Business intelligence is among the most powerful tools that any business can use. They help companies stay ahead of their competition, as well as optimize potential revenue streams. In addition, it enables you to organize raw data into something that offers easily accessible information you can use to make decisions.
Having the right BI and BI tools can give you the edge you need to win, especially with your sales and marketing. Here’s how business intelligence can empower your sales and marketing and what you can do to take full advantage of it.
Business Intelligence Increases Organizational Efficiency
Business intelligence is more than simple analytics data, software, and the tools that come with it. When it comes to sales and marketing, you want everything to run like clockwork. With the right intelligence, you can create data to help with a more efficient workflow with your team.
BI provides leaders and teams the ability to access data that gives a complete overview of their organization. This data includes the company’s operational capacity, processes, systems, and ability benchmarks of every department – even every employee.
With a holistic view of how the entire organization runs, teams can develop efficiency models and improve company workflow. Some adjustments here and there might mean nothing to some companies, but they can transform into a few percent increase down the line.
BI Powers Data-Driven Decisions
Company-wide business intelligence is crucial towards data-driven decisions. No company can survive randomly guessing what’s the next move, where to optimize, and what direction they need to go. So instead, successful companies use data to predict the company’s direction, from financial data to customer data to even productivity analytics.
Marketing, for example, needs accurate market data to understand customer segments. They need business intelligence to identify proper verticals and the opportunities that come with them. For sales, you want data on customer trends, buying cycles, and even the churn rates that you have.
With the data for these areas in play, management can decide where to focus their efforts. It can help them make decisions based on numbers and insight, like the geolocation of where products sell the most or which ones to discontinue.
Sure, over-reliance on data to make your decisions can be problematic, as it can reduce the agility you need to react to your market. This makes it essential for any company to understand how to make the most of their BI and use it as a starting point for creative problem-solving.
Business Intelligence Helps Increase ROI
Return on investment or ROI is a must in any organization. No department can survive without proving to the company that any ROI is generated from their team, so business intelligence offers such data to them. In the same vein, marketing and sales teams need BI to align with organizational strategy to improve their income generation and reduce costs.
BI enables companies’ marketing and sales to set crucial key performance indicators (KPI) and metrics for success. When these align with the company’s strategy, teams will get precise results on their performance and see adjustments needed to improve ROI.
Business intelligence helps boost return on investment by aligning marketing activities, processes, solutions, and outcomes with established strategic objectives. This helps drive accountability within the team and identify areas where business efficiency can be further improved.
Sales teams can also use BI to analyze how the organization’s manufacturing process works. By doing so, they can create predictive models that align supply chain decisions with existing demand, helping maximize production efficiency when it’s needed.
BI Tools Create Powerful Data Dashboards
Companies who use business intelligence rely on dashboards – reporting tools that aggregate analytics information to enable teams to monitor and adjust business practices. They communicate insights and show anything that the team needs to be concerned about, especially trends that can help improve marketing and sales.
The right BI dashboard can help collate all the data you need, combine them into a data warehouse, and answer queries as required by an end-user. This will help with better reporting efficiency down the line and condense pages upon pages of information into a single page snapshot.
Business intelligence dashboards should also help cut your marketing team’s analysis time by a significant margin. When it does, it can communicate how the business is truly performing and increase your team’s informational awareness. It can also assist in visualizing complex relationships between KPI and their real-life viability.
Business Intelligence Enhances Customer Experience
Customer experience is king when it comes to sales and marketing teams. Business intelligence impacts this experience, as well as customer satisfaction towards products and services. This fact comes from several vital touchpoints that every team needs to keep tabs on.
For example, BI can help educate customers regarding details that most clients are not privy to. If a customer contacts you, chances are they already have the information they need to shop around for better products and services. Business intelligence can help you leverage what the customer truly wants.
BI also helps you track sales that you win and lose and service experiences within your organization. In addition, you’ll find detailed reports on market trends, market segments, and shifts in trends that will tell you which patterns lead to better customer satisfaction down the line.
BI Identifies Fresh Opportunities And Helps You Act On Them
Business intelligence gives marketing teams an insight into the company and knowledge of its own capabilities. A marketing team that knows what the company can and cannot do and its potential can show the right message the company needs to deliver. In addition, BI helps identify market conditions and see where new opportunities exist.
To gain a competitive advantage, a company needs to know what trends are going upwards and respond to them faster than the competition. Agile marketing practices rely on down-the-line decisions, as well as reduce potential flanking. Data from BI helps decision-makers react as swiftly as possible without fear of crucial mistakes.
With correct reactions to market trends, it helps the organization identify the most profitable customers. Marketing teams can retarget their efforts with little hesitation, while sales teams can adjust their conversion paths. It anticipates customer needs and provides the best possible time to enter and exit a market.
The Bottom Line
Business intelligence in sales and marketing can be crucial in articulating strategies that work. It will help build business roadmaps and create data that will generate measurable ROI down the line. BI is beyond a buzzword – it is a systematic way of decision-making that can spell success or failure for your company.
Sophia Young is a Content Writer and Copywriter who recently quit a non-writing job to finally be able to tell stories and paint the world through her words.