Imagine this: in your company a few years ago, you invested in making your departments digital. Each department has its system, and everyone is doing their best to fill it out as best they can. A lot of data is being generated.
But did you know that 97% of all data stored in companies, is not used? (1) Of course, not all data is directly usable, but you can do more with it than you think!
By applying Business Intelligence in your company, you make decisions based on data-driven insights. In fact, companies that rely on data-driven decision-making are 77% more likely to achieve their business goals than those that do not. (2)
Below we explain how Business Intelligence helps achieve business goals….
"Companies that rely on data-driven decision-making are 77% more likely to achieve their business goals than those that do not."
Responding to the market.
By collecting data from your departments and systems, linking it to a data warehouse and visualizing it in a dashboard, you gain insight into all facets of your business and help you discover trends and patterns on which to base your decision-making.
These insights help you act proactively, rather than wait and see. Because you have an overview across departments, you identify opportunities, but you can also respond to changes in the market and discover opportunities or challenges before they occur. This allows you to better anticipate changes and adapt your business strategy accordingly.
Streamline your business processes
When you enter the workplace, everyone seems busy. A lot is happening, but is it all efficient? Analyzing the data from your business processes will give you insights into where improvements can be made. Maybe there are still improvements possible in your business processes.
You can also track the potential and performance of individual employees or departments and discover patterns in them. Thus, in addition to the output of a department, you can also discover training and development needs and the data helps you manage your staff better.
From your findings, you know where you can streamline business processes, which can lead to higher efficiency. By increasing productivity and maximizing efficiency, you can cut costs and improve profitability, helping you meet your business goals
Better understanding of your customers
Not only you, but everyone in your company looks at data from the same truth when you have your data linked to your data warehouse. This also allows you to track your customers and gain insights on them. From website visits and email marketing to sales calls, billing and complaints, your customer goes through a whole journey through your business.
By visualizing customer data throughout their journey, you can create analytics based on their customer behavior, demographics, previous purchases and preferences. This, in turn, the sales or marketing department can leverage by creating targeted campaigns.
B.I. also helps improve customer service through better communication, increasing customer satisfaction through shorter wait times or better solutions to their problems. It also helps improve products and services that are better tailored to customer needs and identify market opportunities. This leads to an improvement in retention of current customers and more new customers.
Conclusion:
Achieving your business goals depends on the insights you have into the market, your customers and your business. Business Intelligence helps discover opportunities and act on them. With insights into your business processes, you increase productivity and maximize efficiency on the shop floor. Knowing exactly what your customers need and how to keep them happy makes it easy for your company to attract new customers while retaining current ones. Ultimately, this leads to cost savings and higher profitability, achieving your business goals.
NucleusBI helps companies achieve growth in a data-driven way. By aligning our data solutions with our clients’ business goals and strategy, we can build scalable, affordable, high-quality data solutions.
Benieuwd naar de groeipotentie van jouw bedrijf op het gebied van Data en B.I.? Vul de B.I. Scan in en krijg inzicht in je groeipotentie en verbeterpunten.
