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March 17th, 2015

BusinessIntelligence_Mar17_CAre you thinking of making the move from simple Excel data extraction to more sophisticated business intelligence tools? It’s an essential step for any company looking to up the ante and gain real insights into business performance as of today, and to compare that to your company’s direction in order to understand what’s needed to get there. That said, business intelligence can be a minefield of concepts and terminology, that can seem complex to the first-timer. Here are three jargon-busters to get you on your way.

Reporting

Whether simple or more sophisticated, reporting forms the foundation of business intelligence and is key to knowing how your company is doing - and how to make it do better still. No matter the size of your company, financial reporting helps you to understand your position in terms of revenue and expenditure. Typical reports you might produce on a regular basis include balance sheets, cash flow statements and profit and loss accounts. Business intelligence tools like Enterprise Resource Planning applications can help you get a hold of these reports and customize them to suit your needs, to a level of detail and usability that most of us just aren’t going to manage with a spreadsheet alone.

Data Visualization

Having access to reams of business data is all very well, but in reality it’s not of much use if it doesn’t mean anything to everyday humans. You and your colleagues are business focused and, while you might know your way around a bit of data analysis and your IT systems, you don’t want to spend your lives with your head buried in sheet after sheet of formulae. Frankly, you’ve got better things to be doing than that - like getting on with the day-to-day management of your business.

That’s where visualization comes in. Just what it sounds like, visualization is about taking your raw data and presenting it in a way that’s instantly understandable and meaningful to its audience - whether that’s you as business owner, your boss or your company’s investors. Visualization can help you to convey a high-level overview of business performance, before you drill down to consider more specific areas of your products and services. Some business intelligence tools also offer interactivity to allow you to get exactly what you need from complex data.

Corporate Performance Management

The performance of your business depends on a huge number of factors, and if you are properly preparing for the future then you are considering a multitude of scenarios depending on how those factors play out. That can leave you with multiple versions of your budgets and cash flow statements but, without effective business intelligence software, you’re likely to have that information stored in a messy tangle of spreadsheets.

A better solution is a business intelligence application that allows you to import data from various locations, and adjust your reporting output according to variables in the numerous factors you are forecasting. With speed that those clumsy spreadsheets just couldn’t replicate if they tried, you’ll have at your fingertips a set of responsive, adaptable reports that enable you and your team to spend more time on analysis and making plans for the future.

Want to learn more about using business intelligence to propel your company to greater heights? Get in touch with us today.

Published with permission from TechAdvisory.org. Source.

March 12th, 2015

BusinessIntelligence_Mar10_CCompanies are using business intelligence tools to assist in their business operations. Whether it’s collecting, analyzing or virtualizing data, or creating reports, business intelligence systems can do all this and much more. They also allow companies to make strategic business decisions to increase efficiency at an affordable price. That’s why many small business owners are jumping on the bandwagon and reaping the benefits of BI.

What is business intelligence?

As a business owner, you may have come across business intelligence at some point in your research for efficient business tools. Business intelligence is a term that sounds intimidating, but it’s actually really easy to understand.

BI is a set of tools and techniques that transform raw data into information that companies can actually use for business purposes. You can use BI tools to collect data from internal systems and external sources. That data can then be analyzed and compiled into text or visual reports for corporate leaders, assisting them in making important business decisions.

Benefits of BI for small businesses

When it comes to analyzing data, business intelligence is a cut above other methods like simply pulling data from Excel spreadsheets. Businesses can use BI for many purposes. Here are some benefits.
  • Boost sales - Business intelligence tools can create and analyze data to improve sales. You can send an email to your clients, inserting a link to your website, then monitor their behavior with an analytical tool to subsequently target your emails more successfully. You can also use BI for sales forecasting and to decide on the best method to reach your sales target.
  • Identifying opportunities - BI tools allow you to assess your company’s capabilities and compare your strengths and weaknesses to your competitors. You can also identify market trends in order to respond quickly to change.
  • Better customer service - Customers are the lifeblood of any small business, and you should take customer service seriously. There are BI software programs that collect post-service customer feedback. Your customer service team is informed when they receive low feedback scores, so they can follow up and resolve any issues.

