This is a guest post by Mindaugas Skurvydas
Business intelligence systems make collecting and retrieving pertinent data simple. With the use of business intelligence, your organization becomes more in tune with the business environment in which it operates and will accurately perceive the customer experience.
Since a lot of the interaction between a business and a customer takes place on the web, accessing vital bits of data has never been easier.
Data is something that almost every business in the 21st century seeks. When you begin aggregating data, you begin to understand the big picture of just how effective your business is and how to keep the momentum going.
Product performance, customer experience, sales, effectiveness of marketing strategies, productivity, and many other variables can be evaluated with the use of business intelligence - and most importantly - business intelligence can improve them.
Consumer data online is readily available, but may pose a few challenges when it all needs to be interpreted. Before a business is ready to utilize business intelligence, all data that has been compiled needs to make sense and be applicable to organizational goals.
This is where business intelligence tools can come into play - they lend a hand when it comes to analyzing and making sense of all the metrics and gathered data.
Raw, unadulterated data has to go through a transformation phase - in other words, be interpreted and become comprehensible. It’s a rather important step knowing that many of the decisions you may be making will be the result of the gathered data.
"...critical decisions that may ultimately decide the fate of your business should be based on concrete facts and data gathered by business intelligence platforms."
Data-Driven Decision Making
In the digital age, a large portion of business is being conducted on the web. We are not naive to assume that our browsing habits and how we interact with the content provided is not being tracked - all that plays into amassing valuable business intelligence.
The choices you make within your organization, will rest on the information that has been gathered thus far.
It’s a no-brainer; the critical decisions that may ultimately decide the fate of your business should be based on concrete facts and data gathered by business intelligence platforms.
Clear Goal Assessment
During the inception of a business, there are usually a few variables in play. As a business continues to expand, additional cogs are needed to keep the business machine in motion. That was a metaphor by the way - your business cogs may be the growing customer list, additional vendors, new promotional channels.
Having a clear path to success is paved with goals that must be achieved. The perpetual growth is mitigated when goals and the vision don’t align with the strategy that is ment to get you there.
Misaligning goals and your business strategy can quickly waste away the business machine you have spent all this time building.
To minimize any potential hiccups and to build momentum, your business needs to evaluate the essential metrics and performance indicators that coincide with your business goals.
In this regard, business intelligence tools give you the opportunity to quickly pinpoint those vital metrics that signify progress you’ve been looking for all along.
Meeting the Customer’s Needs
Getting your hands on quality business intelligence gives you the ability to better assess the needs of your growing consumer base. As people’s tastes change, their expectations from you may evolve - if you don’t effectively accommodate their needs, someone else will.
By employing business intelligence, you may even be able to predict what a consumer wants or needs before they even realize it themselves.
Succinct business intelligence may disclose developing trends that may otherwise go unnoticed allowing you to pounce on them first. Become a trend setter rather than swimming in someone else's wake, and reap the rewards.
Not only will you elevate rapport with your current client base, your market reputation will inevitably reach new heights.
"By employing business intelligence, you may even be able to predict what a consumer wants or needs before they even realize it themselves."
Minimize Your Expenses
By incorporating business intel, you may even be able to cut your operating expenses to a minimum without sacrificing quality or productivity. Having access to a clear picture of the inner workings of your business is a phenomenal way to help “trim the fat” of your operations.
Evaluating inventory, managing working hours, tracking remote teams, keeping up with projects and their deadlines and many other operating necessities can and should be tracked with the use of BI tools.
Evaluating Productivity Within the Organization
If you’re operating a business that is more involved and requires a bigger team, overseeing productivity can become a daunting task. Hovering around from one employee to another is not only a detriment to your own productivity, but can appear dubious from the employee’s point of view.
Avoid all the extra work associated with micromanaging your team - there is no need to burden yourself with this trivial time consuming task.
You can, however, gather employee insights and productivity reports through business intelligence allowing you to effectively gauge performance and time allocation.
Business intelligence systems and tools possess the necessary functions that help fortify a business - regardless of its size. Aggregate and interpret data that leads to a more concise strategy formulation and efficiency within the organization.
About the Author
Mindaugas Skurvydas is the head of digital marketing at InvoiceBerry, an online invoicing platform for small businesses and freelancers.