The tools used to present data and information, along with their underlying infrastructure, are what makes up business intelligence. When you use these tools as a data scientist, you’re able to communicate the needs within a business environment.
By analyzing information, you’re able to help any business perform better and work more efficiently with the resources they have.
Here are four reasons why business intelligence should matter to you and your organization for the next major project you work on.
1. Make Better Decisions
You need to know what’s going on within your organization to be the best manager or business owner you can be. But, in the day to day, hustle and bustle of putting out fires everywhere, you can lose sight of the big picture.
Data is the ideal way to get a grip on what’s going on across your business, even if the information is housed in separately functioning parts of your enterprise.
Business intelligence or BI is useful for converting company info into readable insights. Companies use BI for the sake of seeing what’s going on in their business to inform their strategies.
Up-to-date data is the key to making decisions that lead a business to its financial goals. It’s hard to imagine how your business could grow if you don’t have the data to back it up. In order to convince investors to increase their funding to support your business, you need to use good data.
To gather BI, you need a centralized system for gathering all your data. For companies that provide products and services, one of the best ways to do this is via a CRM. Customer Relationship Management software is one of the best tools for gathering customer data.
You can see how much a customer orders from you, keep note of how frequently they order, and decide how much stock you need. You can decide if you should branch out based on what your customers seem to like from you.
2. Meet Your Sales Goals
If you want to see data that can help you to jumpstart sales during a slow period, BI can get you there.
By handing out the right tools and information to your sales staff, you can help to keep track of their own activity. They should be able to see how their team is doing while also noting their places in that field.
They can even see the trends emerging in the behavior of their customers. If sales are growing in unexpected ways, they can stay ahead of the curve. When it looks like sales are dropping off in one area, they can drop the price or offer items more strategically.
Business intelligence can help your sales team visualize what’s happening over a longer course of time than they can keep track of. Trying to remember what happened last week is hard, but comparing it to last year is nearly impossible.
With the help of well-organized data and how their sales impact the entire company, they’ll get the macro view they need to shape their perspective.
Having better tools for forecasting work and efforts that process sales faster will result in better returns.
3. Learn About Customers
While many companies use their data to learn about what their customers buy, they don’t always learn about their customers in a deep way. With the help of BI, you can see how they react to you and how you should reach them. You can find new ways to encourage them to reach you and support the areas where they’re already connecting with you.
If you get more information about your customers, you can get an advantage above your competitors. The future of customer service is reliant on data, so make sure you’re gathering enough.
The reason for this is that traditional marketing doesn’t work. You can’t run an ad, sell a product based on how great it is, and see measurable results. In fact, selling products in this way can lead you to lose more customers than gaining them.
The name of the game in marketing and sales is “engagement.” If you engage your customers better, you can sell in a much more organic way. Instead of having to force your products on your customers, you can reach into their lives in a natural way.
However, you need to know things like how they get to your website, what their favorite related brands are, and how likely they are to buy from you. This takes the effort of gathering data from across your business and making it easy to understand.
4. Make Yourself More Productive
With the help of BI, you can get rid of the bottlenecks that lead to inefficiency. When you’re able to streamline the process you have now, you can organize work at every level better.
You’ll see customers being more responsive and your turnaround speeding up.
Set up automated reporting dashboards so that every member of your team has access to data as it changes. By centralizing data and making it accessible across teams, you can eliminate the need for meetings to look over this information. Meetings will go from two-hour affairs to short phone calls that go: “Did you see this change? Okay, good.”
Think about how much more time you can devote to making your customers happy and developing new products and services.
Business Intelligence Is The Way of the Future
If you’re not implementing the tools of business intelligence as a way to get ahead of your competitors, you risk falling behind.
You’re already gathering data, so why not organize it in a way that’s meaningful to everyone at your organization? Take advantage of the tools that we have now to position yourself to stay ahead of the pack.
If you want to learn more about what’s currently trending in data science, check out our latest guide.