Many people think that all they need to be successful in business is a good idea and a lot of hard work. While these things are important, there is another tool you need: Business Intelligence (BI). BI provides insight into your data. It helps you make informed decisions about your company’s future. Fomoco News will give you the information and resources necessary to start using BI for yourself!
Benefits of using BI:
- Helps you make informed decisions about your company’s future.
- Provides insight into your data.
- Gives you the information and resources necessary to start using it for yourself.
- Can provide more opportunities by making better business decisions based on accurate insights from data collected throughout multiple platforms (i.e., social media, websites).
- Allows you as a small or medium sized business owner to know what is working/not working in your industry and how well this matches up with other companies within the same field. This can be very beneficial for your business.
- Can help you gain a better understanding of what is important to customers and how well it aligns with the services/products that you provide. 9
- help companies get more out of their existing data than they ever thought possible.
- Allow for the creation of interactive reports and dashboards that can be easily accessed from any device, anywhere in the world.
- provide a consolidated view into business operations with real time information about transactions across all departments and sites; this is referred to as “single version of truth” (CIO).
Gartner’s point of view
According to Gartner , “Business intelligence’s contribution to an organization’s growth may not always appear on financial statements. But it allows businesses to make better decisions on revenue generation and cost cutting activities” (Gartner).
Think of all the time you could save if reports and dashboards were automatically updated with no additional effort from your team!
What’s more, BI tools allow for data to be integrated from multiple sources. It enables organizations to make better decisions based on a complete picture (Gartner).
Server Reporting Services
In order to remain competitive, businesses need a strategy for leveraging their data in new and innovative ways. This is where business intelligence comes into play. According to CIO Magazine , “Business analytics can help you uncover insights about your products or services that could give you an edge over the competition” (Curtis). Whether it be through marketing campaigns, customer retention efforts, or manufacturing processes. BI tools such as SQL Server Reporting Services enable companies to get more out of their existing data than they ever thought possible.
Increase customer retention rates:
Data analysis helps businesses identify existing customers who are at risk of leaving and take action to keep them buying from your business.
Reduce expenses by cutting the fat:
Data analysis makes it easy to see where money is being wasted in your organization. So that you can cut costs without impacting performance or lowering productivity levels.
Improve decision making
Better decisions about business operations, marketing campaigns and new products. Having all of the data in one place makes it easy to get an accurate view of what your business is doing well (and not so well) at any given time. Get answers faster with real-time analytics that you can act on quickly.
Data analysis has the potential to revolutionize how businesses operate by helping them become more customer centric while increasing profits through reduced costs and improved efficiency. The key insights gleaned from advanced reports provide a powerful competitive advantage over other companies who are still working without access to these valuable resources!
More to know
- Empower employees to make better decisions using real time data.
- Know how well your business is doing in a moment’s notice so that adjustments can be made immediately.
- Reduce report turnaround times from days and weeks down to minutes, enabling faster response times.
- Take advantage of advanced analytics by leveraging predictive insights into future opportunities or potential risks for the organization before they occur.
- Gain valuable information about customer purchasing habits across different channels including ecommerce transactions, call center interactions and social media sites like Facebook and Twitter! .
Quality and expectations
Quality is one of the most important factors in any industry, and when you’re trying to sell a product or service for profit, keeping customers happy should always be your top priority.
Data collection
If you look around in just about any organization today in government agencies and private sector businesses alike you’ll find data being collected on almost everything: what employees are doing; how telecommuters communicate with each other by phone and email; where cars travel during rush hour (and even which ones have passengers and which don’t); and so on.
Keep customers happy
Keeping your customer happy should always be your top priority. Fortunately, with modern business intelligence tools at your disposal, it’s easier than ever before to ensure that every aspect of the customer experience meets their highest expectations.
