It’s a fact that businesses will only get more competitive in the near future. There is lesser room for mistakes in strategic and operational decisions that are crucial in determining the continual growth of the company.
With increased risks and competition, you’ll want to leverage Business Intelligence or BI as a comprehensive solution to help you make data-backed business decisions.
What Is Business Intelligence And Why It’s Booming
Some business owners may be unfamiliar with the term Business Intelligence or BI. It is not a new concept as BI revolves on making the best use of data when making business decisions. But recent developments in technologies have given a new dynamic to BI and it’s growing at a rapid pace.
In a nutshell, Business Intelligence is the application of tools, analytics, processes, and systems to enable data-driven decisions to be made across all levels of an organization.
Fueled by cloud infrastructures, IoT, and analytics technology, the Business Intelligence market has seen the emergence of vendors providing advanced tools that turns massive chunks of industry data into meaningful insights for businesses.
The global Business Intelligence market is valued at $15.64 billion in 2016 and is expected to achieve $29.48 billion by 2021. (1) With the current factors in the global business environment, the growth of BI will predictably increase to $147.19 billion by 2025. (2)
How Business Intelligence Adoption Affects Competitiveness
Like it or not, you’ll have to pay attention to where the Business Intelligence market is heading and what it means for your business. By leveraging on the latest Business Intelligence analytics, your business will be more competitive in various areas.
1. Targeted Marketing Campaign
Adopting Business Intelligence spares you the frustration of crafting a marketing campaign targeting the wrong crowd. With massive intelligible data at your fingertips, you’ll have an insight into customers’ behavior, spending habits, and needs. This is crucial information for a highly targeted marketing effort.
2. Exceptional Customer Service
It is common knowledge that customer retention is key to positive growth for businesses. Continuous engagement with customers is now an essential part of any organization. Business Intelligence, when incorporated into CRM software, allows personalization of customer engagement across demographics.
3. Improved Productivity
Business intelligence tools are more than mere analytics and reports. It involves trained personnel to interpret and suggest improvements to internal processes based on the data available. This means that all trackable parameters can be utilized to improve systems and processes.
4. Trend Analysis
You don’t want to be caught unaware of a sudden drop in demand for the products your company is offering. Business intelligence tools tapped into big data to detect abnormal patterns that can affect product sales or cost. Having such insight allows you to prepare for unexpected events and remain competitive.
5. Maximizing Profit
Businesses are profit-driven entities and will continue to be. Leveraging the growing business intelligence market provides avenues to discover factors that drive revenue growth and unnecessary expenditures. With fact-based data, appropriate measures can be taken to ensure a healthy profit margin for businesses.
6. Tools To Enhance Business Processing
Implementing Business Intelligence in your organization isn’t necessarily complicated. Advanced BI software suites like Chartrics integrate with platforms that you’re already familiar with, such as Excel and PowerPoint. Such software allows you to automate business processing within your familiar working environment.
Business Intelligence Levels The Playing Field For Smaller Businesses
It’s a common misconception to assume that Business Intelligence is an approach meant for large companies. The challenge for incorporating BI in your business is not the size of your company, but rather the availability of trained personnel to manage new technologies and tools.
This is demonstrated when major adopters of BI in 2018 comprised companies with a workforce of 100 employees and below. (3) With the correct usage of analytics and insights, BI adopters have seen positive results reflected in their businesses.
Business Intelligence is a major differentiating factor of competitiveness by 2025. The question is, is your business ready for it?