While searching for your competitive edge, you can try everything from equipment upgrades to professional consultants to the beloved office snacks. Or, you can accelerate company performance and turn chaotic numbers into predictable growth with business intelligence (BI).
To compete in today’s business world, office snacks are optional, but using BI is not (unless you produce and sell office snacks, then they’re required along with BI). Serious competitors leverage the growth-inducing power of a BI solution to capitalize on company data. A significant 79% of business leaders agree that businesses slow to use and accept data will lose their competitive position and could face extinction. It’s safe to say that businesses who continue to use “old school” BI methods are on a similar path.
“Old School” BI vs. Modern BI
Old school BI involves manually gathering, storing, organizing, and presenting company data for performance reports. Many organizations still use the old school approach, wasting dozens of hours each week. On top of that, it’s easy to become overwhelmed collecting and compiling data from many different platforms: Google Analytics, social media, CRMs, Quickbooks, and others. You need a modern BI solution to organize and present your data.
A modern BI solution can transform your company by:
- Automating the reporting process and showcasing results on a dashboard.
- Freeing up time, allowing you to analyze your data and uncover hidden insights.
- Providing the information you need to take data-driven action.
- Unifying each part of your company around up-to-date data.
Modern BI offers an evolving picture of company performance and empowers you to immediately impact what that picture will look like, both now and in the future. Many industry-leading companies can attest to this. Netflix, Amazon, American Express, and others have experienced significant, sustained growth using BI to track, predict, and improve company performance. Admittedly, these companies have large budgets dedicated to BI, however, smaller businesses have an advantage over these companies.
Modern BI empowers small and mid-size companies
Agile actions and pivots are small and mid-size companies’ competitive advantage against bigger, more established companies. But agile action requires the quick information a modern BI solution provides. If you’re relying on slow info, you’re losing your advantage. Empower your company into faster action with a modern BI.
“We’ve definitely seen great improvement in efficiency and reporting. Grow just gives us the insight we need to improve and achieve better results.”
– Pablo Vidal Arean, Boatsetter CMO
Empower goal setting with a BI solution
Successful companies use goal setting to measure and achieve success. Industry-leading companies use BI analytics to set and reach their goals. Organizations who use analytics best are two times more likely to have top quartile financial performance. Last quarter, what decisions helped you get closer to reaching your yearly goals? Last month, what helped you get closer to reaching your quarterly goals? Last week, what helped you get closer to reaching your monthly goals?
When reviewing last quarter or last month’s performance, have you ever felt too much blind guesswork was involved in company success? A modern BI solution removes the blind guesswork from business decisions by helping you focus on actions which impact your business’ key performance indicators (KPIs). Tracking KPIs like product movement, sales, marketing performance, customer satisfaction, churn, and online engagement enables you to take action to positively impact those KPIs. Knowing which actions positively impact your KPIs allows you to replicate those efforts to continually meet your goals.
Companies don’t have to rely on guesswork to sustain growth. A modern BI solution makes sustainable growth possible.
Boatsetter experiences the power of modern BI
Boatsetter, a Florida-based company founded in 2014, experienced the power of Grow. With a three-sided marketplace between boaters, boat owners, and boat captains, Boatsetter needed a way to efficiently track, visualize, and analyze their scattered, messy data.
After implementing Grow, Boatsetter’s CMO Pablo Vidal Arean said, “There were immediate results.” With their data in one place updating in real time, the Boatsetter team can clearly see how to reach their goals by focusing on their KPIs: channel efficiency, lead status, types of boats booked, ROI of promotional campaigns, and others. A clear vision of their company’s performance helps them recognize the moves they need to make, including opportunities to seize and distractions to avoid.
Worried about the difficulty of implementing something new at your company? Stop worrying. “Grow was easy to implement, easy to use,” said Arean, “Now every Boatsetter employee uses Grow to track company trends, discover important insights within the data, and detect potential issues before they even happen.” Arean added, “Grow gives us the insight we need to improve and achieve better results.”