How Using the Right Business Intelligence Platform Helps You Make Better Strategic Decisions
Separating the data that involves most to your company with business intelligence (BI) can help improve your processes, achieve your objectives, and make better-informed business decisions.
If you’re not using the right strategies and tools, you’ll miss out on making the most out of your data and essentially hinder the growth of your business.
With the right business intelligence platform, however, you can build out scalable data analysis processes, empowered by information delivery methods such as dashboards and reports and integrations to gain actionable insights to improve your business.
In this guide, we’ll take a look at several ways in which working with the right business intelligence (BI) platform can support you make better strategic business decisions.
1. Streamline data collection and analysis
Data is the cornerstone of your business intelligence strategies. However, the process of gathering and analyzing data to refine your processes and make better business decisions is a time-consuming and labor-intensive task.
With the right business intelligence software, you can work with dynamic and robust analytics that you can adapt as your BI strategies grow.
Plus, your BI app can help you extract information from raw data rapidly, so you won’t spend a bulk of your time, energy, and resources on collection, entry, control, analysis, and use – which can give you instant access to essential info through advanced real-time reports.
This streamlines the data collection, management, and analysis process – allowing you to use your data efficiently, get better results, and make data-driven business decisions quicker.
Although there are many considerations when moving large volumes of data, there are cloud migration benefits, risks, and solutions when you work with the right BI platform.
Additionally, your BI platform can help you to establish a data structure that makes organizing, processing, storing, and retrieving information easily, which lets you generate reports efficiently.
2.Optimize your sales strategies
There do several things that go into developing an effective sales strategy. An effective one that brings meaningful results requires ample research and execution.
With the help of your BI platform, you can get all the necessary data related to your budget plans, sales numbers, turnover, competitors, and more. Equipped with these data sets, you can improve and refine your sales strategies, allowing you to see continuous growth in sales.
For instance, using a great BI platform can help you discover sales trends based on your customers’ online shopping experiences, preferences, purchasing habits, reactions to promotions, and other patterns that affect your sales.
With your sales data, you can identify declining customers and implement repositioning strategies, determine the best customers – including where you can find them and the most effective acquisition and conversion methods, allowing you to decide on the right products for cross-selling.
By drilling down on your data, you’ll get the insights that your business needs to optimize your sales strategies and avoid (or drastically reduce) your missed sales opportunities.
3. Get quick access to customer insights.
BI platforms can integrate all of your customer data from your marketing automation software, CRM, website engagements, and social media campaigns into a single centralized dashboard.
This means that you won’t need to go through various platforms to manage your customer data. Instead, you can monitor them from a suitable location that’s easy to keep tabs on at a glance.
BI platform capabilities such as this are crucial because it makes accessing insights faster and easier, without needing to pour your work hours and workforce into scouring multiple channels that your customers interact with.
Instead, you’ll get a holistic picture of your consumers and their interactions with your business in one platform. After all, you’ll need a comprehensive view of your customer data to meet consumer needs and tailor your solutions, approach, and marketing efforts effectively.
In a nutshell, the right BI platform can help you access and use your customer insights efficiently to make data-driven decisions to boost your strategies, ensure you don’t waste your efforts, and improve your ROI.
4. Perform data-based assessments of your marketing strategies
Monitoring trends to identify your customers’ preferences is vital to developing strategic marketing decisions. With BI platforms that offer powerful analytics integrations, you can review your campaign outcomes across touchpoints and identify your promotional returns.
This helps you decide how you can tailor your promotions, prioritize your campaigns, engage audiences through social media platforms effectively, and, overall, maximize your marketing efforts.
BI software can take the complexity out of tracking and assessing the success of your marketing strategies by letting you monitor your dashboards in real-time, set up alerts on your KPIs for automatic updates for any changes, and give your team access to all your data insights.
Apps for BI can also simplify the process of evaluating your marketing expenditures through analytical reports that can help you determine your least effective campaigns and adjust your budget accordingly.
Armed with this information, you can make data-based assessments to check if you’re getting the best ROI for your marketing efforts and make strategic decisions regarding future investments and emphases.
5. Get a comprehensive view of your business.
Essentially, the key to making better strategic decisions is to transform your customer and business data into actionable insights.
BI platforms enable this by helping you get a consolidated view of your business and consumers from a centralized app – regardless of which channels your data comes from and touchpoints your consumers use to interact with your brand.
Not only can a holistic view help you address customer needs and enhance your strategies, but it will also help you make your business model more stable and results-oriented.
Instead of relying only on outcomes to determine your next moves, BI platforms help you map your data, study market trends, and perform in-depth analytics so you can build a more effective business strategy to grow your company.
6. The Bottom Line
With the help of reliable BI platforms, business owners can now have a better understanding of the condition of their business.
It becomes easier for them to uncover areas that ought to be improved and those that are generating meaningful results – which ultimately helps them put together sound business decisions that are likely to yield the highest profits.