Business Intelligence (BI) is a critical tool for companies looking to drive growth and stay ahead of the competition. It provides businesses with valuable insights and data-driven decision-making capabilities.
In this blog post, we'll be exploring 13 ways that you can use BI to boost your business growth. From analyzing and visualizing data to optimizing your website and integrating different data sets, these strategies will help you unlock the full potential of your business data.
Get ready to learn how you can leverage the power of BI to drive your business forward and achieve your growth goals!
Analyze and Visualize Data
By collecting and analyzing data from various sources, such as sales, marketing, and customer interactions, a company can gain insights into its operations and customer behavior. These insights can then inform strategic decisions and identify areas for improvement.
Our company uses BI to track key performance indicators (KPIs) such as sales revenue, customer acquisition costs, and product usage. By analyzing this data, the company can identify trends and patterns that show where they should focus their efforts to drive growth. Additionally, by visualizing this data, the company can make it easier to understand and share with stakeholders, allowing for more effective communication and collaboration.
Sanket Shah, CEO, InVideo
Monitor Talent Acquisition
We have a BI dashboard for talent acquisition. By leveraging the data on potential candidates, the development team uses their machine learning algorithm to screen the candidate's resumes to get their basic information, such as their skill sets, their work experience, and other related information.
The dashboard provides us with some flexibility to slice and dice the data. For example, location is usually one of our top preferences because we prefer local candidates, so we can always filter on the particular area of our interest. The dashboard also provides some other filters, such as recruiting sources.
For external recruitment, if we have a partnership with a certain recruiting source, we can always just filter on the particular recruiting source. The BI dashboard also assigns scores to the candidates based on the requirements in the job description to shortlist the candidates who are a good fit for the job.
Lorien Strydom, Executive Country Manager, Financer.com
Optimize Your Website
One uncommon way our company uses BI for business growth is through website optimization. By monitoring the activity of customers on a company's website, businesses can identify trends in user experience, such as common drop-off points or unhelpful navigation links.
By using this information, businesses can adjust their design strategy accordingly and improve their online presence—leading to increased conversion rates and better sales outcomes.
Carly Hill, Operations Manager, VirtualHolidayParty.com
Determine a Customer's Lifetime Value (CLV)
One way we use it to drive business is predictive analytics, which can help us learn more about customer behavior and accurately estimate the lifetime value of each customer. We can understand our current customers better, retain them longer, and expect future customer needs in order to bolster our bottom line.
By leveraging predictive analytics to improve our decision-making related to customer acquisition costs, customer retention strategies, and new product launches, we have been able to develop targeted marketing strategies that have enhanced the customer experience while simultaneously driving business growth.
Jim Campbell, Owner, Camp Media
Speed Up Decision Making
I've noticed that using a business intelligence solution has significantly sped up my decision-making process, driving business growth. I can filter through terabytes of customer and business data to locate facts and make decisions.
This is especially helpful as a small business owner because I can pivot quickly to meet the needs of my customers. Most business intelligence solutions also automate the entire data collection, analysis, and transformation process, so I don't have to complete the repetitive tasks involved in data management. I just make quick decisions based on data insights.
Scott Lieberman, Owner, Touchdown Money
Integrate Different Data Sets
A company must oversee many operations, which generate a considerable amount of accumulated data. Various business solutions typically maintain these in a range of formats. As a result, it presents a challenging task for many firms with information analysis and performance reporting.
Businesses can reduce the complexity of generated data from various software by using business intelligence solutions. BI tools assist businesses in accumulating information and collecting it from diverse software in multiple formats. Additionally, it can work with your existing software to provide you with a more comprehensive and all-encompassing view of a business's operations.
Daniel Foley, Founder, Daniel Foley Consultancy
Hit the Bullseye on Group Dynamics Before Training
Business intelligence to drive business growth through workforce development and training relies on proper culture assessment. All too often, leaders take a "shotgun" approach to employee training and development. Rather than focusing on the most important group dynamic issues to transform, the guesswork approach wastes time, employee attention, and money.
For example, leaders suppose trust is the issue because employees resist sharing their opinions. In reality, the risk is because employees lack the skills and assurances regarding their bottom-line psychological safety to venture out of their shells to get smacked.
