Big Data or large pools of data that humans can bring together and analyze to discern patterns or trends, allowing better decision-making, is transforming society, politics, and business. In fact, experts point out that there’s no area of human endeavor that’ll be immune to data. They also believe that Big Data will become the new basis of growth and competition for firms since it can enhance productivity and create significant value for the world economy.
It has become very clear that the world is well past the time when organizations should be wondering whether or not Big Data is significant to them. Today, Big Data is already revolutionizing just about every industry! Still, many business owners think they don’t need to analyze their data using business intelligence (BI) reporting software. This is especially a common sentiment among small to medium-sized businesses. Their perception remains that business intelligence won’t add much value to them–a view that’s far from the truth.
If you’re one of those who still doubt the power of BI tools and business intelligence in general, read on to learn more about business intelligence reporting software and its key benefits.
What are BI software systems?
Business intelligence applications are software tools that organizations use for data retrieval, analysis, and reporting. Essentially, BI tools enable companies to query Big Data. With the insightful and actionable information they provide, businesses can achieve specific goals with informed decision-making. It can also help companies optimize their operational efficiency and enhance productivity. (1) (2)
Jobber’s specialist software for plumbers is one such example of how small to medium-sized businesses can integrate all their internal systems and processes onto one management platform, and use it to create meaningful reports that enable informed strategic decisions, essential for business growth.
BI software systems’ insights come in various forms depending on the tool you choose to use, but typically include market trends, customer buying habits, and customer preferences, which can be of immense value to any business. BI tools make this possible by analyzing and measuring various interactions between your organization and customers, such as voice calls, chat, and email exchanges. (1) (2)
Do you need business intelligence? The answer is a resounding yes! As mentioned, Big Data analytics is the current trend, and it’ll remain at the forefront of business digital transformation. So, it’s highly likely that companies unable to adapt to it will go bust very quickly. This is because BI apps can offer a business organization the much-needed help to adapt appropriately and take advantage of Big Data.
Advantages of using business intelligence reporting software
Other than accurate data reporting and better business decisions, business intelligence tools bring many other benefits, like the following:
- Faster decision-making
In addition to allowing companies to make better business decisions, BI tools also increase decision-making speeds. This is possible because BI systems can eliminate the significant amount of time most organizations spend in data collection, entry, analysis, and control. Is fast decision-making important? Of course, it is! One of the reasons is that customers actually want speedy action from brands, especially when providing customer service. (3)
How exactly do BI solutions make decision-making faster? BI software makes creating accessible reports using data from operations, finance, or sales a more straightforward process, thanks to the reports they generate in real-time. They even offer great visualizations through charts, graphs, tables, etc. Without the need to cover all aspects of the business one by one manually, organizations gain faster insights. The instant access to the business data translates to quicker but more efficient business decisions.
Since faster decision-making also means saving a lot of human effort, businesses can use their resources to deal with the other business areas that require attention.
- Competitive edge
Managing data using BI systems also helps their authorized users stay ahead in the game through competitive analysis. With competitive intelligence, companies will get to know the competition better. They’ll even have an idea of their competitors’ performance in the market. This makes it possible for them to find out how they can differentiate their product or service from other brands.
In addition to competitive analysis, BI solutions also enable businesses to stand out from the competition by helping them use information not only quickly but also more effectively. For instance, they can use data in more effective ways during forecasting, budgeting, and, most importantly, planning.
- Personalization
Recent market trends are saying that it’s essential for sales and marketing teams to understand prospects they’re trying to work with. It goes the same for their existing customers. Why? Because customers nowadays want brands to treat them as individuals. To achieve that, businesses need to personalize their marketing efforts. Companies should also provide their clients with unique experiences.
The truth is that customers appreciate it when brands prove that they know their clients. In fact, 48% of consumers purchased elsewhere after receiving a poorly curated experience from a business. (4)
The benefits of personalization include:
- Lead nurturing
- Conversion
- Customer engagement and feedback
- Customer retention
The good news is that BI software can provide all the data that can help you understand your lead or customer before pitching. This makes your campaigns more personalized, hence it’s now more composed and effective.
Personalization and sales can’t happen on predictions, but it’s only possible through research. That’s why it’ll always be very challenging for sales and marketing teams to provide a personalized experience to prospects and customers and convert a lead or close a deal quickly without using BI systems.
- Effective business monitoring
Business monitoring becomes more effective with BI reporting tools. That’s because BI apps give business owners a complete insight into revenue, gains, and losses. BI systems even inform brands regarding the productivity of their employees. By making metrics or KPI (Key Performance Indicators) tracking a more straightforward and more accurate process, companies like yours can be on top of what’s happening and be prepared for what’s coming.
One of the most important monitoring data that BI software provides is the effectiveness of your marketing strategies, allowing you to calculate the return on investment (ROI) of different marketing initiatives. That’s why the analytics that BI tools provide can be a game-changer in a world where digital methods are slowly replacing traditional marketing tactics. They allow you to know where you should spend your money and which strategies you can eliminate to adjust your marketing budget and get the most out of it.
Final Thoughts
There’s no doubt about BI software’s ability to make the significant amount of data you collect into something beneficial for your company. In fact, the advantages of using BI systems mentioned and discussed above are only some of the many reasons your company should start using BI apps sooner than later. BI solutions also result in a more straightforward integration of data from different sources, a more durable and result-oriented business model, increased customer satisfaction, and bigger profits!
References:
- “What Are Business Intelligence (BI) Tools?”, Source: https://azure.microsoft.com/en-us/overview/what-are-business-intelligence-tools/
- “What Is Business Intelligence? Transforming Data Into Business Insights”, Source: https://www.cio.com/article/2439504/business-intelligence-definition-and-solutions.html
- “10 Reasons Why Good Customer Service Is Your Most Important Metric”, Source: https://www.entrepreneur.com/article/284799
- “Widening Gap Between Consumer Expectations And Reality In Personalization Signals Warning For Brands, Accenture Interactive Research Finds”, Source: https://newsroom.accenture.com/news/widening-gap-between-consumer-expectations-and-reality-in-personalization-signals-warning-for-brands-accenture-interactive-research-finds.htm
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