The role of Business Intelligence
Cost reduction, higher efficiency
Company personnel from all departments need reliable and relevant information to be able to do their jobs. Most companies are not aware of the amount of work and resources required to generate all this information and distribute it to the people who need it. Nor are many really aware of the significant cost of not doing so, since this translates into a lack of coordination, wrong decisions and a poor use of the resources available in the company with SharePoint Consulting. There is no more expensive information than that which is not available at the necessary time.
This work is usually carried out manually by the interested parties themselves, who, taking time away from their own obligations, are forced to dedicate it to a perfectly automatable task such as generating reports.They generally do this by relying on tools such as spreadsheets. Although this is a factor that goes unnoticed, a very important part of office work hours consists of data collection and report generation.
A good business intelligence system must be capable of automating a large part of this work, minimizing the possibility of errors and allowing people to dedicate their time and talent to what is really important: analyzing the information, not processing it. This will improve decision-making, coordination between departments and generally streamline all company processes.
More ability to make decisions
By reducing the costs of obtaining information, a new horizon opens up for the company with many more possibilities . First of all, security in decision-making is improved, since by having more relevant, reliable and up-to-date information we are in a better position to make decisions that adjust to the reality of the company and our market. How many erroneous decisions could be avoided if the right information was available, presented in a format that facilitated its understanding?
Second, the company may begin to consider issues or projects that were previously impossible to assess due to lack of time or resources needed to make a reliable estimate of potential costs and benefits. In general, having relevant information broadens our horizon, since knowledge is power.
The improvement in responsiveness is also notable. Not only can we have the necessary information more quickly in a much more visual and intuitive way that allows us to locate errors much sooner. We can also define our own alert system for exceptions.
It is no longer necessary for someone to continually check values and data to know if something is wrong. The system can be programmed to generate notifications when a specific value is outside the parameters that we have established . The system will proceed to check all these indicators continuously and when any type of anomaly is found, it will notify the people registered as responsible for this type of matter. Here are some examples:
A stock break of a certain product. Notify the purchasing manager.
A decline in sales in an area. Send mail to the delegate and the person in charge of it.
A level of non-payment greater than 20% by a customer. Send mail to the commercial and collection departments.
Greater visibility, better understanding of the business
Business intelligence systems are not only capable of providing us with analytical and reliable information quickly. They can also do so with attractive visual formats that facilitate their understanding and visualization .
This flexibility to present the information not only allows us to assimilate it much faster and better detect the crucial points that can be useful to us.
It also helps us to realize aspects that until now could have gone unnoticed, among so many rows and columns of numbers.
Many times the perspective with which we look at reality is a crucial factor. When it comes to giving the correct solution to the problem we face with SharePoint Consulting. Business intelligence systems offer us multiple points of view. Allowing us to improve our perspective and our ability to understand the business.
In the business world, there is a common rivalry between the use of business intelligence tools and CRMs and which ones a company should opt for. Although these solutions have data processing as their primary essence and may have somewhat similar functions; the truth is that their objectives and potentialities differ greatly.
CRMs are in charge of optimizing customer relationship management in search of positive experiences with the brand. While business intelligence is based on the processing of large volumes of data with the aim of providing concise arguments for decisions. In short, they are two powerful solutions for any company and instead of thinking about choosing one over the other, it would be smarter to take advantage of corporate intelligence in your CRM.
Business intelligence, corporate or business intelligence, was born to rationalize the huge volumes of data, product of the evolution of technology and social networks. Absolutely everything contains information. From cloud apps and email marketing tools to supply chain systems with SharePoint Consulting, they contain massive amounts of business data. And only software specialized in Big Data processing can convert these colossal amounts into vital reports for making business decisions.
Corporate intelligence provides reports, key performance indicators (KPIs), graphical dashboards, and much more. It also exposes the strengths and weaknesses of a company, new market trends and business opportunities with bSharePoint Consulting. However, business intelligence is not just a single piece of software; rather it is a set of processes to extract valuable information from disparate data sources. Therefore, it does not focus on a specific area of the company. But instead focuses on the entire company itself. Providing greater functionality and uses.
Other advantages of including corporate intelligence in your CRM are:
Pricing and evaluation: With the help of big data from customer interactions, companies can more accurately price products and services. Business intelligence would contribute to the management of dynamic prices. Seeking increases in income, supported by real-time inventory review and supplier data.
All combined would provide better financial forecasts and customer behavior trends.
Decision making: By processing a larger volume of data, business intelligence. Can reveal various trends
Around marketing: shopping behavior analysis, preferred hours, favorite trends, industry influencers. In this way, a CRM can better interact with your customers and influence their opinions in favor of the brand.
Recognize customer behavior
Better customer segmentation and engagement: with the results obtained by processing. Big Data from corporate intelligence, a CRM can recognize customer behavior. This allows a better differentiation and segmentation of these, as well as identification of those market niches not yet explored. Likewise, it is possible to proactively interact with customers through emails, calls, sales meetings, providing enough valuable content. This positively affects the customer’s experience with the brand.
Optimization of customer service: with the huge volume of data processed by business intelligence. Multi-channel marketing strategies can be proposed. With personalized messages and outreach programs. This increases interaction with customers, improves their experience and affects the increase in sales and retention of the public.
Loyalty programs: A CRM can take advantage of the information offered by corporate intelligence. To recognize which are the most profitable customers for the company with SharePoint Consulting. Then, you can consider working on strengthening the relationship with them and providing them with loyalty benefits. This favorably affects customer satisfaction, improves the retention rate and increases the possibility of being recommended to other people.
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