admin Today’s world is all about data. All aspects of our lives are dependent on data. In fact, human intelligence itself comes from data. What we call intuition is simply past events locked in our brains through past experiences or generations of teachings.
This intuition or gut feeling is what many entrepreneurs and businessmen rely on when making business deals or starting their businesses. What they call intuition and gut feeling is simply them subconsciously matching, assessing and working on a current scenario by recalling a similar event in their past. Our brain is a really fast computer, and we don’t get to see all this processing in real time, and so we end up calling it an intuition. The major drawback here is that you need to have past experiences.
In the new age of businesses, this will not work. We need better models to analyze and make sense of data. This is where Business Intelligence comes into play. Business Intelligence gathers and mixes data from various sources, analyzes it and processes it to get some meaningful information out of it.
In simple terms, the primary purpose of Business Intelligence is to assist businessmen and entrepreneurs make better decisions in real time. On the plus side, it also helps in reducing operational costs and improving efficiency.
The different ways that Business Intelligence tools can help your business grow are listed below:
- Enhancement of decision making process
In the modern era, businesses have moved away from the product-first approach and embraced the customer-first approach. This essentially means that businesses that successfully cater to customer queries win their business. And more business means more growth. However, to do that, it is paramount that first they understand their expectations. Once the expectations are clear, businesses can fulfill those expectations. With the help of Business Intelligence tools, organizations can now combine data from disparate sources, analyze and assess them to make business decisions. The sole purpose of business intelligence is to get your organizational information structured and analyzable. The beauty here is that organizations can now put their raw, incompetent and unstructured data to use, so their businesses can benefit greatly.
In addition to that, these tools are automated and can work without human intervention. As a result, organizations save on the overall cost spent on accumulating data and analyzing them to derive meaning from the same.
- Improvement of customer service.
Continuing from the above point, another way that Business Intelligence can help is by improving customer service. Maya Angelou has rightly said, “People will forget what you said, people will forget what you did, but people will never forget how you made them feel”. This is what customer service is at the fundamental level; customer experience. If a customer does not have a good experience while dealing with the customer service, they are most likely not giving you their business again. Making an impression on your customers makes sure that they return to make more purchases from you in the future. Eight percent of the current customer base can generate 40 percent of your entire income.
Business Intelligence can play a pivotal role in creating a good impression on their customers. Business Intelligence tools can compile the data of your recurring customers. With the help of this collected data you can easily formulate new or modify existing strategies for attracting your current customer base to make more purchases. Business intelligence helps business owners to provide customers with a data driven experience that assist them in keeping their organizational boat afloat amongst their competition.
- Improvement in productivity
There are many things that can hamper the smooth running of a business. Some of these examples are bottlenecks, repetitive mundane tasks, lack of organization or discipline, no proper formula to prioritize tasks, etc. A successful business is one that has very few of these issues. Thanks to Business Intelligence tools, these can be rid of quite easily. A good Business Intelligence tool can provide a better customer experience. It will utilize the salesperson’s time more efficiently, making them more productive. The automations of the Business Intelligence tools can also take care of many repetitive tasks such as daily monitoring and reporting, thus freeing up employees who can better use their time for more complex and skilled work. Business Intelligence tools also has advantages for the management and senior level. Their automated reporting and intuitive dashboards allows them to track every single piece of information regarding contacts and deals with just a few clicks. The centralization of data makes the customer data easily accessible to management and senior level via Cloud, thus reducing the administration time as well.
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