In the modern world, business is customer-centric. And with all the digital applications many managers and business owners find themselves experiencing information overload.
They want to have better control and understanding of the data within their organization. The best way to go about doing that is to use a business intelligence strategy.
Even though it is the best choice there are lots of companies that haven’t yet made that adaptation.
They don’t really know how to get started or what it would involve and they don’t know how long it would take before they could see any substantial benefits.
Despite all that, business intelligence should be a significant part of your operations.
How can using business intelligence give significant benefits to your company?
1. It allows a company to make better decisions
Company owners and managers know they need a firm grip on all the data within an organization.
Having a lot of information does not necessarily mean you have good business intelligence. This is particularly true if the information has been siloed and is kept in different parts of the business.
The purpose of business intelligence is to get all of the company’s information into an organized and analyzable format that can provide intelligence that is used for making strategic decisions.
Because we have access to our own customer’s experiences we have come to understand that having intelligence that is data-driven and up-to-date at the fingertips of decision-makers allows for business decisions to be better. And ultimately improves the financial performance of a company.
The technical aspect of having intelligence that leads to better decisions is having a repository of data that is centralized and covers all business activities and interactions with customers.
Good customer relationship management solutions are also very important.
It can act as a bridge between company teams and reports can be put together that provide important metrics for the business.
This can all be available for the management team.
2. Exceed marketing and sales goals
This type of intelligence can improve your ability to hit sales and marketing goals. It will boost your company’s performance and it will allow teams to work together better.
Giving your sales teams the tools that allow them to identify and measure their activity and how their customers behave allows them to strategically exploit that information and use it for cross-selling and up-selling.
The marketing team will have the benefit of having better visibility over important information that allows them to fine-tune their marketing campaigns and understand their targets.
They can use technical information to measure and track every marketing campaign.
They can use the information they have access to for improving future marketing to make it as effective and profitable as possible.
There are several digital marketing experts who are able to help you improve your marketing campaign.
3. Get to know your customer deeper
One of the incentives to using better tools and gaining better business intelligence is the ability to know your customers on a deeper level.
You can understand how they interact with your company and how you can more easily reach them and give them better ways of reaching you.
The companies who don’t have this kind of knowledge will find themselves falling behind their competitors.
Using solutions like CRM will give a company the intelligence they need to work with their customers in a new way.
Business intelligence gives a company a chance to put data together from different departments.
Using this information to improve all the departments such as sales, customer service, marketing, product development, operations, and finance is important.
4. Provide the best customer experience
Providing the best customer experience is the new battlefront for marketing departments.
The heads of marketing departments in many different companies regularly say that a good two-thirds of their efforts are put into improving the customer experience.
The only way to do this is to have the needed intelligence on how your customers interact with your company.
Having the needed access to this type of information is what will enable the company to know how to improve the customer experience.
As long as the information is available and up-to-date and can be seen at a glance, it will be what is needed to start the process.
Each customer should be seen in real-time and information regarding ongoing services and previous purchases should be part of the available information.
Having all of this information in one easy-to-use place anytime a department needs the data will improve the results management gets.
Having interaction that is up to date and tracking it all helps improve the support given to customers, their experience, and the type of engagement that takes place.
5. Supercharge your company’s productivity
When business intelligence is used properly it removes bottlenecks.
A company is able to automate a lot of routine tasks and refine various processes. It helps to bring an improved level of organization and allows important work to be prioritized.
The company gains a considerable amount of productivity and efficiency and this allows the company to provide better customer service.
The sales team is able to use their time better and the marketing department can see improvements in their campaigns. At the senior level, a number of these improvements will be evident.
The active centralizing of all of the important data and making it accessible over the cloud reduces administration time.
In some cases, companies can see the number of callbacks cut in half.
Using business information in this way improves the integrity of the data being looked at and it boosts productivity significantly.
6. Greatly improve the accuracy of data and compliance
The biggest aspect of using business intelligence effectively is finding exactly where all of your data is located and organizing it so poor decision-making can be largely averted once these types of decisions have been made.
When a company has a lot of data that is separated between departments it makes it nearly impossible to see trends that would be apparent when the information is altogether.
It reduces the overall accuracy of the data and will ultimately have a negative impact on the business.
7. Speed up the ROI
Taking advantage of everything covered above will typically accelerate a company’s ROI.
It does this by improving the efficiency of day-to-day tasks, it shows clear metrics for the sales department and improves customer experience.
It helps improve the ability to analyze information and put together plans for future growth.
Putting this firmly into the business structure will prevent the company and its staff from falling back into old ways.
Going back to old ways will simply set the company back and make it more difficult to compete with other businesses.
It is simply necessary to embrace technologies that help guide and inform companies and improve customer experience.
For sponsored posts, collaborations and partnership requests on the blog, please send an email to the Editor at ideasplusbusiness[at]gmail[dot]com for pricing and terms. You can also follow IdeasPlusBusiness.com on Twitter here and like our page on Facebook here.
This website contains affiliate links to some products and services. We may receive a commission for purchases made through these links at no extra cost to you.
Grace Lee has been practicing in the field of digital marketing for several years now. She has already brought numerous sites in search engines’ first pages in search results. In her spare time, she loves listening to podcasts about Google algorithm updates and other matters related to SEO.