In this super competitive business world, getting meaningful insights from your customer, product and sales data can boost your growth and make your organization stand out among the other vendors in the same domain. Business Intelligence (BI) tools come handy in this situation.These tools give your organization the ability to analyze what the customers are demanding, what products are on the trend line and what is the shortcoming of any particular product and how this can be rectified to meet the market demands.These tools identify the crucial pain areas of the company’s operations so that you can act upon these quickly which often results in improved selling efficiency and increased profits.In this blog post we will help you identify how BI tools can help you increase your sales and marketing activities:
- Business Intelligence tools help determine the ROI of your marketing strategy:
In a market immersed with applications, web-based social media platforms, and pay-per-click Adwords, BI tools play a critical role in helping companies make sense out the marketing efforts they are putting in and make sure that they yield the desired ROI. BI reports are built on the basis of research and realities, instead of instinct and are more prone to give the best Return on Investment.
- Business Intelligence tools will reduce the low yield activities and help in targeting profitable activities:
With Business Intelligence reports generated from the most interactive reporting tools like Tableau, Power BI and Jaspersoft the decision makers of an organization can have a look at all the activities their company is working on to achieve good sales, make the comparison among the good yielding efforts and not so good yielding efforts and decide to eliminate those processes which are not moving on the path of profitability of the company. Companies can easily make decisions with these reports rather than beating around the bush trying hard to gain some profit.
- Business Intelligence tools help you know your customers well and also increase customer loyalty and retain them for a lifetime
With Business Intelligence technologies like Hadoop, Spark, Hive and Talend it is possible to have a single consolidated database of all your customer information and their interaction through various modes of CRM tools like interactions through website enquiry forms, social media platforms, emails, online chat systems and so and so forth. With this kind of a consolidated data warehouse in place, decision makers can create a single dashboard with all the related reports of the customer interaction and understand the customer trend in a better way. Once the organizations know the customer’s pain points in the organization can make use of these gaps to design tailor-made solutions to help each every customer and thus earn some customer loyalty and continue to serve them for a lifetime. Having a satisfied customer also will increase your market value through word of mouth.
- Business Intelligence tools help you predict the future:
Business Intelligence tools also play the role of an astrologer for most businesses. With technologies like predictive analytics, deep learning and machine learning booming in, business will now be able to predict their future. These tools assist in getting an accurate sales forecast. With the help of predictive analytics organizations can answer the forecast question like “What will they sell?”, “To Whom will they sell it ?”, “When and how will they make this sale? “ And much more. Manufacturing Companies can also get an assistance in forecasting for Inventory Maintenance. With different forecast models, companies can get accurate reports as to what amount of safety stock needs to be stored? , Which is a slow moving product?, Which is a fast selling product ?, What is the lead time of delivery ?, Identify the outliers? And so on so forth
- Business Intelligence tools help extract knowledge from an ocean of Data:
The pace at which the companies are generating every day it is getting more and more difficult to actually make sense of the huge data generated. It is said that 90% of the data exists right now in the world has been generated in the last 3 years only. Keeping these challenges in mind organizations need to study the data captured every day from their machines, data coming from customers, data from sales, financial data and so much more. BI tools help the organizations help the decision maker to pull the right data from this ocean of data and make the right decision at the right time. Deriving the right insights from the petabytes of data that is floating around will help the organization to identify the KPI’s, understand the market dynamics and last but not the least improve performance.
Business Intelligence tools are actually a blessing to most the organization who aim to achieve better sales and want to have good results from their marketing strategies. Organizations also need to make a note that implementing the right BI tool that suits their kind of business is also very important as this allows companies to use that data in a new and more efficient manner.
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