How to Best Use Business Intelligence to Your Advantage

It is no big secret that today’s businesses rely heavily on data and the information it delivers about their companies. Whether it is for the purpose of customer acquisition, improving operational performance, or understanding competitors, all of the information is presented in the form of complex and large amounts of data. Currently the data that streams into our modernized organizations has reproduced several hundred times when looked at in comparison with the types of data that were readily available for analysis in the previous decade. Also the various kinds of sources of data have increased radically, calling for vigorous Business Intelligence solutions for data integration, storage and analysis to supplement effective decision making. Due to the technological advancements we have make over the last few years it has become even easier to capture data and less costly to store that data then before. Where as the earlier Business Intelligence tools of the past were most commonly used for no more then a one time analysis, today we are seeing our improved Business Intelligence tools being used as an integral aspect of on going and continuous enhancement of the way in which organizations work with and for their customers. After all of the information has been exhausted one of the things that have been changed drastically over the years is the prices at which Business Intelligence tools can be had. Due to the variety of vendors, those interested in investing in a Business Intelligence solution now have more option as far a price and complexity are concerned. With the many tools offered by the Business Intelligence solutions of our era come unimaginable possibilities. Applications within the Business Intelligence software allow organizations to monitor competitor information, giving them the extra edge needed to stay ahead. These tools help leaders of a company predict future outcomes based on historical and current date which in turn gives them ample time to prepare for what may lie ahead.

Business Intelligence Advantages that deal with Sales

The first of the advantages we will cover is building profits through identifying profitable ventures. Often there are sales and marketing issues that act as road blocks to increased profitability. In order to effectively overcome these “road blocks” the organization will need the information that enables them to direct their work toward the most profitable targets. The very same information also allows the organization to steer its products toward significant increases in profitability. If the organization is well armed with the intelligence they need they can enable mainly profit-based compensation and motivate their sales or marketing teams in the direction of a more profitable outcome. Next Business Intelligence allows an organization to increase sales through the use of fact bases selling tools. There are always issues which slow down the selling process, and there will always be. Still some of these issues can be over come in advance. How exactly can these obstacles be over come? With Business Intelligence tools, with these tools an organization is able to analyze why a product or service sells in one account and not in another similar one. The organization can pin point inventory issues in a specific store and suggest transferring the overstock to another location. Also Business Intelligence data allows the organization to identify and bring to attention cross selling opportunities. Perhaps even more importantly, sales representatives with computer access to the facts provided by the Business Intelligence system are better equipped to make compelling sales offers in real time. This sometimes means aiding a customer in making product or service quality decision using an on the spot analysis of similar accounts. Also it is wise to note that successful companies are building customer loyalty by offering internet access to information. Increase Customer loyalty with Business Intelligence Another advantageous strategy is to increase customer loyalty. Customer loyalty greatly relies on customer satisfaction. Organization would be wise to develop processes that monitor leading satisfaction indicators and rerouting that information back to key users in ample time to take action depending on the results. The issue here however is deciding what to measure with these indicators. A common suggestion is to first monitor late or incomplete shipments, these are viewed as the greatest cause of customer dissatisfaction. In spite of the importance of on time and accurate delivery, very few organizations have any idea about their record in this particular area. It is suggested that organization should begin by measuring the time between the offered delivery time and when the product actually arrives. Also it is a good idea for the company to monitor customer complaints, disputes, returns, and claims. The organization will need to keep in mind that data will be enabling them to monitor an changes in order frequency as well. Once the problems of these departments have been identified and noted the organization can then take steps to prioritizing the process improvements according to the areas of greatest concern. Often even slightly cutting down on customer defects can have a huge affect on profits. Business Intelligence applications make relevant information easier to obtain, this makes it possible for organizations to generate customers for life by increasing the rate of customer satisfaction. Also due to the increase in customer satisfaction an organization will experience greatly improved cash flow partially due to payments no longer being delayed by claims and disputes.

Use Business Intelligence tools that work best for the organization

In order to take full advantage of Business Intelligence software an organization needs to test each tool and ensure that it produces the results that are desired. Organizations should be sure to use all tools that concern productivity monitoring, financial monitoring, customer returns, and competitor analysis. These are the areas in which the mistakes or issues that impact organization the most are found. Taking advantage of these tools gives an organization a competitive advantage as well as maintains the health and well-being of that organization. Managers and executives gain benefit from using the tools that allow them to monitor the inner working of their company. This allows them to make prediction about what is to come based on the information presented and commence meetings with key users to come to decisions before any potential issues have a chance to arrive. As talked about before these tools also help leaders to identify and solve problems in real time with little notice or preparation. This is essentially a form of damage control. No matter what tools an organization opts to use all can give them the advantage they are seeking whether it is a competitive advantage or advantages in profits. The key is to ensure that all tools are being used properly. It is wise to bring in IT or system specialist to instruct new users on how to proper access and function the tools provided with a Business Intelligence system. Bear in mind that the Business Intelligence solutions of our day and age can raise an organization to heights they would not easily reach on their own that is as long as the applications are properly integrated and used