Implementation

After you’ve researched the benefits of BI to your business, the next step is to implement it in your company. The first thing to clarify is your need for business intelligence. Do you want to improve your sales? Are you looking for new customers? It’s important to be clear on this, so that you can choose a BI tool that will provide the best solutions to your problems. Once your objective is clear, it’s time to determine what resources you already have to get the job done. In some cases, your existing tools may be sufficient.

There are lots of BI options to choose from, and you should pick the one that best suits your needs. Want to know how to adapt business intelligence to your company? Give us a call and see how we can help.

Published with permission from TechAdvisory.org. Source.

February 24th, 2015

BusinessIntelligence_Feb24_CTechnology is having an enormous impact on business. No matter what industry you work in, it is important to implement the right tools to support your business strategy and growth. But in this ever-changing world, technology is always on the move. That’s why a business owner like you should always be on the lookout for new technology trends to adapt to your needs. Here are some modern business intelligence tools you ought to know about.

The Internet of Things

The concept of the Internet of Things (IoT) is to embed electronic sensors into any physical objects, allowing them to be controlled via the Internet. This includes everything from mobile phones to refrigerators, washing machines and even cars. The idea of IoT is exciting and definitely practical in today’s technology-driven world. While the concept has been around for several years, many business owners still don’t even know what the IoT means. So let’s take a closer look at how IoT will impact businesses.
  • Increased efficiency - Businesses will be able to connect devices for efficient, real-time operations. For instance, IoT can connect a warehouse system and point-of-sale scanners together to provide better inventory management.
  • New business opportunities - Today there are approximately 10 billion connected devices, and this number is growing fast. IoT opens a door to new business opportunities as customers need new devices and services in their everyday lives.
  • More security concerns - While the idea of connecting everything together is exciting, businesses will have to pay extra attention to security. More data stored online means increased chances of information theft and cyber security issues.

3D Printing

Some businesses have probably never considered that 3D printing could be of use to them, partly because they’re so accustomed to the traditional way of printing 2D materials such as posters and flyers. But now 3D printing allows businesses to manufacture three-dimensional solid objects from a digital file. Since the costs of technology are expected to decrease, 3D printing could be adapted to business practices for various purposes.

The main benefits of 3D printing for businesses are increased productivity and creative, customizable new designs. Product designers can use 3D software to speed up the creation of product prototypes. It also allows for remote cooperation between colleagues, which increases the ability to brainstorm ideas for faster product-development cycles. 3D printing processes are also highly customizable to suit the needs of clients.

The Enterprise Cloud

Companies are now familiar with cloud computing, having used it for data storage and synchronization for the past few years. But the enterprise cloud offers more flexibility and scalability than regular cloud computing, and is noted for its cost efficiency, security, and easy-to-use model. Enterprise cloud computing refers to a firewall protected computer system which is able to offer software, infrastructure and platform and web services. They can provide private access and a virtual scalable environment controlled by either a single company or consortium.

Nowadays, businesses require faster innovation, remote access, and better cross-product integration. This is where the enterprise cloud comes in; to deliver cost savings and provide better security to accommodate business growth. You’ll want to adopt the enterprise cloud to gain advantage over your competitors.

If you’re interested in boosting your business performance with BI tools, contact us today and see how we can help.

Published with permission from TechAdvisory.org. Source.

February 4th, 2015

BI_Feb4_CMicrosoft has just upped the ante on its data analyst products. The company recently announced that it will now be offering its Power BI product for free. It’s clear that Microsoft doesn’t want Excel to define the company in terms of data analysis. And this move could multiply their reach in the business intelligence sector by 10 times. But why is it free? Here’s what you need to know about Power BI and the likely reason behind its $0 price tag.

What is Power BI?

