10 Ways To Start Using Business Intelligence Tools In Your Business
Business intelligence has changed the way we do business in almost all the business niches of the world. With cutthroat competition in almost every other niche nowadays, the way you use data defines your company’s success.
With the most advanced BI tools like Microsoft Power BI available at prices which even small businesses can afford, the way you utilize it makes the difference.
This post discovers the 10 best ways to start using business intelligence tools in your business.
Table of Contents
Prevent Human Error With Efficient Data Entry Techniques
Every form of data and business operation is prone to human error, and companies have witnessed the same for centuries. Power BI consulting organizations focus on the integration of BI with all of the software in your business, including CRM, ERP, and others help automate data entry and remove errors. BI tools also help visualize the data and present it in charts.
You can also set algorithms and run calculations, which will further prevent human error. Automation also helps companies save hours. The automated feeding of data also gives automated insights and warnings which can be implemented in the business right away.
Improve The Productivity Of Your HR Department
BI tools help increase your workforce’s efficiency by allowing you to overlook all tasks and find opportunities to increase efficiency. You can easily connect the data you are getting from each department and build algorithms to identify the time and efforts taken to complete certain tasks in your business.
This will give you regular insights into the areas which need work and have a scope of improvement. Data such as working hours, work is done, attendance, sales, calls, emails, and everything will give insights about which department is working better than the other.
Social Media Dominance With BI
Social media is the future of business and the biggest source of opportunities for every business. With BI tools, you can get insights about consumer interests and the sentiments of your products, services, and the company.
Social media APIs can be connected with Power BI, and you can get insights about the sentiments of users regarding any topic with a few clicks. You can also identify new opportunities for growth and new audiences that you haven’t targeted as of now.
Optimize Your Marketing Campaigns
With numerous platforms and social media channels, finding the right marketing approach for your business is getting difficult by the day. BI tools can be highly effective here as well. These tools can help optimize your marketing campaigns and find the best sources for high ROI.
Simply import the social media marketing ads data to Power BI and analyze the ROI, website visits, interactions, sales, audiences, and thousands of other data sets. You can easily present the important ones on a graph and find trends. After you find the right platform and marketing content, you can scale it and achieve amazing results.
Track Inventory And Leverage The Insights
Managing the inventory and making future orders remains one of the most challenging tasks for companies. With BI tools backing your analytics, you can simply visualize the sales happening in each section of your stores.
With software integration, you will get automated Power BI reports for every day, week, and month to visualize the sections that need improvement. This will enable you to make decisions based on data rather than the gut feeling on what products to buy. You will also be able to identify trends and prevent losses in most of the cases.
Optimize The Support Channel With CRM Data
The CRM you use for your business generates enormous amounts of data, which can give you insights that can completely change your business model. With so much competition, “Lifetime value of a customer” is the focus for brands. With BI tools, you can keep a check on each method of communication with your customers and identify the best ones for different sets of customers.
The number of tickets raised, tickets solved, response to automated emails, their open rate, etc. can give you amazing insights. You can find opportunities to improve the system and increase sales. The type of communication you have with customers will define the repeat business you get from them.
Personalize The Sales Pitches
Another amazing thing that you can do with BI tools is personalized sales pitches for each customer.
Let’s understand this with an example.
Finding the data about the type of software used by companies, and then using the same data to prepare the pitches based on the findings. The data can tell you about the subscriptions and the types of systems used, and give you a clear idea about the challenges they might be facing. If you can target the customers with the exact problems they are facing, you will see a surge in conversions.
Increase Security And Prevent Threats
BI tools are equipped with the most advanced analytics and security tools. All the data you use remains safe, and you can even use the tools to enhance your business’s security.
You can easily configure automated alerts in case of emergencies and even identify trends that are usually signs of a breach. Previously, this has always been done manually leaving scope for errors, but with automation, this aspect has also become more efficient and accurate.
Empower Your Employees
There is not just one or a few specific departments of your company that can benefit from BI tools. It’s for all to use and exceed.
Give access to BI tools to all your employees and encourage them to use it consistently. Encourage the practice of making decisions based on data rather than guessing or brainstorming with colleagues.
You will be surprised by the results you start getting from every department. You can also overlook all the departments while having control over everything in your business.
Work On Decreasing Costs And Preventing Losses
BI tools have been very effective in optimizing costs for numerous large corporations across the globe.
With tools like Microsoft Power BI, you can simply view all of your company’s data in one window and visualize your business’s flow of money. Just getting the insights and identifying the key sections of major spending will help you control the costs.
You can even set up an algorithm and get alerts if spending in particular sections increase beyond a certain limit. This is true for any company ranging from physical stores that can track salaries and buying costs to SAAS companies who can track the costing divide among all the major marketing channels.
Today, BI tools are among the most potent digital solutions that you can use. In fact, these offer numerous other opportunities and custom options apart from the ones mentioned above in this post.
Start off now by following all the points in this list and grow slowly as you start witnessing change.
We’ll, if you need professional help or feel overwhelmed with all this information, you can always look for a Power BI service provider to help integrate and manage all BI tools for you.
The opportunities with data are endless, and the only thing standing between you and the top spot in your industry is the proper implementation of Business Intelligence tools!