How To Ride Out Macro Economics With A BI Tool?

Relation Between Macroeconomic Changes and Business Intelligence

Gartner predicted about two years ago that the COVID-19 pandemic, a market crash and recession, systemic mistrust, low productivity, environmental concerns, a talent shortage, and technological advances would shape the 2020s. The last few years have been hard, to put it mildly.

Faced with the unpredictable ups and downs of the macroeconomy, companies need to be ready to answer the following: 

  • Even though there will always be ups and downs, how do you decide what's best for your business? 
  • How quickly do you react to both good and bad changes? 
  • If your company isn't hiring more people, how can you get more out of the people you already have? 
  • How well are you ready for the next big change? 

You can face these challenges head-on with better decision intelligence and a modern SMART KPI tool like Grow. This will help your organization succeed in the future.

How Can A BI Tool Help You Get Through Macroeconomic Changes?

1. Accurate forecasting capabilities

Clari, a revenue operations platform, says that with two weeks left in the quarter, 93% of sales leaders still can't predict revenue to within 5%.

If your sales team closes 20% of deals with leads who have seen a product demo and 10% of deals with leads who agree to sign up for a demo, then you need to find 5,000 leads to close 100 deals this year. (100 transactions = 5000 x 20% x 10%). 

So, you can improve the accuracy of your sales projections by looking back at the deals in your pipeline and the performance of your sales agents. 

Data is a big help for both the reliability of your income streams and the accuracy of your predictions. Grow's KPI dashboard gives you a bird's-eye view of your whole business to manage your SMART KPI better. With the help of our sales dashboard, the sales team can see which sectors, regions, strategies, and even salespeople bring in the most money.

Using Grow, discover the daily increment needed to achieve your monthly objective (and track your progress!)

2. Identifying Opportunities for Cost Reduction

A survey by McKinsey & Company found that companies that use BI and data analytics tools to optimize their supply chain and procurement processes can reduce costs by up to 20%. By analyzing data related to supplier performance, demand forecasting, and inventory management, companies can identify opportunities to reduce waste, improve efficiency, and negotiate better prices with suppliers.

The typical levers in the above diagram suggest but only one thing-using a next-gen BI tool such as Grow dashboard and insightful KPI metrics to identify where resources are being wasted or underutilized. Our executive dashboard helps companies to make informed decisions about where to cut costs without negatively impacting the bottom line.

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3. Monitoring Customer Behavior and Satisfaction

Another study by McKinsey & Company found that companies that use Business Intelligence tools to personalize customer experiences can increase revenue by up to 15% and reduce customer churn by up to 50%.

No one should underestimate the value of a BI dashboard and the detailed reporting it delivers. Grow’s KPI dashboard can break down the amount of opened emails, Facebook "likes," Tweets, Re-Tweets, and Re-grams to help analyze consumer behavior. This resource is invaluable for understanding target audience motivations, how to reach them best, and how to improve future campaigns. 

With Grow's BI dashboard features, you may identify your most loyal customers and gain insights into the various touchpoints with your customers. Preferred clients' propensity to engage with your brand via social media and the internet can be plotted on various charts. Brand advocates can be found and rewarded using this BI method. And it might help you zero in on the consumers who aren't as invested in your brand so you can reach out to them. 

Wrapping Up-

Revolutionize Your Business Strategy with Our Powerful BI Tool-Learn How to Ride Out Macro Economics Today!

Are you tired of feeling helpless when it comes to navigating the unpredictable macroeconomic landscape? Grow's advanced BI tool empowers you with real-time insights and predictive analytics, giving you the competitive edge you need to thrive in any economic climate. If you still need clarification on 'what is KPI dashboard', we have just the right experts to get started. Learn more on Reviews & Ratings 2022 TrustRadius

Now, don't let macroeconomic fluctuations derail your business - join us and learn how to ride them out with ease!

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