Power BI is a Cloud service which mainly functions as a self-service data analysis tool. What makes it unique is its use of advanced visualization options (graphs, charts, etc.) and the ability to find data by using natural language to ask questions and get answers. For example, you can simply type, “which department had the lowest sales profits last month?” and then get a chart that will visually display the sales from the different departments.

Another distinct characteristic of Power BI is its ability to collect and analyze data from various applications and services. These include Salesforce.com, Marketo, Excel, Zendesk and more.

And lastly, being a Cloud based service, the data is easily shareable, and employees can access it whether they’re in the office or on another continent.

Do I really need data analysis for my business?

It’s easier to get ahead of the competition if you know where you’ve been. With knowledge of your past failings or successes, you’ll know what methods and strategies are working and which ones aren’t. Then you can make appropriate business decisions based on facts and not assumptions.

For some, Excel may give you the ability to track all the Business Intelligence you desire - if the data you need is relatively simple and is kept all in one place. But if you have large amounts of data over various applications, then a product like Power BI can be a huge time saver since you won’t have to waste hours finding and organizing it.

If Power BI is so awesome, why is it free?

Power BI comes in two versions: the free one and a pro version for $9.99 a month. The pro version will feature more support for streaming data, quicker scheduled data refresh, and more storage. But light to medium data analysis users will still gain much from the free version.

Likely the real reason for the free version of Power BI is to capture market share from Tableau software, which currently dominates the self-service analytics market. Microsoft appears to be trying to create a simpler data analytic system that will be less complex than Tableau and more appealing to non-tech users.

And once they get sign-ups, Microsoft can then use this as a gateway to sell other Microsoft business products.

Want to discover how Microsoft’s Power BI or other Business Intelligence products can give your business an edge? Contact us today to see how we can help.

Published with permission from TechAdvisory.org. Source.

December 3rd, 2014

BI_Dec2_COften, when companies look to integrate business intelligence processes the first department that systems are applied to is sales. By employing metrics that track sales activity and any sales-related activity, business owners can gain a better picture of overall success. The problem is, it can be tricky to pick which metrics to track. To help, here are five of the most commonly tracked sales metrics.

The sales pipeline

This metric is often employed by businesses to show current sales opportunities and estimate the number of sales or revenue the sales team will bring in over a set period of time, usually a couple of months. When employed correctly, team members are better able to track and remain in control of their sales. Managers can also be assured that targets are more accurately set and reached.

When companies set up their sales pipeline metrics they often set out to measure:

  1. Average time deals remain in the pipeline.
  2. Average percentage of converted leads.
  3. Average worth of every deal.
  4. The number of potential deals in the pipeline.

Overall sales revenue

This metric is often seen to be the most important sales-related metric to implement, largely because it provides managers and owners with a good overview of the health of their company and overall performance. In short, sales revenue allows you to accurately view the profitability of your business, even if your profits aren't presently growing.

Beyond giving a useful whole-business overview, this metric can also uncover exactly how much each sale influences or contributes to the bottom line. This can be calculated by using the standard profit-ratio equation - net income over sales revenue.

Accuracy of forecasts

Any sales manager knows that forecasts are just that, predictions. But, because so much of sales is based on informed speculation it is important to track the overall accuracy of any future forecasts. By doing so, you can uncover gaps in processes and reveal any forecasting tools that need to be improved.

From here, you can track improvements and tweak forecasts to ensure that they become as accurate as possible. After all, if you can show that you are meeting your goals, or are close to meeting them, you can make more reliable decisions and be assured that your company is doing as well as it appears to be.

Win rate

The win rate, also known as the closure rate, is the rate that shows how many opportunities are being translated into closed sales. Because this rate looks at the number of sales, you want it to be as high as possible, especially when you look at the time your sales team puts into closing sales.

While a high rate is preferable, low win rates are also useful largely because they can highlight areas where improvement is needed. For example, if your team has constantly low win rates across the board, then it could signify that there is a need for more training on closing sales, or that sales staff may not be knowledgeable enough about the products or services being offered. A fluctuating rate could show increased industry competitiveness and highlight when a sales push could be beneficial.

