Business Intelligence: 4 Ways to Get the Most Out of Your Data
You may have heard of the phrase Business Intelligence over the course of the past few years. BI is a term that refers to how businesses can collect and analyze all of their internal data in order to make better informed business decisions. This is typically done with the use of a business intelligence tool that will help assimilate and segment your data. But what areas of your business can truly benefit from such a practice? We know of 4 surefire ways in which BI can improve your business.
1. Improves your time-to-answer.
With business intelligence software that collects and analyzes your company’s raw data, you can access insights into what that data shows. This can help you to make decisions more quickly, either by giving you the evidence that indicates which decision is best, or by justifying a decision you were already considering. The days of tossing around potential actions for weeks or even months can be eliminated through the use of an effective business intelligence program.
2. Improves sales.
You can analyze your cost-per-acquisition, time spent nurturing accounts, and return on time and marketing investments spent in order to develop a set of best practices for your sales team. This could reveal certain types of accounts that are simpler to acquire and manage, but that generate more revenue for your company. Narrowing down the list of sales techniques to the ones that truly work for your business will help reduce your sales cycles and allow your team to focus on bringing in more business.
3. Improve hiring.
With your internal data, you can analyze all parts of the hiring process, the types of employees you have hired, and the types of employees that are likely to stay and perform well for your company. With this information, you can streamline your talent acquisition process and hire new employees based on the proven success of your previous hiring decisions. Making better hiring decisions will also reduce employee turnover, saving your company thousands of dollars every year.
4. Improves financial decision-making.
Your BI software can source data from all of your financial systems to help you understand areas in which you can improve processes or save money. You will be able to consolidate budget information, establish patterns, and increase your ability to forecast financial challenges. This will help you to cut costs and increase revenue.
If your organization is considering leveraging business intelligence, but you aren’t quite sure how to get started, why not contact us? We are experts in establishing business intelligence solutions for a wide range of companies.