Business intelligence software is only useful if you’re gaining actionable insight from your data. Many businesses use BI to generate reports to see how the business is performing, but that data only reveals what happened in the past. To stay competitive, you must make the most of your data and act on it as quickly as possible.
Act in Real-Time
In one survey, 64% of businesses said they’ve benefited from faster reporting and analysis. When you’re analyzing data in real-time, you’re able to act on it immediately. Teams receive the data they need and are able to act before the information becomes outdated. BI software allows everyone to share data and work together to make well-informed decisions quickly.
Get Clear Analysis of Big Data
It’s difficult to gain any actionable insight when data is stored across multiple channels. For instance, customer data could be coming from social media, website interactions, customer service calls, and purchase histories. If your business isn’t leveraging BI to bring all this data together, there’s never a full and clear customer profile.
By bringing all the data together into one source, a clear picture emerges. Big data isn’t helpful if you can’t use it. BI software organizes and provides valuable insight in real-time so your business can act on it.
Maintain a Competitive Edge
Maintaining a competitive edge isn’t easy, but actionable insights from BI gives you the edge you need. For instance, G6 Hospitality leveraged BI to not only improve how customers interacted with them, but to also bring in competitor rates so G6 could compete easier.
Your data contains details about trends, competitors, and your target audience. Use that to your advantage to stay ahead of the competition and give consumers what they want most.
Uncover Market Opportunities
Do you know what your consumers are doing right now? Do you know what’s preventing them from making a purchase? Do you know where they spend their time online and off? If you have the answers to those questions, you’re able to uncover new market opportunities.
For instance, businesses that leveraged BI to discover that their fans were using Instagram over Twitter were able to act quickly to start marketing on Instagram. It also gave them a new way to talk to their customers and find out what they needed. This leads to new products and services that would’ve been overlooked without actionable insights.
Become What Consumers Want
A problem many businesses encounter is never understanding what their consumers want from them. They try what once worked in the past, but they’re being outpaced by the competition. The difference is how businesses are using BI to their advantage.
By gaining actionable insights into how consumers are interacting with their business and even the competition, they’re able to make immediate changes to become the type of business consumers want. For instance, retail businesses often make design and pricing changes based on consumer interactions.
Everything you need to know to become the business that consumers can’t get enough of is already at your fingertips. The key is to use BI to gain actionable insights that help your business grow and adapt to an ever-changing landscape as quickly as possible.