Loss rate

The loss rate can be just as important as the win rate, largely because it focuses on how many potential customers did not purchase products and/or services from you. It can really highlight problematic areas in the early sales process. For example, by tracking the loss rate you may be able to see that response time is low, causing potential customers to walk away.

Essentially, when measured correctly, you can use loss rate to improve the overall sales process and hopefully bump up your overall win rate. You can also compare the two rates to really see how big of a gap there is and give your team a solid goal to try and find ways to reduce this gap.

If you are looking for solutions that allow you to track and measure your sales and any other data you generate, contact us today to learn how we can help turn your data into valuable, viable business information to lead your company to better success.

Published with permission from TechAdvisory.org. Source.

November 6th, 2014

BI_Nov03_CBusinesses who are looking to increase or encourage customer and employee interaction, while simultaneously boosting the quality and amount of data collected, have a number of options at their disposal. One of the increasingly popular choices is called gamification. Here is a quick overview of the process and how some small businesses have implemented it.

What is gamification?

It's human nature to be competitive, and many of us exercise this nature by playing games. Be it team sports, board games, video games, or even office-related games, many of us partake in some form of game on a regular basis. Gamification is the incorporation of game elements, such as points, rules of play, competition, etc. into business-related processes.

By implementing game elements into areas like marketing or training, you can drive engagement, while also collecting better data, primarily because most people will be more willing to provide relevant information when they are invested in a game.

When it comes to implementing these elements into business processes, many companies tend to focus on either customer gamification or employee gamification.

Customer gamification

The vast majority of customer-oriented gamification relates to rewards programs and repeat customers. Small to medium businesses who have successfully implemented these elements usually do so via social media and mobile apps. Repeat customers gain points for each purchase and when they reach a certain level receive a freebie perhaps or a rebate. This in turn drives the need to keep purchasing and to "win".

Many businesses have been successful in implementing this game characteristic into social media, where people who interact gain levels and therefore access to such benefits as discounts. Businesses implementing customer-oriented gamification often see both increased engagement and better data flowing into the organization. In fact, many businesses have found that the data implemented through these elements has been useful in decision-making and overall business intelligence efforts.

Employee gamification

Employee-based gamification is usually employed by businesses to encourage teams and individuals to work together towards a common goal. For example: Implementing a point or badge-based sales system where at certain sales levels badges are awarded, which can then be used for a reward, has proven to be incredibly successful for many sales-oriented companies. Publicly announced results and recognized rewards can also be a great employee motivator.

As with customer gamification, employee gamification can be a great source of data. For example, by tracking where employees are, and their results, you can quickly see weak spots or places where help may be needed. Essentially, more data means the ability to make better decisions.

Should my company implement gamification?

While this may sound like an exciting, and useful tactic to implement in your business, it's not for everyone and it won't fit well with all activities. What you should do is to look at whether the objectives and goals of the program you wish to implement can also be paired with gamification.

If you find that gamification, or elements of it, won't benefit your business program, then it's best not to implement it for the sake of it.

How to implement gamification

There are a wide number of mobile apps developed around gamification, along with social elements and ideas. What we suggest is talking to us to see how we can help first. We can work with you to find solutions and ways to implement your solutions. Contact us today to start the game of business success.
Published with permission from TechAdvisory.org. Source.

September 11th, 2014

BI_Sep08_CPredictive analytics has long been employed by large-scale businesses to help make decisions and long-term business predictions. Now, small to medium businesses are starting to integrate these methods in larger numbers. A common stumbling block for many managers and owners however is that this can be a highly overwhelming concept. To help, here is an overview of the three main components of predictive analytics business owners and managers should be aware of.

Together, these three elements of predictive analytics enables data scientists and even managers to conduct and analyze forecasts and predictions.

Component 1: data

As with most business processes, data is one of the most important and vital components. Without data you won't be able to make predictions and the decisions necessary to reach desired outcomes. In other words, data is the foundation of predictive analytics.

