Business intelligence refers to a body of analytics-intensive techniques that collect and analyze data to find meaningful patterns. These patterns can then be used to restructure the business or make predictions about the future.
Here are five things you can do with business intelligence solutions to grow your company.
1. Benchmark Your Business
In order to move forward toward any goal, you first need to know where you are. Power BI report template can collect data from a number of sources, as you indicate. After compiling data from invoices, packing slips, online sales, and anywhere else you can possibly imagine, the software will begin to report trends on the data. You will be able to see things such as your rate of sales conversion, and the current effectiveness of your advertising.
2. Measure the ROI of New Products, Suppliers, Employees, & Customers
A great benefit of using these tools is that they help you predict and compare the return on investment of business decisions.
For example, suppose you run a query in your BI software regarding the cost and ROI of partnering with a particular supplier. This data can help you decide if you should remain with your current supplier, or tell them to hit the road. BI tools are a great way to compare ROI on different marketing mediums and advertising messages when used in this way.
3. Assess Risk & Identify Areas for Improvement
This software gives you the ability to mitigate risk. Some of the most useful information a BI software package can supply is the relative profitability of each business segment. This way should a supplier bankrupt, or a major customer takes their business elsewhere, you can mitigate the associated risk. You can plan for losses like this given demand for your products or services.