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Nowadays, many organizations have fusion database package begun to understand that Business Intelligence (BI) is a strategic tool for decision-making, as it allows us to transform data into useful information for the business and, with it, generate knowledge to make better decisions, especially when we apply Inbound Sales .
One of the points that you must take into account is that Business Intelligence is focused on covering information needs of a tactical nature (Managers and/or bosses) and strategic nature (Senior Management). Generally, these users must decide in very short times and for this they require reliable and timely information that allows them to make favorable decisions for the organization.
Doing Business Intelligence is not just about automating reports or transforming or consolidating data. A good BI implementation will help organizations achieve competitive advantage, improve customer service, improve productivity , and make the business profitable through changes based on information. That is why today I will tell you the 4 main reasons why BI is essential in your organization.
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1. Consolidate your business data
Companies produce large amounts of data from applications, transactional systems, Excel files, among others. The biggest problem is that all this volume of data cannot be exploited quickly and in a timely manner.
By being isolated, key business people spend more time preparing manual reports instead of analyzing the main business indicators, whether to improve sales, meet strategic objectives, increase the number of clients, etc.
This is why there is a need to have a central data repository called Data Warehouse (DWH), which consolidates all the organization's data sets through integration processes that help us extract, transform and load the data into our DWH. This will help us reduce operational work, since people will no longer have to consolidate data manually . Instead, they will be able to exploit the data, much more quickly, to generate information relevant to the business.
Below, I show you the Business Intelligence architecture and the main tools you can use to implement a BI solution.
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2. Centralize reports and dashboards
Did you know that 93% of managers have to make decisions in a short time frame and that 62% admit to not having received timely information? Likewise, 88% of managers admit to having used intuition to make decisions .
Companies are constantly changing and know that to stay in the market they must be fast and agile when a business problem or opportunity arises. But there is a lot at stake when making decisions without relying on data.
BI is therefore aimed at providing strategic information for managers, bosses and directors. To do this, you must make available to the main users of the business a set of reports and dashboards that contain the key indicators (KPIs) of the organization.
To achieve this goal, you must have a data mining tool that allows you to automate your reports and dashboards so that they are available to all your main business users.
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3. Know your customers' behavior
If we have a Business Intelligence solution, we will have an excellent opportunity to analyze the tastes, preferences and needs of customers. It is also important to have a clear picture of how customers are interacting with digital assets (blogs, landing pages, etc.) in order to define marketing and sales strategies.
The advantage of having centralized information is that we can answer key questions that help us understand our customers' behavior . For example, knowing which blogs are the most visited, how long they stay on the content, how many times they visited the company's website, which forms have the highest conversion, performing a demographic analysis of the main customers, etc.
Identifying key customer trends and behavior using a Business Intelligence solution will help us optimize marketing efforts and improve sales processes.
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4. Boost your Inbound Marketing strategies
If you are implementing an Inbound Marketing strategy, I recommend that it be accompanied by a Business Intelligence solution, as it will allow us to collect and consolidate the data generated by buyer personas (completed forms, blog visits, clicks made, downloaded documents).
Likewise, by analyzing centralized data we will be able to define strategies so that contacts can generate greater engagement, achieve better quality leads, and make it possible for better qualified prospects to reach the sales team.
Having this information will help us define more effective Inbound Marketing strategies and increase the ROI of the campaign.
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Conclusion
One of the advantages of having a Business Intelligence solution is that it will help us improve our processes, defining key business indicators, establishing goals to measure the results of marketing campaigns .
It will undoubtedly be a support tool for decision making; however, we must be aware that this type of solution will be successful if the Dashboards show consistent, complete, reliable information and, above all, if it is available at the right time.
“How we obtain, manage and use information will determine whether we win or lose” - Bill Gates.
Business Intelligence can be applied to any process. For example, it can be applied across the board, from marketing strategy to closing a sale. You can monitor and control key performance indicators (KPIs), giving you the opportunity to see the performance of your campaigns and the possibility of seeing deviations from objectives in order to act accordingly. Business Intelligence will help us propose a more effective Inbound Marketing strategy and ensure that it is continuously optimized.
Now that you know more about Business Intelligence and the advantages you can achieve in your company, we invite you to implement a Business Intelligence solution that allows you to grow your business.
