Why Your Business Needs Business Intelligence and Data Analytics
Do you know what’s good for your business? Here’s how business intelligence and data analytics can help you succeed.
In the past, business intelligence and data analytics were seen as optional—extra credit, if you will. But now, it’s important for every business to have a way of collecting data and transforming it into actionable insights. No matter your industry or the size of your enterprise, better business intelligence will help you solve problems, grow your business, increase efficiency, and even increase your ROI.
It's Accessible to Everyone
You don’t have to have the most sophisticated business intelligent initiative on the planet, but if you want to get an edge over the competition and meet your business goals, you’ll need to find a way to acquire and apply knowledge with business intelligence and data analytics.
It Provides Opportunities for Your Business’s Success
With good-quality, well-managed data, you can uncover opportunities as they arise and evolve your organization in response to these new opportunities and new requirements. You can refine your company’s vision and strategy and even maximize ROI.
Implementing a Business Intelligence Strategy
This can be broken down into three very simple steps:
· First, you’ll have to assess your company’s needs, then gather the necessary data.
· Next, you’ll have to manage and analyze the data, generating reports, visualizing KPIs, and more.
· Lastly, you’ll use your findings to make decisions for your business, implement these changes, and work towards sustainable results.
There are a lot of details that go into each of these steps: ensuring you get the right data, figuring out which metrics are most valuable, revealing the key trends and metrics, and then figuring out how to communicate and display the data for better internal communication and decision making.
The Importance of KPIs
KPIs, or Key Performance Indicators, are one of the most important aspects of business intelligence and data analytics. You can adjust your KPIs and look for certain ones depending on your business’s needs and goals, but here are some common examples:
· Benchmark your current performance compared to past years
· Determining if your sales are growing, stable, or declining
· Determining if you are breaking even, making a profit or losing money
· Your business’s lead-to-sale conversion rate
· Cost of a new client
· Customer turnover rate
· Average purchase value
· Your operating cash flow
· Return on investment for a project
· The runtime/downtime of machines in a facility
These are just a few common KPIs that businesses look at, but there are many, many more—some of which will apply to your business and others that will not.
You need to choose the right KPIs to monitor—otherwise, it won’t be an efficient use of your time. After all, they are called key performance indicators, which means you’re only looking at the indicators that are most crucial to your business’s growth, success, and performance. Learn more about KPI's here.
How to Get Started
All of that sounds great, but chances are, you’re wondering how to actually put it into practice. If you’re unfamiliar with business intelligence and the latest data analytics practices, we’d suggest talking to a consultant.
When you work with an experienced consultant, you’ll get solutions that are tailored to your business. Leveraging their expertise in analytics, reporting, and data management, a business intelligence consultant can support your data needs efficiently. And, when you choose a consultant with a deep knowledge of business process reengineering, they can transform complex problems into simple solutions for you.
This allows you to focus on what you do best while still getting the data and analytics you need to succeed!
Working with Titanium Consultants
Atwe’re here to help you meet your business goals! Feel free to with any questions you may have.