Business intelligence software provides users with a suite of analytics tools that drive sales and generate revenue, among a variety of benefits. This software converts raw, unstructured data into essential knowledge that informs almost every aspect of a business, from sales to product development to human resources. Here’s how these tools help companies get a better perspective of their business.
Obtain Business Metrics
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, reducing labor costs. The software also identifies top performers in the workplace and tells senior staff how many employees are needed to meet important business goals.
Studies suggest that, despite initial setup costs, business intelligence provides organizations with a significant ROI and saves them more money in the long run. Companies earn $13.01 for every dollarthey invest in business intelligence software, according to Nucleus Research.
Acquire More Customers
Brands often use business intelligence tools to expand their customer base. The software uses big data to qualify the best leads for marketers to pursue so companies never miss out on important sales opportunities. These programs also display consumer patterns and trends, information that proves useful for marketing campaigns and customer outreach. Brands can ascertain 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 reduce errors. In fact, three out of four businesses will suffer from not using this software to compile, analyze and report data, according to research.
What Users Say
“We are solving some of the guesswork in sales and we are completely streamlining our sales processes to a defined science,” notes a user of InsightSquared, a business intelligence platform. “We believe that, because of InsightSquared we have been able to close deals more efficiently and ultimately been able to close higher value deals on a faster timeline than before.”
“We have many different kinds of data that drive our business, so centralizing that data has been a huge boon to us,” says a user who reviewed Looker, another business intelligence tool. “And allowing people to explore the data themselves, rather than relying on analysts, has led to lots of breakthroughs and freed up our analysts to work on harder problems.”
Business intelligence software provides companies with a clearer perspective on how they handle business operations. The software saves organizations money, generates valuable metrics and acquires more customers. Ultimately, business intelligence plays an important role in a company’s operations.