Running a business has never been more complicated than it is today. There have never been as many moving pieces and parts to a successful business. 72% of small business owners report feeling overwhelmed, trying to keep up with all of the moving pieces.
It makes sense that business owners are feeling overwhelmed. We’ve never created as much information as we have in the wake of high-speed internet and mobile technology. Currently, 2.5 quintillion bytes of data produced every day. The amount of data is only going to get more overwhelming as we see a rise in smart technology.
Fortunately, that data can also help your business thrive. You have to know what to do with it. That’s where business intelligence (BI) comes in.
Let’s take a look at how BI solutions can help your business thrive!
How BI Solutions Can Help Your Business
Before we even begin, let’s define business intelligence. It will help give you a more precise illustration of how BI solutions can help your business.
What Is Business Intelligence?
Businesses are making and processing more data than ever before. Much of it is coming from many different sources, as well. It makes trying to keep track of, let alone process.
Business intelligence is an umbrella term for all of the software, tools, and methodologies to gather that data and then make sense of it. It includes digital tools like BI solutions, which often have a central dashboard to consolidate and process all of your data.
Some of the benefits of business intelligence include:
- Accelerated and improved decision-making
- Increased efficiency
- Optimized business practices
- Identifying new sources of revenue
- Advantage of your competition
- Identifying market trends
- Identifying potential problems
It should help give you an idea of some of the ways BI solutions can benefit your business. Now let’s dive into the specifics, shall we?
Transforms Data Into Insights
A single point of data isn’t useful for much on its own. It takes two points to make a line. It takes three points to create depth.
You’ve got to have a decent amount of data if you hope to have any real awareness of how your business is performing. The trouble is, it can quickly go too far in the other direction as well.
Having too much data is almost the same as not having any at all. It’s sort of like trying to drink from a fire hose when you want a sip of water. It also creates the additional headache of having to sort through all of that data, which means more to do in an already busy day.
Business intelligence pulls all of your data from your multichannel operations into one central dashboard. It makes advanced analytics and data visualizations possible. It also makes predictive analytics possible.
Over 50% of business owners who use business intelligence report being able to make accurate predictions using BI solutions. It helps you to get ahead of your competition instead of just trying to keep up with the pack.
The business world is moving faster than ever. We don’t have the luxury of waiting three months for a quarterly report. That could put us months behind our competition, which may be using faster reporting techniques and technology.
Business intelligence reporting is the process of data visualization from various sources. The reports generated with BI solutions make data much more digestible and easy to comprehend. It is a significant benefit for proving things like justifying your marketing expenditure to the c-suite, which is notoriously tricky.
Business intelligence reporting doesn’t just create static graphs, either. BI solutions allow you to filter your business data in all manner of different ways. It allows you to make more informed business decisions in real-time.
Understand Customer Behavior
Customers have never had higher expectations when it comes to customer service. It’s also never been more critical. Especially considering how important word-of-mouth recommendations and social reviews can be.
It can be challenging to get a read on your customer’s behaviors, having data from so many disparate sources. BI solutions analyze all of the data from your multichannel marketing for various cues of your customer’s behavior. It is useful for everything, from predictive analytics to marketing automation.
BI solutions analyze everything from your customer’s social media with their customer history, including things like engagement rates, to offer a thorough overview of your customer’s actual behavior.
BI solutions also allow you to segment your audience in all manner of useful ways. Business intelligence can segment audiences geographically, for instance, to let you create highly granular marketing campaigns. You can segment your audience by primarily any demographic you can think.
Comprehensive customer intelligence gives you a significant advantage over your competition who aren’t using business intelligence.
Business intelligence doesn’t just analyze social media and purchase history. BI solutions assess a wide array of different variables, even some of your customers’ offline behavior.
Business intelligence might be able to tell you about the success of a physical marketing campaign, for example. Or you might be able to tell when your customers are shopping.
Details like that are what transform data into rich data, useful for all manner of actionable insights.
Ready To Find Out How Business Intelligence Can Help Your Business?
The world is only going to keep getting more data-driven. There’s no putting the genie back in the bottle. If you’re ready to find out how BI solutions can help your business thrive in the digital age, register with us today!