Did you know that Business Intelligence is an effective way to make decisions within companies?
There is no denying that those who undertake and manage an organization face enormous challenges every day. Many of them are not even planned.
Competitiveness increases, so does demand. And all of this is impacted daily by technology.
Those who are prepared to face these obstacles in the best way possible have, without a doubt, BI as an ally.
After all, it is necessary to constantly evaluate, measure and improve internal processes.
This is a competitive advantage your organization needs to be able to deliver value to customers and, of course, grow.
That’s why Business Intelligence is so important – and in this article we’ll cover its concept better.
Find out what benefits it brings to companies and what are the best ways to use it.
We will see?
What is Business Intelligence?
BI, Business Intelligence or, in good Portuguese, Business Intelligence. Call it what you like.
The fact is that its meaning is actually a set of:
- Law Suit; technologies;
so that there is:
- data collect;
We can actually split it into 3 pillars:
- data collection – anything that happens is analyzed to measure productivity, bottlenecks, opportunities taken or not, ROI, etc;
- organization and analysis – the data obtained need to be organized, categorized, to make sense and facilitate its analysis and the consequent decision on them;
- action and monitoring – it’s hands-on. After analyzing and deciding what to do, it’s time to put into practice the planning and monitor the effectiveness of actions for constant improvement.
The goal is to intelligently optimize failures and always keep processes running as smoothly as possible.
It serves for full-time, assertive decision-making . After all, measurement is constant and you will be aware if the efforts and resources invested are bringing the necessary return.
BI is a set of processes, not a tool. These are techniques for grouping and exploring information relevant to the business.
These will help managers to decide for A or B having, in the data, an excellent support. That’s how Power BI works, for example.
And that’s what companies gain: competitive advantage through the adjustment and improvement of internal processes and also the investments made.
BI is not big data
Although both concepts come together because of digital transformation – something so essential for organizations – they do not have the same meaning.
But that’s not to say they can’t complement each other either.
Quite the opposite.
BI is actually what we might call the next stage of big data.
It is the refinement, evaluation and strategic orientation of everything that was obtained from information.
That’s because Big Data is the search for correlation between accumulated data.
It’s the search to make sense of them within a context and make them, together, bring benefits and make sense to companies.
The next step is to use this structured information to make decisions.
In this case, Business Intelligence.
In other words, in more direct terms: one prepares and the other analyzes and executes.
The advantages of BI in companies
The administrative management is a major challenge and needs to happen with technology as an ally.
It is the strategic advantage that your company can have over others – and this will undoubtedly be reflected in your customer’s success down the road.
Therefore, organizations that want to grow, have greater productivity while reducing costs, rely on Business Intelligence to be even better.
Investing in BI brings advantages such as:
Better internal processes
There is no way to grow in a healthy way, nor to focus on the customer if the internal processes are not correct.
The quality of the product, customer service, sales, customer satisfaction… all this goes through a healthy corporate routine.
It is up to managers to be aware of this. Having an organizational culture that helps people produce more and better.
This makes a difference in the medium and long term.
Why waste time on unnecessary, robotic and repetitive activities?
Think of a sales routine.
Don’t you think it’s wrong, for example, for the salesperson to spend a lot of time filling tables, copying and pasting emails?
How many hours a week did he spend doing this instead of selling?
Measure the money the company missed and you will understand the importance of Business Intelligence in your business.
Less costs and more billing
What company doesn’t want to optimize the costs of its operations and direct resources to other strategic areas?
With data analysis, it is possible to make decisions correctly and know the approach to take in marketing, for example.
Or in the sales sector of companies.
You have the numbers and the monitoring. Where is the sales process failing? Where are your marketing strategies falling short?
Knowing what you fail to do, you know what you need to work on. Make a strategic plan from that. Seek to increase your conversion rates.
Evaluate what has been done and keep improving. This way you will have the resources directed to the right place and, consequently, you will have a higher income, as a result of this assertiveness.
Better manage information
No company can organize itself efficiently if it does not manage its information correctly.
It goes through having key performance indicators, the so-called KPIs, that’s it.
But, more than having these data, it is necessary to interpret and understand them. Otherwise, they’re just numbers on a screen – and they’ll confuse more than they’ll clarify.
And if so, what sense will it make for companies?
In addition to recognizing gaps in your business, you can – and should – use BI to identify new opportunities.
You have valuable insights to explore. But you need to do this as soon as possible so your competition doesn’t get ahead.
For example, if you’ve tested a specific segmentation in your lead generation strategy and the result was positive – even with low investment – then we have a good opportunity to explore, right?
Likewise in sales. Some specific segment began to approach your company a lot in search of the solution.
You monitored and identified it. So, how about directing more efforts in attracting such customers?
How to implement Business Intelligence in companies?
The moment of implementing BI strategies involves careful planning.
This is no time to rush into this. Raise internal data, evaluate your goals and objectives in the medium and long term.
More than that, encourage an internal culture of sharing best practices – the agile methodology helps in these moments.
Then implement the correct KPIs for evaluating the performance of each sector in the company.
But, of course: have tools to do this monitoring and also for employees to use in their daily lives to optimize their activities.
Only then are managers able to see how well – or poorly – the work is being done in each area and assess what needs to be done.
Once you’ve identified bottlenecks, it’s time to strategize to reduce those gaps, fix the process, and again monitor what’s being done.
It’s a little ant job. It is constant and requires patience. Make this clear.
If we think about the commercial sector, ask yourself: where is my sales management failing?
- Reliable and quality data;
- A clear vision of the company’s goals;
- Change strategies to achieve goals.
BI in sales
The importance of having accurate sales data is great. Identifying higher profit customers, optimizing marketing strategies and managing sales is something you are looking for, right?
For this reason, it is essential to have a sales system that is integrated with your business’ Business Intelligence. PipeRun, for example, has integration with BIMachine.
This integration opens up new possibilities for full sales control – which is essential to reduce both the CAC and the sales cycle in companies.
You’ll sell more, better, to the right customers, and you’ll have lower operating costs.
If that happens, we’re definitely talking about the ideal scenario, aren’t we?
So, how can we help you?
If you have questions about the text or how you integrate your CRM with BI, talk to a consultant today.
Enjoy and read two articles that talk about the impact of technology on businesses.
The first talks about the importance of Artificial Intelligence in sales.
The second addresses what and why your company should adopt a B2B sales automation.