If you want predictive analytics to be successful, you need not only the right kind of data but information that is useful in helping answer the main question you are trying to predict or forecast. You need to to collect as much relevant data as possible in relation to what you are trying to predict. This means tracking past data, customers, demographics, and more.

Merely tracking data isn't going to guarantee more accurate predictions however. You will also need a way to store and quickly access this data. Most businesses use a data warehouse which allows for easier tracking, combining, and analyzing of data.

As a business manager you likely don't have the time to look after data and implement a full-on warehousing and storage solution. What you will most likely need to do is work with a provider, like us, who can help establish an effective warehouse solution, and an analytics expert who can help ensure that you are tracking the right, and most useful, data.

Component 2: statistics

Love it, or hate it, statistics, and more specifically regression analysis, is an integral part of predictive analytics. Most predictive analytics starts with usually a manager or data scientist wondering if different sets of data are correlated. For example, is the age, income, and sex of a customer (independent variables) related to when they purchase product X (dependent variable)?

Using data that has been collected from various customer touch points - say a customer loyalty card, past purchases made by the customer, data found on social media, and visits to a website - you can run a regression analysis to see if there is in fact a correlation between independent and dependent variables, and just how related individual independent variables are.

From here, usually after some trial and error, you hopefully can come up with a regression equation and assign what's called regression coefficients - how much each variable affects the outcome - to each of the independent variables.

This equation can then be applied to predict outcomes. To carry on the example above, you can figure out exactly how influential each independent variable is to the sale of product X. If you find that income and age of different customers heavily influences sales, you can usually also predict when customers of a certain age and income level will buy (by comparing the analysis with past sales data). From here, you can schedule promotions, stock extra products, or even begin marketing to other non-customers who fall into the same categories.

Component 3: assumptions

Because predictive analytics focuses on the future, which is impossible to predict with 100% accuracy, you need to rely on assumptions for this type of analytics to actually work. While there are likely many assumptions you will need to acknowledge, the biggest is: the future will be the same as the past.

As a business owner or manager you are going to need to be aware of the assumptions made for each model or question you are trying to predict the answer to. This also means that you will need to be revisiting these on a regular basis to ensure they are still true or valid. If something changes, say buying habits, then the predictions in place will be invalid and potentially useless.

Remember the 2008-09 sub-prime mortgage crisis? Well, one of the main reasons this was so huge was because brokers and analysts assumed that people would always be able to pay their mortgages, and built their prediction models off of this assumption. We all know what happened there. While this is a large scale example, it is a powerful lesson to learn: Not checking that the assumptions you have based your predictions on could lead to massive trouble for your company.

By understanding the basic ideas behind these three components, you will be better able to communicate and leverage the results provided by this form of analytics.

If you are looking to implement a solution that can support your analytics, or to learn more about predictive analytics, contact us today to see how we can help.

Published with permission from TechAdvisory.org. Source.

August 14th, 2014

The data your business generates and captures is among the one of the most important assets available to yourself and your and employees. Unfortunately, the amount of data available is growing exponentially and it can quickly overwhelm many positions. One solution that allows businesses to better manage data is the data warehouse. The only question, is how can you tell when you need one for your business?

What is a data warehouse?

A data warehouse is a system used by companies for data analysis and reporting. The main purpose of the data warehouse is to integrate, or bring together, data from a number of different sources into one centralized location. The vast majority of the data they store is current or historical data that is used to create reports or reveal trends.

Possibly the biggest benefit of a data warehouse is that it can pull data from different sources e.g., marketing, sales, finance, etc. and use this different data to formulate detailed reports on demand. Essentially, a data warehouse cuts down the time required to find and analyze important data.

While not every business will need one right this minute, a solid data warehouse could help make operations easier and more efficient, especially when compared with other data storage solutions. That being said, it can be tough to figure out if you actually need one. In order to help, we have come up with five signs that show your business is ready to implement a data warehouse.

1. Heavy reliance on spreadsheets

Regardless of business size, the spreadsheet is among the most important business tools out there. Used by pretty much every department in a company, they can be a great way of tracking data. The problem many business owners run across however is that spreadsheets can grow to immense sizes and can become unwieldy.

