One of the most common misconceptions in the business world is that an intuition is some God-given gift that some people possess and others don’t. Businessmen succeed and fail for years and decades, but once they become experienced enough, they can afford to make an intuitive decision or two. Why? Well, because by that time they’ve already had so many similar situations to draw parallels to, that their momentary decision-making seems more like a subconscious analysis than a guessing game. So, what are new business owners to do in these situations – randomly try and fail until they learn? Of course not. After all, in 2017 they can rely on business intelligence (BI) to boost their bottom line. Here are a few ways that will show you how.
1. Saving time
Data alone can be quite useless if you don’t have the time to turn it into intelligible information. Still, to do so, you would have to go through volumes and volumes of raw data only to get some glimpse of some of the critical business questions. Luckily, with the help of BI software the time required for both data entry and manipulation is drastically reduced. This is especially true seeing how this consists of copy-pasting data over and over again and performing simple calculations. And another thing – these digital tools provide one with visualization of data, which saves time, as well.
2. Reducing the margin of error
Seeing how mind-numbing this task can be, it is also easy to imagine how one can unintentionally drift off in the middle of it, and make a small mistake that can later turn out to be rather costly. In other words, by automating your BI efforts with the choice of the right business intelligence software, you are both facilitating the process and reducing the margin of error.
3. Unraveling customer behavior patterns
Even before you launch your business, you will start making some hypothesis related to your target demographics. In most cases, it will be fairly easy to guess some of their physical features such as the generation they belong to, gender, location and specific socio-economic group. Nonetheless, there will be so many things you won’t be able to simply guess, like your customers behaviour patterns, for example. This is vital since in order to improve your chances of conversion, you need to know exactly how and when to engage them. Luckily, BI software can give you an insight into your customers that might be exactly the thing you need.
4. Empowering your employees
In the past, there was a false presumption that this data is something meant only for the upper management. However, by allowing your employees to see the big picture, you are empowering them in more ways than one. First of all, you are helping them understand your business model much better, which will surely help them contribute to it. Second, there is always a chance one of them will see a pattern you would otherwise miss since they come with a fresh perspective. Finally, by introducing your employees to this data, you are allowing them to make data-driven individual decisions that usually have a positive effect on your company’s bottom line. This is just one of those little things your staff should know.
From all of this, it becomes more than clear that business intelligence is the next big thing in the business world. Although it has been used for quite some time, and a great share of companies simply can’t imagine their business model without it, there is a surprising amount of enterprises that still avoid using it for reasons unknown. Nonetheless, in 2017 this is no longer mandatory for those who aim to thrive and prosper in the dog-eat-dog environment that the world of modern business is. For those looking for any kind of competitive edge to push them through, this might just be it.