The role of Business Intelligence (BI) in your client’s company can be so pervasive and transformative that in many cases it can save their business. The basic spirit behind BI is what some call “data surfacing”—the process of taking large amounts of raw data and turning into meaningful, strategic information that the business can act upon immediately.
Here are three big ways that BI could potentially save your client’s business:
1. Brings Customer Service to Life
In some cases, a business is floundering because their customer service is terribly ineffective or even repelling to customers. It might be so bad that customers are spreading the wrong kind of word-of-mouth—the “I can’t believe how I was just treated by this company” word-of-mouth.
My Customer notes a few ways that BI can revive the seemingly hopeless customer service (or lack thereof) in a company. One crucial way is real-time customer feedback that becomes visually displayed to the business as the feedback is being made (or very shortly thereafter). In this scenario, the BI software used by the company is actively scanning for customer feedback across all sources whether social media channels or other online platforms and presenting that feedback in a quickly accessible visualization to the company. This allows the company to act in an appropriate way immediately to any concerns or problems.
2. Takes Efficiency to the Next Level
With effective BI, the quickly accessible presentation of information doesn’t just happen from customer to company. It also can be used for cross-department communication. By using BI to make the sharing of information more efficient, meaningful, and pervasive, employees have a greater understanding of how to do their jobs more effectively. It eliminates the time lag that can lead to inefficient redundancies in the work that each department does.
As Todd West Media notes about the way BI centralized information in a quickly accessible and understandable format: “With a BI system in place, all of the needed data comes from one source and can be accessed from one dashboard and converted into a report. This saves much time and energy while removing inefficiencies from the process.”
Find out what your real manufacturing costs are.
BI software can give you a bigger insight into the manufacturing costs of your company and the ability to make changes to production in order to come up with larger profitability.
3. Boosts Sales (By Providing Fresh Insight Into Customer Behavior)
BI gives you more than just real-time customer feedback. It also gives you the ability to analyze customer behavior in real-time. You can see where the demand (or lack of demand) is concentrated in your market, and respond to customer patterns and trends as they are happening.
Datamensional notes that BI gives you the real-time opportunity to turn information into profit in a way that more effectively retains and grows a company’s client base.
The Power of Meaningful Information
The goal of BI is simple: take your company beyond just gathering Big Data to a place where the information takes on immediate, actionable meaning. It’s all about relevant, well-informed strategy executed in response to real-time patterns.
Please note that this article does not constitute comprehensive or actionable advice. It is imperative that you consult with your own legal and technological professionals before engaging in a strategy for Business Intelligence.