“You are never too old to set another goal to dream a new dream”
2018 Ends; 2019 Began! New Year is just not replacing your table calendars but it marks the joy of new beginning; arrival of new hope!
It is the perfect time to evaluate and create business goals for the upcoming years as it helps to stay focused and prevent business from becoming stagnant.
However, every business has some common goals like:-
- Boosting productivity in the business
- Increase competency by optimizing the business plan
- Keeping track on budget
- Improvising HR management
- Forecasting sales accurately
- Improving Financial Health of the business
- Smart goal setting
- Creating effective marketing campaigns
Although, you may have put high efforts to achieve these goals and succeed as well; but you may not have enough data-driven insights to drive business decisions. If this is the scenario, then this blog is for you!
The rapidly increasing need for faster decision-making process emphasized us to rewire your New Year resolution 2019 with business intelligence.
Implementation of Business Intelligence will help to achieve the top-notch results and surely leads to the path of success.
Business Intelligence enables your organization to collect, analyze and visualize the data in a diverse way to produce actionable insights.
Business Intelligence: What it is exactly?
However, there are many definitions about Business Intelligence on web, but to understand in a simple way, “BI is about providing the right data at the right time to the right people so that they can take the right decisions”.
The dashboards and reports created with the BI tools have a far-reaching effect to meet the demands of your target audience.
Business Goals + Business Intelligence = Increase in Revenue
Business Goals + Business Intelligence = Real Roadmap to Success
Let’s see how Business Intelligence can add value to these goals and help decision makers to gain actionable insights and reaping benefits.
- Productivity: How Business Intelligence helps to boost efficiency?
In the rat’s race to win the competition, organizational productivity is often overlooked and ultimately professionals fail to make informed business decisions.
However, with the help of Business Intelligence tools, companies can use the data to
- analyze the buying patterns
- predict buying trends
- target delivery time
- track the progress on a daily basis
- spot the inefficiencies
- check what is under-performing
By identifying actionable insights, companies can improve business productivity and make crucial operational decisions.
- Business Plan: How Business Intelligence can add value in developing the competent plan?
To gain a competitive advantage, businesses are looking for new tools to fulfill the needs of their customers. Business Intelligence tools help in making successful business plans by allowing users to access and analyze the data throughout the organization, find out what-if scenarios and much more.
The powerful aggregated data and dashboards represented in understandable and intuitive graphics provide the hidden information which enables the business to develop competency. BI software allows the free and open exchange of communication between different departments throughout the organization leading to real-time information, data-driven insights, and informed business decisions.
- Cost Optimization: How Business Intelligence can cut-down on-going expenses?
To achieve this goal, the business must conduct through budget analysis in order to find out different areas of cost-cutting. Business Intelligence solution helps decision makers to analyze the areas where chances of cost savings are high. A good BI dashboard provides great visibility of the things that are incurring a high cost.
For instance, in a manufacturing industry, a manufacturer can analyze the inventory and figure out how much stock is left, how much to order, when to order to avoid wastage; this helps to save costs. Moreover, BI tool allows them to access and collect the necessary data that leads to high cost during production.
- HR management: How Business Intelligence can improve HR management?
Today, the traditional way of HR management is no longer enough to keep pace in the competition. With the help of BI tools, data-driven insights and KPIs, HR
- Can hire a top-notch employee,
- Can carry out the activities which lead to employee satisfaction and employee retention,
- Find out issues in team and automated alerts enable managers to make clear and confident decisions.
Moreover, balance scorecards in BI solution can be used to examine and review the outcome which drives high performance from top to bottom.
People-based business intelligence can be used to transform the scope of HR reporting and analysis from operational efficiency (‘How fast are you recruiting?’) to effectiveness (‘Are you recruiting the right people?’); from cost assessment to trend analysis; and from ‘what if?’ analysis to strategic workforce planning.
- Sales Forecasting: How Business Intelligence can accurately predict sales?
What if you can predict, “How much you’re going to sell?”, “Who will be taking x products?”, “During which hours, months, days sale will be high?”
If you can predict the customer’s demand, you can accordingly manage the inventory which can help you to avoid overstocking and under-stocking.
Well, Business Intelligence software can help you to do the same! By using the insights provided by Business Intelligence software, the team can accurately predict the seasonal demand, slow-moving products, in-demand products and much more. This helps to make a faster decision at the right time.
- Financial health: How Business Intelligence can help in financial management?
You don’t need to be a math expert to improve the financial health of the company. BI solution offers an up to date financial picture and enables financial managers to access the accurate and detailed financial information of the organization.
Moreover, it examines the incoming and outgoing finances of the past & present, manages the tangible & intangible assets in an organization and understands the business performance; this results in improved business profits and they can make decisions based on the company’s future financial status.
- SMART goal setting: How Business Intelligence can enhance the organization’s performance?
“If your goals are SMART, you are likely to achieve it”
- Specific ( simple, sensible, significant)
- Measurable (meaningful, motivating)
- Achievable (agreed, attainable)
- Relevant (reasonable, realistic and resourced, result-based)
- Time Bound (time-based, time sensitive)
Setting the goals SMART clarifies your ideas, creates verifiable trajectories and transparency, helps to use time and resources productively and increases the chance of achieving it. With the help of BI, you can set targets, benchmarks, priorities for the task which helps the employees in focusing towards SMART goals.
- Marketing campaigns: How Business Intelligence can create effective campaigns?
Business Intelligence enables the business to
- identify the detailed reports on market trends
- customer preferences
- react quickly to the industry changes
- track the success effectively
- Finds the unexplored market.
When you have the needed information at the fingertips, your marketing team can work more productively. BI can help marketing professionals to narrow down demographics and find the right audiences. It creates actionable data from the multi-channel stream by considering the various factors.
Moreover, with this drilled information, you can improve the visibility of sales information and can optimize the marketing campaigns accordingly. Technical features can be implemented to track social media campaigns and helps to ensure that marketing initiatives are profitable and effective.
Business Intelligence: Why would it make difference?
BI doesn’t tell users what to do or what will happen next. Rather it would provide the examined data to understand trends and derive insights. Most of the businesses need data to get their task done. So, business intelligence tools can streamline the efforts needed to search, merge and convert data needed to come up with the best decision.
For instance: if the company wants to manage the supply chain, it needs BI capabilities to know the delays happening like delays in the shipping process, which products are commonly delayed or which mode of transportation are generally delayed.
Business Intelligence: A Way Forward
All in all, Business Intelligence has the ability to develop meaningful reports, analyze information and maximize business value.
Any business can progress if it is armed with data and real-time information. The company who has the access to the right data, at the right place and in the right form can add value to the organization and business intelligence is the one that can impact the bottom line.
So, choose Business Intelligence Solution for your business and you are sure to achieve your New Year resolution.
If you are looking for ways to gains insights from the piles of data and to speed up data extraction process, talk with us today!