"Anyone who needs to make decisions can benefit from business intelligence."
-Kurt Schlegel, Gartner's Research Director
Small and medium-sized businesses(SMBs) are likely buying more because of more than one thing. Business Intelligence tools are much easier to use now than they used to be. The standardization of cloud-based Business Intelligence dashboards, which is easier for users to keep up and can be less expensive, is a big reason why access is getting better. The recent growth may also be because SMBs are getting more worried about how well they can handle the unpredictable economic winds.
After COVID, they may now put more value on business data to better plan and adapt to the fast-changing economy.
One significant advantage of using Grow's BI solutions is tracking each consumer's profitability and website navigation path. Small businesses can gain a 360-degree perspective of customer activity by leveraging business intelligence tools. This level of visibility enables companies to identify customer needs and preferences, track customer behavior, and personalize their marketing efforts.
But how can they tell if these investments in marketing yield a healthy return on investment (ROI)?
Business Intelligence dashboards and visualization tools supported by BI reports can be used to track and evaluate marketing initiatives. Thanks to ongoing tracking and reporting, companies can immediately change their marketing strategies if necessary.
Businesses can track and assess KPIs that provide information on whether marketing activities yield higher returns using Grow’s Marketing dashboards, such as:
If a company doesn't have data from a fleet of Internet of Things (IoT) monitors, it might not know that a broken storage unit is causing damage to other equipment. The company might need to look at data from old customer information to determine why so many customers are canceling orders.
BI can help operations and supply chain teams optimize such processes and reduce costs by providing insights into inventory levels, demand, and production cycles.
By collecting and analyzing data from various stages of the supply chain and multiple storage solutions, Grow’s BI tool and business analytics dashboard help to reduce enterprise information silos, link seemingly disparate pieces of data together and improve supply chain operations. Business leaders can track SCM-related KPIs and goals and visualize each stage of the supply chain, enabling them to see how one step affects another.
To apply business intelligence to supply chains, businesses should store data in reliable and accessible places, embed BI within SCM systems, and ensure the accuracy and cleanliness of the data they use. By answering important questions about their data and selecting the right software, businesses can gain insights that help them improve their supply chain operations and drive better business outcomes.
The figure shows the usage of BI tools across different company departments based on the results of "The BI Survey 19". The data reveals that finance and controlling departments lead the way in BI usage, with 80% of the surveyed companies reporting using BI tools in these departments.
BI can help financial analysts and accountants streamline financial reporting and analysis by providing real-time access to financial data. By automating financial reporting processes, financial analysts and accountants can focus on analyzing the data and identifying trends rather than spending time on manual data entry and calculations.
A financial analyst for a retail company can use Grow’s BI tool to analyze sales data to determine which products are driving revenue growth. Using this information, the analyst can easily recommend product pricing and inventory levels, resulting in increased profitability.
When it comes to IT teams, having a reliable and effective business intelligence tool can make a world of difference.
In conclusion, for IT teams seeking to streamline data organization and management, a reliable BI tool like Grow is a must-have. With its seamless compatibility with current data infrastructure, robust security measures, file archiving capabilities, and scalable design; Grow can help IT teams optimize data-driven decision-making across the organization.
If you're interested in implementing a BI solution for your business, consider partnering with a reliable BI provider like ours to help you analyze data and maximize insights in minutes. To learn more about our KPI dashboard and get a comprehensive view of your key metrics in one place, visit our website or request a free consultation with a BI expert today.
You can also explore the pricing options for Grow. Check out Grow Pricing 2022 Capterra and see how our Business Intelligence dashboards can help keep your teams on the same page and infuse data in decisions as you move ahead.
Harness the power of at-a-glance decision-making with our seamless BI tool.