Combine this with the fact that each department has spreadsheets that you will likely need to pull data from in order to generate a report. If this is the case, you are creating manual reports, which can take a lot of your time.

If you are struggling to find the data you need because it is spread out across different sheets, in different departments, then it may be time to implement a data warehouse.

2. Data is overwhelming your spreadsheets

Spreadsheets are designed to operate with a set amount of data (rows and columns). Reach, or exceed this limit, and you will find that the file becomes sluggish or will downright prevent you adding more data.

While it can take a while to get to this point, companies will reach it if they keep adding to their data. At this point you will see a drop in productivity and overall effectiveness in how you use your data. Therefore, a data warehouse that can combine data from different sheets may be a great solution.

3. You spend too much time waiting

If you set out to develop a report, only to find out that you need to wait for colleagues to provide the information on their spreadsheets, or to analyze their data, you could find yourself waiting for a longer than expected time.

This makes you highly ineffective and can be downright frustrating, especially if employees are too busy or just can't provide the information needed. Implementing a data warehouse can help centralize data and make it available to all team members more effectively. This cuts down the time spent actually having to track it down and communicating with colleagues.

4. Discrepancies in data and reports

Have you noticed that when team leaders or members in different departments create reports that the data or findings are different from yours, or other reports? Not only is this frustrating, it is also time consuming to sort out and could lead to costly mistakes.

This can be amplified if some departments have data sources that they don't share with other teams, as this can throw doubt into the solidity of your data and other reports. If you have reached this point, and realize that there are discrepancies in your data, it may be time to look into a data warehouse which can help sort out problems while ensuring mistakes like duplicate data are eliminated.

5. Too much time spent generating reports

Ideally, we should be able to generate a report using existing data almost instantly, or with as few clicks as possible. If you find that when generating a report you have to keep going to different sources to check if the data is updated, or to keep manually updating other sources, you could quickly see the amount of time needed to develop a report grow.

Because data warehouses consolidate data, you only have to turn to one source for data. Combine with the fact that many data warehouses can be set up to automatically update if source data is updated or changed, and you can guarantee that the data you are using is always correct.

Looking to learn more about data warehouses, or about the different data solutions we offer? Contact us today.

Published with permission from TechAdvisory.org. Source.

July 10th, 2014

BI_July07_CTake a step back and think about the data available to your business. Chances are it has grown exponentially, and will likely continue to do so into the future. While this can be useful as more data equals a better, clearer picture of what is going on in your business, there is still a large amount of data that is useless. In order to prevent you and your company from being overwhelmed, you should have a well defined data collection system in place.

What is well defined data collection?

Everyone collects data, even people who don't use computers. The key to being able to successfully leverage the data you have available to your business lies in a strong foundation - in this case, how you collect your data. With an appropriate system in pace you will know what data to collect and measure, and just how important it is. From here, you can more effectively analyze and interpret it, allowing you to make more informed decisions.

If you are looking to implement a new data collection system, or improve on how you currently collect it, here are six tips that can help:

1. Think about what customer interactions are important

Often the most important data you need is in relation to your customers. Your first step should be to define important customer interactions. For example, if you own an online store, you will likely want to know where your customers come from, the items they click on, items they add to their cart, and items they ultimately buy.

By first identifying important interactions to track, you can then look for metrics and data collection methods related to these interactions. This makes it easier for you to track the most important data.

2. Think about what behavior-related data is important

Don't just focus on those customers who have completed a purchase or followed through the whole business chain. Think about what behavior could produce data that is important to your organization.

To continue the online store example from above, this information could include how far down the page people scroll, how many pages deep they go when looking at product categories, how long they spend on a site, and where those who don't convert leave from.

Collecting and analyzing data like this can be a great determinant of what is working well and what needs to be improved upon.

3. Look at important metrics you use

Sometimes the way you collect your data will depend on how you plan to measure it. This includes the different metrics you use to define the success or failure of marketing plans, sales initiatives, and even how you track visitors.

