How Business Intelligence Can Help An Organization
Posted by Peter on April 17th, 2019
To get ahead of their competition. It helps them grab new opportunities, overcome business threats and quickly respond to challenges.
It’s now common knowledge that analysing data can boost revenue, transform performance, improve customer satisfaction and increase performance. Many companies are using BI as it provides one of the quickest ways to analyse data and make better business decisions.
Companies generate large chunk of data on daily basis. This includes data from sales, marketing, finances and inventory. Business managers are often forced to rely on their individual experience to make decisions based on their gut-instinct. However, using company data to make accurate decisions greatly reduces the chances of any potential human errors.
Business Intelligence vary in strength depending on their vendors. Some can improve your sales while others can offer holistic business solutions.
1. Increasing Sales
BI tells you where sales are performing well and where they’re lagging behind. It tracks down the sales at customer level to unveil trends and opportunities that put your company on the right path. By understanding what your customer is interested in, you will be able to inform your sales team about the existing opportunities. This will empower them to identify the areas where profit can be increased from the existing customer base.
Many studies have suggested that the probability of reselling to an original customer is greater than selling to new customers. BI is one the best mechanisms to reengage the existing customers.
2. Managing Inventory
Carrying too much stock is never good for your bottom line. An efficient BI solution can enable you to utilize data to evaluate your supply chain and maintain optimum inventory levels. It can help you navigate through seasonal changes and identify the changing trends in customer demand.
Without a doubt, effective stock management is absolutely crucial fror a company’s success. When you promise to deliver the product under a certain timeframe, it can help you secure sales. Failure in doing so can cause the customers to turn away.
3. Financial Management
BI simplifies the analysis of your financial data. Financial statements can only give you an outlook on the company. However, BI combines the real-time data with the financial statement to help you improve revenue and manage the expenditure.
Balance sheets, profit & loss and cash flow can be examined using the graph, charts and dashboards in the BI software. All in all, your financial management can improve a great deal with the help of Business Intelligence.
Like it? Share it!
About the AuthorPeter
Joined: August 27th, 2018
Articles Posted: 10
More by this author