9 Key Benefits of Business Intelligence
Innovative technology comes and goes fast. These days, a new app or widget every week promises to make businesses and their sales representative more productive, efficient, and effective. Although some technology has proved to be more beneficial than others, one piece of sales technology that makes its mark is Business Intelligence.
An adequately deployed BI [Business Intelligence]is a handy tool. So the benefits of using business intelligence helps you organize your data to be easily accessed and analyzed. Decision-makers can then quickly dig in and get the information, empowering them to make informed decisions.
What is business intelligence?
BI refers to the procedural and technical infrastructure that collects, stores, and analyses the data produced by a company’s activities. It encompasses data mining, process analysis, performance benchmarking, and descriptive analysis.
However, improved decision-making is just one benefit of BI
9 Most Practical Benefits of Business Intelligence
Types of sales reports
There are several sales reports that management leaders should track to monitor the performance of their sales team. Some of essential sales reports include:
- Enhance Business Productivity:
Organizational productivity is often overlooked in the race to reach and stay top. But with the help of BI tools, you can get all your quantitative goals such as monthly sales or on-time delivery targets and track your product’s business daily. You can spot interior trends and get insights into underperforming processes. Receive feedback on inefficiencies in your businesses and detect the cost-cutting areas in your industry. You can also monitor your inventory and tweak production/purchase following your profit margins.
- Improve access to Crucial Information:
Organizations create a humungous amount of data every day, so it becomes difficult to access the required information at the time of need. Bi’s visualization tools provide a better understanding of forecasts, historical data, real-time updates, and trends. You can easily convert, merge and report data with intuitive visuals. Get access to essential data through mobile devices and tablets. Extract crucial details from enormous data at a rapid speed, and you can also gauge all the trends and quickly decide on the ideal course of action. Investigate the data, and it will confess to anything.
- Data-driven Decisions
Bi helps organize data and analyze it as per the company’s requirements. Collecting and updating data creates accurate and faster reporting capability, leading to better business decisions. Insights about real-time data and sales forecasts give confidence about the prospect’s needs and know that the data is up to date. Data-driven decisions are understood and appreciated; however, the quality and application need to mature inconsistency.
- Better Organizational Efficiency:
BI tools unify multiple data sources, which help the overall business organization. As a result, managers, and employees spend more time producing an accurate and timely report and less time tracking down the information. With the help of up-to-date and accurate data, employees can focus on short-term and long-term goals and analyze the impact of decisions taken.
- Edge Over Competitors
The ability to manage such humungous data itself gives an edge over competitors. Further, budgeting, planning, and forecasting are compelling ways to stay ahead of the competition. It lets you write the trend based on analysis instead of getting driven by it. Organizations become more competitive when they know the market and their performance within the market.
- Identify Market Trends
Employees can leverage external market data with internal data to detect recent sales trends by analyzing customer data and market conditions and spotting business problems. Identifying new opportunities and building new strategies with supportive data can give businesses a competitive edge, directly impact long-term profitability, and give the full scope.
- Identify Opportunities
Bi systems structure the unstructured data by analyzing it based on qualitative and quantitative bases, which helps to understand what happened and why. You can assess business capabilities and compare strengths and weaknesses. By identifying trends and market conditions, you can quickly respond to change. This can lead to an understanding of prospective opportunities.
- Trusted Data
In traditional data analysis, different departments’ data is scattered, and users must access several databases to answer their reporting questions. Now, Bi can combine all these internal databases with external data sources such as customer data, social data, weather data into one data warehouse. Various departments across the organization can access the data at the same time. This helps to save hundreds of hours of analysis time.
- Increased Customer Satisfaction
The first step in exceeding your customer’s expectation is to know that expectation. Modern Bi understands and gives updates about the company and business to the clients. This leads to a better understanding between business owners and clients. Bi software can help the company understand clients’ behavior and patterns.Most companies are taking customer feedback in real-time, and this information can help them retain the clients and reach out to new ones.
Get Sales Reports effortlessly using MagentaBi
MagentaBi, a business intelligence platform, is helping SMEs to grow potentially
MagentaBi, an online Business Intelligence platform, provides one-click analytics from your business data by integrating directly to your ERP including Tally, BUSY, SAP, B1, etc. Magenta generates Intelligent MIS reports on both web browsers and mobile app.
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