Be sure to identify which ones your business currently uses, as these will often point you towards the relevant data you will need to collect.

4. Identify the data sources you are going to use

In many businesses there are redundancies with data collected. For example, a CMS (content management system) will often have some of the same data points as Web analytics, or a POS (Point of Sale) will have some of the same data points as an inventory system. Due to this, you are going to have to identify what systems will provide what data.

On the other hand, many businesses use data from multiple systems for one key metric. In order to ensure that you are collecting the right data, you will need to identify these sources and ensure that they are compatible with your data collecting system. If they aren't, you could face potential problems and even make wrong decisions based off of incomplete data, which could cost your business.

5. Keep in mind who will be viewing the reports

When implementing data collection systems and subsequent data analysis systems, you will likely start generating reports related to this data. It is therefore a good idea to identify who will be reading these reports and what the most important information they will need is.

This information will be different for each audience, so be sure to identify what data they judge to be important. For optimal results, you should think about who will be reading the data reports and what relevant data needs to be collected in order to generate them.

6. Set a reasonable frequency for collection and analysis

This can be a tough one to get right, especially if you work in an industry with high fluctuation or your business is in a constant state of change. Your best bet is to look at when you think you will be needing data. For example, if you are responsible to submit a monthly sales report it might be a good idea to collect data on at least a bi-weekly basis in order to have enough to develop a report at the end of the month.

You should also look at who will be getting the reports and how long different campaigns or business deals will be in place. The frequency will vary for each business, so pick one that works best for your systems and business.

If you are looking to implement a data collection system, contact us today to see how we can help.

Published with permission from TechAdvisory.org. Source.

June 17th, 2014

businessintelligence_June16_CMost businesses are continuously looking for ways to improve visibility, efficiency, and gain valuable insights into consumer behavior. By utilizing your company’s business intelligence (BI) system, you can achieve all this and more. Many companies spend anywhere between USD $100 thousand and $1 million for their BI system but fail to make proper use of it. Do you think your BI system could use an extra push in the right direction?

5 ways to improve business intelligence value

1. Pump customer data into your analysis Most companies are chasing after a 360 degree view of their customers, and while this seems like an elusive goal, it can be achieved. Take the first steps by integrating data from your CRM, accounting, and customer support systems into your BI dashboards and reports to allow analysis of customer growth, profitability, and lifetime value. Understanding these KPIs can help you spot trends as well as identify opportunities to cross-sell or upsell. 2. Set up alerts and delivery Your business intelligence can instantly improve its standing and value with alerts and report delivery. Notifications, in the form of email alerts, are useful for managers to keep an eye on business operations without having to log into the BI system. The added perk here is that managers can stay on top of KPIs and new updates even when they're on the move as reports and dashboards can be emailed to them according to a set schedule. 3. Reassess your dashboards If it’s been a while since your BI dashboards were first designed, try updating them with modern charts and stylish fonts. While this may seem unnecessary to some companies, attractive dashboards attract more users and you’ll likely see an uptick in adoption after a dashboard refresh. 4. Deploy existing content on mobile devices By increasing your BI content’s availability, you can quickly increase the number of users accessing it. A great way to do this is by deploying your dashboards and reports on mobile devices. This is especially useful for decision makers who travel frequently or need to be able to access KPIs from anywhere; after all it’s easier for them to pull out a phone or tablet rather than drag out a laptop. Your BI system likely includes some way to make your existing BI content mobile. Allowing users to access BI the way they want can be a great way to boost your BI value. 5. Make it predictive While BI has traditionally been used to present historic data for manual analysis, now more than ever it’s incorporating predictive analytics. By leveraging stored data from your BI system and applying predictive analytics, you can project future performance and make better business decisions based on more accurate forecasts.

Modern BI platforms come with many options, from multi-data source connectivity to mobile BI. It is up to you to leverage the full breadth of your BI software’s capabilities to ensure that you’re getting all the value it can deliver. Looking to learn more about business intelligence and its functions? Get in touch.

Published with permission from TechAdvisory.org. Source.