A world in itself – “Business Intelligence” has taken the globe by storm as it focuses on delivering the right information to the right people at the right time. As we witness the popularity of BI growing by leaps and bounds and penetrating into each and every fraternity, the basic reasons why it is advantageous are all known and proven. Be it enhanced decision making, priceless data at your fingertips, answers to vital business queries, productivity, profitability, efficiency and much more, we know these Business Intelligence Services are a big asset to any organization when it comes to these generic benefits but do we know how specifically or precisely these systems help our business. With abundant data growing in huge bulks, it is essential to analyze and understand the impact of BI on our organizational processes and what exactly does it deliver, so as to maximize its utility.
So, now is the time to move a step further and get more precise, moving beyond the generic business advantages that tag along with any Business Intelligence consulting. Of course, these may not be exhaustive since this technology is an ocean in itself, but it surely focuses on some of the most significant areas for any type of business and whose analytical details would be needed handy by anyone and everyone.
5 Information Areas Benefiting Owing to Business Intelligence Systems
There are certain burning questions that cease to cool down only once answered by authentic sources and in this case, BI acts as a trustworthy source that attempts to answer these areas with full analytical readings and factual proofs.
Best Of Stakeholders
There is an incessant need for organizations to know which of their products/items generate most of their revenue. Of a whole lot of stakeholders – customers, suppliers, dealers, partners, employees, who all are the best performers, yield the best of results and are instrumental in achieving success and maximizing ROI for the organization. Business Intelligence plays a vital role in extracting this information from the ocean of information, with ease, perfection, and standardized formats. It also lets you know which lines of business are getting increasingly popular and profitable.
Best Time To Reach Out To Customers
Having a customer for the first time is more than welcome, but having him, again and again, is the most ideal scenario. Also, if we can, well ahead in time, predict when would the client need our product, nothing like it. Wouldn’t it be highly beneficial to the organization if there were predefined sets of processes ready to approach clients beforehand and get their orders before they approach us? Yes, this is possible with BI. It provides you with the much-needed information about your clients that leads to increased business and that too, an initiated one from your side. It gives you the best possible time to approach the clients and get maximized business from them.
Customer Retention And Loyalty
One of the golden rules of any business is to retain customers and their loyalty. All of us know how tough it is to keep finding new customers, of course, that is most welcome, but retaining existing clients and having a wonderful rapport with them is a sure shot key to increased and sustained business revenue. This is where BI pitches in, to give you a real-life view of the statistics showing customer attrition and why. It is a big help for improvising client satisfaction and retaining them. Factors such as measuring client satisfaction and time utilization by clients mean a lot when it comes to expanding the customer base.
Conversion Ratio
No doubt, the tremendous amount of marketing efforts that we put in, surely yields ample leads from various horizons and fraternities, but do they all convert into actual clientele? How many of them do? What is the conversion ratio? This is a very important aspect when it comes to analyzing business performance. Especially for your organizational website, it is imperative to analyze the footfall every day, the time for which visitors sustain on the website, the number of pages visited, and the duration of visit and so on. Business Intelligence serves to bring in detailed information about this and surely helps to improve the relevant areas.
Ground Reasons For The Delay In Payments
One big hurdle for any business is the delay made by clients in regular payments. This becomes a bottleneck for the streamlined flow of funds and the progress of the organization. And it is unavoidable. This is where Business Intelligence services help in visualizing the clients, who take the longest in payments and possible reasons for the same, based on the available data and also can set up alerts/reminders to reorganize the process. With visually appealing snapshots and dashboards, BI helps business owners to approach clients with great dignity, yielding sure shot positive results.
Doesn’t Business Intelligence feel like a magic wand which converts the entire haphazard and hazy scenario into a bright, likable and analytical one? And yes, it surely proves itself to be a key factor in business growth and organizational improvements and analysis.
As a Business Intelligence Consulting Organization, we @ SPEC INDIA have garnered visible experience in implementing BI and Big Data solutions with a multifaceted range of services, in vivid technologies that can give your organization the much-needed insight into your own heap of information with alluring visual reports/dashboards.
