top-4-ways-business-intelligence-solutions-can-help-your-company

You started your burger joint 10 years ago with a single location. Your customers were happy, and so were your employees and suppliers that got paid on time. You got contended seeing all that profit. After all, your data was managed very well with a single Excel spreadsheet. But over time, you started growing. 

Fast forward today. You are now running a giant network of 100+ branches nationwide. Your daily sale volume has crossed $1 million. That’s $30 million monthly. But you run into several problems and are having a hard time answering the following questions: 

  • Which branch is at a loss? 
  • What products are selling like hot cupcakes? 
  • Do you have repeat buyers or new customers? 
  • What has been the impact of advertising, if any, on your business? 
  • How do you sell more to repeat buyers? 
  • Which products do you intend to remove from your shelves? 

When you open up the data, it’s in raw format. You juggle through it only to run into more problems. How do you convert all this data into meaningful decisions? 

Enter business intelligencewhich is a set of methods and solutions empowering businesses to make data-driven decisions. That raw data isn’t raw. In fact, it’s Big Data, transformed through the set of BI tools. 

Companies are taking advantage of business intelligence solutions. The global business intelligence market will grow to $33.3 billion by 2025. It provides more revenue opportunities, effective marketing and improved operational efficiency. With an efficient strategy, you get a competitive edge over your rivals. 

We live in a world where companies collect and store a vast amount of data daily. If you aren’t keeping tabs on it, it’s all going down the drain with no benefit. However, with BI, the entire data analysis process becomes spontaneous and optimized, allowing you to make well-informed decisions backed by the power of big data. 

Let us talk about the ways through which BI can help your business. 

Data Integration:

data-integration

Every business data is saved and accessed in multiples forms. It makes data analysis & reporting complex. Referring to the burger joint, imagine you had to share the data of 1 branch with your stakeholders. Easy, right? 

How about 10 branches? Not so bad.

How about a 100? Please don’t! Your stakeholders won’t have the time and energy to go through a gigantic load of data. Plus, what good does it serve anyway? 

With a BI solution, you can: 

  • Integrate the data in one dashboard 
  • Generate visual reports 
  • Make highlights of the best-performing branches 
  • Notice a trend pattern of sales for every product 

There you go. That’s how you report to your stakeholders, including yourself. 

Centralized Customer Insight:

You aren’t a psychiatrist, and there’s no tool in the market to exactly read your customers’ minds. 

But you can analyze that data and notice which customers are your repeat buyers. You can also track customer data in your data management platform from the Customer relationship management (CRM) tool and use it for website engagement or remarketing campaigns. 

You can monitor and control from a unified dashboard and get an extensive view of your customers and their interactions with your business. 

It will be challenging to address your customers without a centralized view of their interactions. 

You can only know you customers need by addressing them in a more instructive and an effective manner. Business intelligence can help you better hold your company’s performance and a deep understanding of what strategies you need to mitigate risks. 

Agile Decision-Making:

Data analytics makes decision-making 5x faster for businesses, such as real-time advanced business reports. 

A BI system also helps to drop off a lot of time spent in data collection, analysis, and use.  

An automated BI tool can collect, analyze, manage & efficiently transform raw data, reducing human time and efforts. 

Get away with boring repetitive tasks. Here’s how BI can make your business decision-making more agile: 

  • Getting rid of bottlenecks 
  • Automating repetitive tasks 
  • Being more organized 
  • Making a list of priority tasks 
  • Unified access of data by the top management 

Agility is only developed when you don’t have to ask your colleagues to send you the data. All you need to do is log on through your mobile device, get access to the data, and make well-informed decisions. 

Less Dependence on the IT Department:

less-dependency-on-it-department

Your IT department is already overburdened. Ensuring the safety of your data to keep you online for the entire day is no easy task. And when a call for data is made, all hell breaks loose. 

Stop relying on an already stressed-out department. A single request for data mining and analysis could take days to be completed. Remember, time is business money, and when it takes days to retrieve data, you are already overtaken by the rivals. 

This happens when the data has to be compiled and interpreted by business & data analysts for any meaningful insight. 

The Solution to Your Business:  

The need to collect, store, process and analyze data is time-taking without the efficient use of BI software. 

Our competitively-priced business intelligence solutions and tools won’t cost you a fortune, but hey, at least you can build your next Fortune company. 

Let’s set a date and time appropriate to you for a quick call on BI consultancy. We’re eager to convert all that data into powerful business decisions. Let HazenTech be your guide. Get in touch now.

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