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What BI Actually Means For Your Business

September 5, 2018 No Comments

Featured article by Wendy Dessler, Independent Technology Author

creativity 819371 640 300x200 What BI Actually Means For Your Business

Source-Pixabay

In a recent study, nearly 90 percent of the business owners polled claimed they believe that big data will revolutionize the way the world of business just like the Internet did. Being a part of the big data revolution is only possible when embracing the power of business intelligence (BI).

Whether you are using BI to monitor trends or as a tool to make the integration for AWS CloudWatch easier, it can be quite powerful. The main benefit of using BI is that it allows you to utilize the power of knowledge to further the reach and influence your business has.

Often times, inexperienced business owners will use BI as a buzzword to make them appear to be on the cutting edge. Rather than using this technology as a prop, you can actually use it to grow your business in a comprehensive and forward-thinking way.

Here are some of the reasons why using the power of business intelligence is such a good idea for companies of all sizes.

Develop an Understanding of Where Your Business Has Been and Where It Is Going

Among the most beneficial aspects of using BI is that it can help you see where your business is and how to get it to the next level. Analyzing data is a great way to see whether or not you are providing consumers with a great experience. Finding out in-depth information regarding customer behaviors will allow you to target your marketing efforts and gain the lion’s share of your market with ease.

Most companies create tons of data and fail to realize how important analyzing this data is. Monitoring the right metrics can give you all of the information you need to plan out your company’s future in a more detailed way.

Inventory-Based Businesses Need to Embrace BI

If you run a business that specializes in the housing and selling of various goods, then figuring out a way to eliminate waste is essential. With the help of comprehensive BI software, you can track the goods you sell. The information you get from this software will help you keep the right amount of product in stock.

Many of the businesses who have to maintain an inventory either order too much or not enough merchandise. Consistently over or under ordering merchandise can put a business in a compromised position. Instead of putting your company in jeopardy, learn how to use BI to your advantage.

businessman 3213659 640 300x111 What BI Actually Means For Your Business

Source-Pixabay

Business Intelligence Makes a Business More Efficient

The lack of efficiency is one of the most common causes of small business failure. While most businesses have good intentions when it comes to collecting and analyzing data, they generally approach it in the wrong way. If you and your team are wasting valuable time looking over data, now is the time to implement the use of business intelligence.

An easy to use and well-constructed BI program will not only allow you to collect data, it will analyze it and provide you with useful insights as well. Generally, BI software programs will have dashboards where all pertinent information is stored. This dashboard will allow you to find and use information to better serve your customers and grow your bottom line at the same time.

Identify and Capitalize on Up-Selling Opportunities

In the world of small business, getting the most out of each customer interaction is something most people strive for. Missing out on opportunities to either up-sell or cross-sell can reduce the amount of money a business makes drastically. By using valuable customer data and BI, you can identify these opportunities and figure out a way to capitalize on them.

Sharing the insights that you gain with your team is a great way to improve their skillsets and your bottom line. Using BI to better your team will only benefit your business in the long run.

The Power of Business Metric Reports

Are you looking for a way to make data and metrics more accessible for your whole team? The best way to achieve this goal is by using BI and the dashboards this type of software usually provides. All your team will need to access these dashboards is an internet connection. This is perfect for businesses who use remote workers from around the world. Providing key team members with up to date business analytics and data will help them see where improvements can be made.

Make Business-Related Decisions in a Hurry

In the world of business, you have to learn how to strike while the iron is hot. Being able to identify business opportunities and seizing them in a hurry can help you grow your business substantially. When faced with an important decision, you will need all of the data at your disposal to make the right choice. This is where BI comes in.

The last thing you need to do is make decisions vital to the overall health of your business without this type of information. Generally, spur of the moment decisions that are not backed by any data end up costing a business dearly. Staying on the cutting edge of the business intelligence world will allow you to create a competitive edge by being able to make important decisions correctly.

The only way to take advantage of business intelligence software is by working with experienced IT professionals. Not only will these professionals be able to advise you on what type of BI software to get, they can help you install and optimize it as well.  

About thee Author

Wendy Dessler is a super-connector who helps businesses find their audience online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition.

 

DATA and ANALYTICS , SOCIAL BUSINESS

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