"Turtling" is a human-to-human defense mechanism that requires a systems approach to correct because management practices are involved. This means developing trust training programs doesn't hit the target. It can also do more damage than good because employees will doubt the trustworthiness of the program because it doesn't solve the problem.
Dianne Crampton, President, TIGERS Success Series
Produce Game-Changing Insights
In today's corporate ecosystem, the fate of brands is determined by the wealth of data they have and the unique insights derivable from such data. This is where Power BI comes in with groundbreaking AI-driven interactive visualizations and business intelligence.
Instead of paying through your nose to hire a dedicated data analyst, Power BI can leverage machine learning to identify unique and invaluable parameters that significantly affect your product performance. Particularly, the Decomposition Tree on Power BI can study a jumbled pile of data and pick out underlying (and almost invisible) factors that directly influence how your market adopts your product.
If you want to automate root cause analysis in business intelligence, this is the sure way to go on a lean team. The Decomposition Tree goes as far as digging into multiple dimensions in whatever order you deem fit.
Discover Customer Roadblocks
We are an online dental retainer, and we sell all our products through our websites. A few years ago, we used business intelligence to discover that there was an issue with the number of abandoned shopping carts.
We used Google Analytics to get as much business intelligence as possible and also reached out to a few customers to get their feedback. The shipping charge was more than the customers were expecting. So, we then switched our business model and made all the products have free shipping.
After this change, we noticed a dramatic decrease in abandoned carts and an increase in the number of sales. Without the data showing us that there were so many abandoned carts, we would never have made this change on our own.
Tawanda Johnson, HR & DEI Consultant, Sporting Smiles
Make Use of the Cloud
Using the cloud for data storage and management is the most effective strategy for increasing revenue via Business Intelligence. This is because storing data on the cloud allows for lower costs and more accessibility. This eliminates the need for storing sensitive data on costly and insecure paper copies and makes it possible to access the data from any location. Additional security measures will increase costs and risks to your business and customers.
Timothy Allen, Sr. Corporate Investigator, Corporate Investigation Consulting
Segment Your Email Lists
As a fast-growing health and wellness publication, email marketing is one of our core lead-generation strategies. Although we have had a lot of success building a solid list, we have been leveraging business intelligence and additional data analytics techniques to segment our list in order to deliver a more personalized email marketing experience for our readers.
Because of our analytics, we could track which posts generate the most user engagement and how different demographic characteristics affect readership. This has allowed our content team to prioritize high-converting topics, something that has improved our traffic and affiliate sales over the past six months.
Logan Nguyen, Co-Founder, MIDSS
Forecast With Predictive Analytics
Business intelligence solutions, such as AI, offer businesses the advantage of predictive analytics, which allows teams to gather specific insights based on various existing and impending factors.
Predictive analytics explore several crucial data points and browse through existing data, business news, and industry forecasts to create an optimal growth model and ensure stability when challenges are on the horizon. Even in the daily workings of a business, predictive analytics help in zeroing in on details such as consumer preferences and behavior, enabling marketing teams to build campaigns that clock maximum traction and results.
Brendan McGreevy, Head of Strategy, Affinda
Obtain General Customer Insights
Business intelligence (BI) is a powerful tool that can help drive business growth if used correctly. The key is to identify and understand the data points behind your current performance, then use BI to uncover trends, insights, and correlations that can inform strategic decisions.
For example, let's say you're running an online retail store and want to increase sales. By leveraging BI tools like data visualizations, predictive analytics, and customer segmentation, you can gain valuable insights into the customers who are buying from you-what devices they're using, which cities they're coming from, and what product categories they prefer. You can also discover new opportunities for growth by looking at seasonality trends or investigating gaps in your existing product line.
Jose Gomez, CTO & Founder, Evinex
Conclusion
In conclusion, Business Intelligence is a vital tool for companies looking to grow and succeed in today's rapidly changing business landscape. By leveraging the power of BI, you can gain valuable insights into your business operations, make informed decisions, and ultimately drive growth. We hope that this blog post has provided you with valuable information on how you can use BI to boost your business growth.
ICOholder provides valuable insights on leveraging business intelligence for growth. The article's 13 strategies offer a comprehensive roadmap for businesses aiming to thrive in the competitive landscape. By embracing these techniques, companies can harness the power of data-driven decisions, fostering innovation and staying ahead. This resource from ICOholder is essential for entrepreneurs seeking sustainable growth through informed strategies and actionable intelligence.