Increase the Value of Business Intelligence in 2018
Businesses intelligence is a valuable asset that can improve multiple facets of an organization. It might be time to revamp the business intelligence in your so that you can use it more effectively. Here are the things it can do.
1. Improve Customer Relations
A key benefit of business intelligence can be real time data and analytics. That’s great for your organization, but it can also benefit your customers. And customers who are benefited tend to keep on ordering and become loyal customers.
Business intelligence allows your organization to build real time data and analytics into the products, services and reports provided to the customer. It increases the value your organization adds. Once a customer sees the value added, they may begin requesting augmented business intelligence in your products.
2. Greater Employee Productivity
Business intelligence can improve employee productivity in several ways. First, in sales, it can pinpoint any gap between what revenue a customer should be worth and what the salesperson is receiving in orders. If the salesperson needs help, business intelligence can make sure help is offered.
Revamping business intelligence can also help the most productive employees in a system. Once they are identified, they can be rewarded however the organization sees fit. Employees who are rewarded tend to feel valued and stay, which ensures that the most productive employees stay.
Less productive employees can also, of course, be identified. They can receive more training or incentives to improve.
Finally, business intelligence solutions make the employees charged with determining business intelligence more productive. No more pulling data from spreadsheets by hand. Business intelligence solutions streamline the provision of business intelligence to the employees who analyze it.
3. Better Customer Service
The rise of social media and convenient customer service interfaces like chat and email has meant dissatisfied customers can say why they are dissatisfied, about what and when.
One of the benefits of business intelligence is the capture of this information. Unhappy customers can affect your business immediately, both in withdrawing their purchases, not making future purchases, and influencing others to do the same.
The real-time capabilities of business intelligence allow your customer service team to respond with optimal speed and effectiveness to customer dissatisfaction.
It also allows customer service management to spot any trend in dissatisfaction. If a product is not performing as it should, for example, you may see that surface first in customer complaints. Business intelligence can help you pinpoint any concerns and rectify them as soon as possible.
4. Determine Possible New Revenue Streams
The analytics and data supplied by business intelligence can make the determination of new revenue streams possible. Salespeople and sales managers, for example, might find that customers express the need for more bells and whistles in their products. This information, passed to the development group, can result in the rollout of new products that are specifically targeted to customer needs.
To learn more about business intelligence, reach out to the professionals at Nesco Resource today.