Accounting Blog for Business
Posted by Gillian Vitug
Jun 14, 2016 3:59:29 PM
You have definitely heard about BI/Business Intelligence, but have you seriously considered its impact on your business towards the very near future? With data insights taking center stage as the main basis of business decisions, Business Intelligence adoption will continuously evolve to be a necessity rather than a luxury for all businesses. As Business Intelligence keeps on getting better and much smarter, here are the inevitable reasons why you should adopt the technology as soon as possible and not later. Why? Read on.
Tough competition out there.
Businesses are leveraging on technology to get ahead of competition. This does not only refer to state-of-the-art equipment or software, but Business Intelligence which provides smart analytics across all segments of an organisation. Business Intelligence creates an enhanced visibility of business performance in real time, enabling decision makers to make quick, more informed choices depending on the current situation. Business Intelligence tools eliminate wait time on reports so you can act quickly on consumer demands and competitor’s actions.
You want collaborative efforts across the organisation.
A key benefit of BI adoption is coordinated awareness in an organisation. Oftentimes, data is not accessible to everyone, causing misunderstandings, delays, and wrong decisions. Some crucial data might even be limited to higher management only, and data visualizations take a really long time to be produced as this is often assigned only to IT specialists.
Business Intelligence promotes collaborative efforts in decision making, as employees do not need to be IT experts to create data visualizations and extract actionable insights. Business Intelligence makes data analysis easy to understand, creating a more unified approach in terms of organisational decision-making.
You want to know if your marketing efforts are effective.
Marketing efforts are costly and time-consuming and you most definitely want to determine if these are effective. Business intelligence can track and measure marketing KPIs, from the most basic (such as the total number of visitors and the time they spent on your website, traffic from both organic and paid search, visitor loyalty, etc.), to the more complex elements (such as sales revenue, ROI, cost per lead, etc.). Knowing accurately how you perform in these areas will allow you to optimise your marketing strategy to address market shifts and customer needs, and will help you improve your customer targeting to boost ROI.
You want to know how social media affects your brand.
Social media is unquestionably a big chunk of inbound marketing success. You can ask your Business Intelligence consultant to provide you with a Social BI to integrate all the important metrics on various social media channels to determine the impact of your social media posts and interactions. Insights gathered can help you know exactly what kind of content interests your current and potential customers, which platform you need to focus more efforts on, how your brand is being talked about in social networks, and many more.
You want to develop better products and services.
Traditionally, product development often relied on gut or perception of what the consumers need, or may sometimes be based on outdated information. Business Intelligence is a practical solution to really know the current needs and demands of consumers, which you may leverage on to develop and enhance your product and service offerings to address these demands in a timely manner.
In totality, the insights provided by Business Intelligence helps save time, produces more accurate predictions, and significantly reduces risks—all to avoid wastage of resources while boosting profitability.
Are you finally ready to reap the benefits of business intelligence for your business? Get in touch with the BI experts at D&V now to learn more!
Topics: Business Financial Forecasting