SHARE THE ARTICLE ON
Every day a business gathers customer data from millions of touchpoints. This means a massive number of opportunities that companies can capitalize on. However, such a large amount of data can overwhelm any business owner. Tools of business intelligence help in converting these overwhelming amounts of data into actionable insights.
A business intelligence tool is an umbrella for all data analysis processes that helps a business reach an intelligent insight and take a strategic decision. From the metric dashboard to the customer/employee satisfaction survey falls under the vast tools of business intelligence.
Business intelligence tools help you gain a competitive edge by helping you uncover trends & patterns which are invisible to humans. But even with so much potential, the use of business intelligence tools has been slow.
So, before we discuss how BI software helps accelerate organization growth, let’s look at the technical advantages that business intelligence offers in the field of data & analytics.
Business Intelligence helps an organization by providing the right data to the right people at the right time. This helps the company make informed decisions to optimize operational efficiency.
From a technical standpoint, tools of business intelligence offer many advantages that make it a great hit in the field of data analysis. Business intelligence software uses the models of data analytics and breaks down the data into insights. It offers a comprehensive and real-time view of data relevant to business operations.
Business intelligence gives the upper management and executives a high-level metrics dashboard empowering them to learn about their business. Built for executives, the tool offers a clear view of the metrics an executive needs to run the business. It takes away the complexity of the data analytics platform which contributes to its popularity among executives who have less time to dig deep into the data. Nor does it require them to learn coding to dive into analysis.
One of the factors that make tools of business intelligence a great hit is its ability to streamline data from multiple different sources. Unified data helps the entire company to stay on the same page and come to the same conclusion. BI software does not limit to websites and mobile apps, it gathers data from call centers, stores, surveys, historical data, and more.
Another strength of BI software is its ability to combine key metrics from multiple platforms in one single platform. An organization can connect metrics to analyze and uncover relationships between the two.
Business intelligence tools offer a comprehensive view of customers and help identify each customer accurately, thus empowering brands to make informed decisions.
[Related read: Understanding Role of Business Intelligence]
Starbucks records a 12% revenue hike by implementing data-driven loyalty strategies.
Lotte.com, an internet shopping mall in Korea, has over 13 M customers. With 1+M site visitors every day, the executives used tools of business intelligence to understand the reason for shopping cart abandonment.
BI software helped them identify the cause of cart abandonment, such as the long checkout process & unexpected delivery timings. The company was then able to resolve the situation & transform the website experience, leading to an increase in loyal customers and a jump of $10M in sales.
Now let’s explore how tools of business intelligence help brands accelerate business outcomes efficiently.
The highest value that business intelligence tools offer is also the central factor that pushes the business forward – the support to make data-driven decisions.
Tools of business intelligence can analyze a massive amount of data in minutes. The software automatically pulls data from multiple sources and analyses it as required.
You no longer have to pull data manually, which only makes the data analysis longer and more complex. Just like Groupe Flo has automated their entire data analysis process with BI software.
Groupe Flo, a company that manages high-quality restaurants across France, adopted business intelligence tools to recover and analyze restaurant receipts across 300 sites.
Tools of business intelligence enable higher-ups to get a holistic view of operations across every department. It allows them to see consolidated data and uncover opportunities to expand the business.
BI software empowers leaders to create a stable and effective business model. With one click, they gain deeper insight into customers, competitors, market, and internal business information.
Forget the guesswork. Make data-driven decisions.
10x Faster Data Analysis | 30% Revenue Increase | 50+ Integration
You can promote your company better and enhance performance when you know the current market trends and the performance within the market. BI can analyze competitors’ data and market insights and give you a detailed report to help you decide the best time to launch something or exit the market.
By monitoring seasonal change, industry up-downs, and customer needs or preferences, you can make strategic decisions on what your next move should be.
The use of AI & ML algorithms enables tools of business intelligence to provide the right insight that can drive the strategic decision-making process. Real-time insights, sales forecast, customer needs, and more helps executives to make better decisions for the company’s sales, marketing, operations, and finances.
Using business intelligence tools, you can make decisions on –
Every interaction between customers & your company is data worth analyzing. Expedia, a top-tier travel company, has a massive amount of data that they were manually unifying. This left them less time to analyze customer data.
With the use of business intelligence, different departments can now make quick decisions to deliver a great customer experience. It helps you identify bottlenecks, manage supply chain & inventory, and automate data integration & analysis.
Business intelligence may sound complicated, but it is easy to use and required no coding skills. The software is scalable, which is one reason why companies often host it as a SaaS to keep up with the growing need.
Most importantly, BI software is designed to offer solutions for the specific business needs of non-technical users.
It is likely your company has a large amount of unused data. You can extract insight from this data and create KPIs dashboard. Tools of business intelligence can streamline this process and reinforce your business operation from within.
Looking for a perfect Experience Management Platform?
Download our guide to find the best fit for your needs. (Checklist Included)
Join the network of 500+ happy survey creators.
Explore all the survey question types
possible on Voxco