Insights from Our Experts
How Business Intelligence creates revenue for your Business
Business Intelligence gives your business a clear perspective in a quantifiable format that you can view, share, and draw conclusions from. It penetrates like an underlying layer in your business and constantly generates actionable leads from the big data to help you improve your business functions on multiple levels such as
Sales and Marketing teams will have better information to pursue potential customers,
retail companies are using it to create a more evolved supply chain network,
or manufacturing companies using data to improve their operational efficiency.
Business Intelligence Software helps you in generating revenue in the following ways:
Find value in everyday data
Businesses generate a lot of data daily from as simple as an employee login to complex data such as a system crash. All these years of accumulated data may seem like just a set of records, but with the right business intelligence tool, all this data turns into actionable decision-making insights This may range from corrective action to save cost, utilization of resources to make the best of the man-hours, and efforts that save cost.
Business Intelligence software drills data from all the departments right from manufacturing, supply chain, sales, marketing, etc. to drive your business engine and generate revenue. For example, the scenario where a store loses business due to going out of stock, business intelligence helps to avoid this situation.
Gives Insightful Representation to your Data
Business Intelligence (BI) Software dashboards give insightful visualization and representation to your data that is easy to read, compare, and understand. The BI dashboards help to draw a relationship between underlying factors that are otherwise impossible to find or are tedious and time-consuming with an excel spreadsheet. The ease of data access lends a swiftness to your decision making, this saves an immense lot of time, effort, and pain for you as you can spend the time actually on analyzing data and not on finding it. Chiptole Mexican Grill, a restaurant chain used Business Intelligence Software to create a centralized view of their 2400 outlets to manage all the outlets centrally, this helped them save 10000 hours per month.
Tap the real-time data for better future
Artificial Intelligence and Machine Learning gives Business Intelligence the power to analyze real-time data and see it in perspective with past data and events to see an upcoming future. Continental Airlines used real-time business intelligence to drive revenue of $500 million and they continue to do so to drive marketing strategies based on the existing guests' data to attract new guests.
Cloud and Business Intelligence are made for each other
The ease of accessing data is one of the main advantages of Business Intelligence software and the cloud takes this a notch higher. Business Enterprises can access their data from anywhere in the world with a computer and a wi-fi connection. The cloud services offered by Amazon and Microsoft Azure are far more secure than a company can build an in-house server. The cloud storage costs are coming down and the scalability they offer makes them a very reasonable and lucrative proposition to combine with Business Intelligence.
Business Intelligence Software allows a great collaborative platform for you to interact and brain-storm. To have central access to all the insights at one place changes your approach towards decision-making strategy, you begin to drive your attention and efforts towards the aspects of it which deserves time. This evolves an eco-system of better decisions, lower risks, better utilization of cost, and improved efficiency, thus the business makes higher revenue.