Business intelligence software present users with a suite of analytics tools that drive sales and generate revenue, among many kind of benefits. This software converts raw, unorganized data into necessary knowledge that informs almost every aspect of a business, from sales to product development to human resources. Here’s how these tools enables companies get a better perspective of their business.
Business intelligence software provides users with important metrics that can lead to better decision-making. These metrics include key performance indicators such as sales-ready leads, revenue streams, net income and gross profit. Metrics are listed on a personalized dashboard for speedy reference, helping users gain valuable insights into business operations.
The most widely used business intelligence tools, such as Tableau Desktop and SAP Crystal Reports, collect big data from internal sources such as customer relationship management systems and Web content management software to provide business insights, which may include a company’s financial position. Information is presented in the form of vivid visualizations like graphs and charts.
Research shows that companies are five times more likely to make faster decisions when they use analytics, and 85 percent of experts believe big data will “dramatically change” the way they carry out business.
Business intelligence tools automate business processes such as research and reporting, decreasing labor costs. The software also recognize top performers in the workplace and tells senior staff how many employees are required to meet important business goals.
Studies recommend that, regardless of initial setup costs, business intelligence provides organizations with a significant ROI and saves them more money in the long run. According to Nucleus Research, companies earn $13.01 for every dollar they invest in business intelligence software.
Brands regularly use business intelligence tools to grow their customer base. The software uses big data to qualify the best leads for marketers to seek after so companies never miss out on important sales opportunities. These programs also display consumer patterns and trends information that demonstrates value for marketing campaigns and customer outreach. Brands can determine which customer segments are likely to purchase products and services and which factors influence buying decisions.
Companies that use business intelligence for customer acquisition management save time and limit errors. In fact, three out of four businesses will suffer from not using this software to organize, analyze and report data, according to research.
“We are solving some of the mystery in sales and we are totally streamlining our sales processes to a defined science,” notes a user of InsightSquared, a business intelligence platform. “We believe that due to InsightSquared we have been able to close deals more efficiently and finally had the ability to close higher value deals on a faster timeline than before.”
“We have a wide range of different kinds of data that drive our business, so centralizing that data has been a huge bonus for us,” says a user who reviewed Looker, another business intelligence tool. “And enabling people to explore the data themselves, rather than relying on analysts, has led to lots of development and freed up our analysts to work on harder problems.”
Business intelligence software provides companies with a clearer approach on how they handle business operations. The software saves organizations money, initiates valuable metrics and obtains more customers. Eventually, business intelligence plays an important role in a company’s operations.