spreadsheets and other software. Business Intelligence tools integrate all data in your workplace in different forms directly with your existing software solutions. They use real-time data to give a more comprehensive view.
Effective Business Model
Business Intelligence allows you to analyze the data of your company as well as all external business information. This will allow you to create a results-oriented business model that can achieve your goals.
Integrated Customer Insights
Your data management platform can track customer data from website engagements and social media. BI tools allow you to monitor data from one central dashboard and have a complete view of your customers and how they interact with your business. Businesses can also use BI to improve customer engagement. This is not only possible through social media and marketing, but also by direct contact with customers.
Personalized Sales Strategy
BI tools enable sales and marketing teams understand the competition’s activities. BI helps you make your sales strategies more effective and efficient. BI tools allow you to analyze the target company’s annual turnover and sales numbers, merger information as well as competitors, trading policies, outsourcing partners, and other information. This research can provide more information for your sales team to prepare a well-researched pitch.
Analyze the ROI of your Marketing Initiatives
AdWords campaigns and apps, social media tools, email marketing, and analytics are gradually replacing traditional marketing methods. Small businesses need BI to calculate the ROI of marketing initiatives. Busin