With business intelligence tools, you can understand your data and create value for your business. Business intelligence tools can help decision-makers by simplifying data and delivering the information they really need. This keeps decision-makers and leaders informed. It allows them to make knowledgeable and informed decisions for their business.
Here are some of the ways business intelligence can actually help you create value within your organisation.
Set up your decision-making game
If you’re a business owner, you will have seen the domino effect of a decision and how it can impact your business. Decisions are a vital and frequent part of everyday business, but how do you ensure you’re making the best decisions that will have positive impacts on your organisation? With a bombardment of information out there, it’s important to simplify and focus on what’s important.
For instance, let’s say you have over 6,500 items in your inventory stock that are just not selling. Instead of slashing the prices and trying to get the inventory stock off your shelves immediately, it may be worth your time to harness your business intelligence tools.
Rather than just looking at cold, hard inventory stock data, like prices and numbers, let your business intelligence look farther. It might highlight that these items have been returned numerous times and the customer service has been slow to support customers. Maybe the item is packaged in too much plastic and your eCommerce site reviews are showing that buyers think your packaging is environmentally negligent. The point is, business intelligence looks at the whole picture and allows you to make smarter, more holistic decisions which is truly invaluable.
Determining your return on investment can be a multi-factorial beast. There are a lot of inputs that go into your business and it’s hard to determine which ones or how many gave you a return. For instance, when looking at your marketing strategy, you most likely have a flurry of apps and social platforms, advertising campaigns and media efforts that drive engagement and sales. They probably all deliver a ream of data as well.
With business intelligence, it can analyse reports from these tools and see where the most prominent benefit is coming from. This is much more concrete compared to saying “I have a good feeling about that campaign” or “I have a hunch that our Instagram post really drove Christmas sales”. Instead, business intelligence can report back with analytics on your data. This means you can see what is creating value, rather than relying on intuition.
Better customer knowledge
Understanding your customer is a fundamental part of any business. If you want to really understand customers, you need to look at the whole picture. BI tools that allow this will help you look at your customers in relation to other aspects of your business.
Focusing just on sales won’t take you very far. You need to emphasis equal weight onto marketing, customer service, in accounts and finance, research and development, as well as customer service and operational components. CRM needs touchpoints in all of these areas so you can gain holistic insights on your customers. This can unveil trends and behavioural patterns. This can impact your growth strategy and direct add valuable knowledge to your organisation.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.