When we talk about profits, we usually look for Return on Investment (ROI) which is a tangible quantity. For e.g. If someone develops a product, he or she can sell it and derive some profit out of it.
But business is not only about Tangible assets. It’s also about the Intangible and that’s where the past data pertaining to the objects and processes involved in the business plays a role. Business Intelligence is about exploiting this intangible asset. Using past data, you can take decisions. You can study customer history, their preferences, market trends, Employee attrition details, etc. and the list is unending.
It takes a lot of Investment in Business Intelligence tools and their deployment including data analysis, ETL, Reporting, Predictive Analysis, etc. with no ROI directly in sight. But, the insights you can derive out of them especially Predictive Analysis can be groundbreaking for your Business.
Here are a few ways business intelligence can enhance your organization and help decision-makers make more informed and better profits for the organization:
- Derive knowledge from a sea of data: Business intelligence today is more important than ever. Going forward, the rate of data creation is only going to accelerate in the upcoming years. This is where business intelligence can chip in. It brings a method to the madness of all those gigabytes and petabytes of data floating around. It is the art of deriving knowledge from all the business processes to help enterprises gain a head start to better understand customer needs and market dynamics. Improving performance, delivering on customer promises, and building long-term customer relationships are some of the benefits of BI.
- Get a single version of the truth of transactional data: Business intelligence is having access to all your business data, regardless of platform, in a singular, unified platform. This is extremely important now as customers are interacting with a business across multiple platforms and channels, including their website, social media channels, live chat tools, email, CRM, ERP, HRMS, and also purchasing products both offline and online. Without a single consolidated view of the customer, it would be difficult to know how to best address them,or meet their needs. Due to this platform fragmentation, business intelligence is not just important — it is a must.”
- Create a more effective business model: Business intelligence has become more important than ever due to oversaturation. The internet and the continued growth of e-commerce have saturated every market. You want gadgets, clothing, furniture, home appliances even food? There are dozens of options around the block and just a click away. For business owners, this means making smart decisions and trying to know where to put your marketing money and where to invest in infrastructure.
- Get improved ROI of your marketing: Incorporating BI data allows a company to boost a current marketing campaign’s performance, increasing sales in the long run. Through appropriate Business Intelligence tools and solutions, the marketing function can get the right tools to help measure consumer trends through improved visibility. You can also get specialized features that help track and measure sales & marketing campaigns, providing the relevant data that can support future marketing initiatives. BI software can be used to obtain market intelligence and with BI tools data can be analyzed in a better way. This includes identifying customer insights and buying patterns, monitoring customer behavior, and predicting market trends.
- Discover the big picture “why” and what motivates consumer behavior: To truly understand and satisfy customers’ needs and correct problems, business top executives must first understand why a particular phenomenon is happening again frequently, rather than go with a gut feeling. Adding qualitative analytics to their dashboard alongside the quantitative data can give them that big picture because it’s adding the ‘why’ to the ‘what.’ Many think of hard numbers when they’re formulating their business intelligence strategy, but those will only tell them what their customers are doing, not what motivates them to do those things”
Conclusion:
According to a new study, released this month by analyst firm Nucleus Research, organizations that invest in analytics solutions, such as Business Intelligence (BI) software, are experiencing average returns of $13.01 for every dollar spent
Being able to calculate ROI for each specific part of your business is important, but seeing how the costs and revenue of each part of the business intersect with the other parts is where business intelligence offers the greatest insight. The increase in ROI across your organization from having actionable business intelligence at your fingertips has the potential to pay for itself – that’s an ROI that’s easy to measure.
Visiosoft offer BI services and solutions at a very competitive price that doesn’t blow a hole in the budget of SMBs and corporates. If you want to know more about our BI services that can assist in increasing your business revenue, then do get in touch with us.