Business intelligence is a technology-driven process with workable strategies and applications to help analyze and represent data in any business setting. This process is ideal for ensuring company managers, corporate executives and even startup founders make conversant decisions on matters of running the company. It is ideal in developing and creating new opportunities to help in expanding the business and increasing returns and the ultimate turnover.
The motive is to encourage easy interpretation and representation of data and implement an effective strategy for long-term business stability. One can achieve this process using various business intelligence tools, methodologies and applications that help in collecting data from internal and external sources for immediate analysis and visualization for the successful decision-making process.
Examples Of Business Intelligence
Currently, many companies, corporations and businesses are investing heavily in business intelligence to help them in ascertaining market trends and how to improve on their services. They also use it to know what customers require and ways of serving them effectively.
An example of business intelligence is where startups use specific key performance indicators (KPIs) to determine which customers are purchasing products, the source of these customers and their specific conversion rates. Companies can use this data to find out the best ways to serve their customers by either enhancing the current product offering or creating additional service lines their customers can enjoy, ultimately increasing profit margins for the company. They may reward them or give them special services as a way of maintaining and winning them over. I took the experience of my customer journey with Warby Parker and integrated it into my startup NPHub by focusing heavily on what our customers need and rewarding them for passing the word along to their friends.
Marketing And Sales
Business intelligence helps to enhance company and product marketing with the ultimate goal of popularizing products for increased sales and profit margins. When tools are effectively used, it will create a healthy playing field for company products and services to reach a greater population of potential clients.
Successful business intelligence supports a great deal of decision making to ensure all operations in the company are geared toward developing an efficient marketing strategy for the company’s products. By collecting and analyzing data, the company’s team will be able to successfully assess demand and appropriateness of services to figure out new markets and get to know what potential customers need and which areas need improvement. This will greatly help in empowering the business to promote sales and estimate the impact of marketing efforts.
Business Intelligence Tools
Business intelligence tools can help the company or business to monitor and observe data trends and generate marketing ideas for an effective decision-making process. They aid in making the best choices and goals for the benefit of the business. These tools range from those used to analyze raw data to those used to analyze big data that needs intensive representation, and they include reporting tools and dashboards that offer raw information across varied indicators.
The Main Takeaways
Business intelligence matters. Whether it’s for productivity or sales and revenue projections, using in-house tools can provide incredible insight into areas that need focus. My suggestion is to build custom software instead in order to get a specific understanding of your business. SaaS business intelligence tools will work only to a certain extent, and you’ll seek more clarity and functionality. It’s similar to building your entire business into Salesforce or a similar program: It can do some things well, but it can’t do everything you want perfectly.