Every customer you interact with and sale you close generates your business’ secret goldmine. That’s because these and other daily business processes are generating valuable data points that can hold critical insights to your success. However, many business owners are not fully taking advantage of the information they already have at hand.
Below we highlight what business intelligence (BI) can mean for your retail operation, why it is an asset, and what types of BI tools make a difference.
So What Exactly is Business Intelligence?
“Business Intelligence is a technology-driven process for analyzing data and presenting actionable information to help business executives, managers, and other end-users make more informed business decisions. BI enables organizations to collect data, prepare it for analysis, and create reports, dashboards and data visualizations to make the analytical results available to decision makers as well as operational workers.” – TechTarget
With Business Intelligence You Can…
- Improve Decision Making
- Increase Operational Efficiency
- Spot and Correct Problems
- Identify Market Trends
- Accelerate Strategic Planning
- Gain Competitive Advantages
- Drive New Revenue & Profitability
5 Reasons Business Intelligence Is An Asset to Your Business
1.) Poor understanding of data could cost businesses 20%–35% of their operating revenue. -Matillion
2.) Companies more accurately predict what products customers want to buy and when using data trends. -VentureBeat
3.) Companies using analytics are 5x more likely to make better decisions faster. -BetterBuys
4.) Data analytics helps companies make decisions that produce the intended results 3x more often. -Forbes
5.) 58% of BI leaders say that reporting continues to be the strongest driver of innovation for their firm. -Forrester
Types of Business Intelligence
Every business generates data daily, but it is what you do with that data that makes business intelligence. If your business is utilizing software or some method of collecting data that is a great first step. Below we outline tools that make raw data easy to analyze and garner strategic insights from.
“STORIS’ business intelligence provides the insights necessary to strategize for future success and make the most insightful decisions for our company.” -DSG
Charts & Graphs
For visual learners, charts and graphs are the best options for quickly understanding what’s going on with your data. Strong BI programs allow you to set up dashboards that deliver key metrics in real-time. You can choose the graphical representation that works best for that data point to make the information behind the chart easy to digest.
Drill Down Spreadsheets
Excel style tools are familiar and work well for analytical minds. Spreadsheets allow you to manipulate your data with various formulas to learn more about the insights behind the numbers. A drill-down option is what really makes spreadsheets powerful, especially when you notice an outlier in your information set. You can interactively click on the data point to see the numbers behind that metric. This allows you to dive deeper into understanding your information.
“STORIS BI saves us time in finding strategic insights that benefit our business. Their analytical platform provides visibility into valuable data.” -Hurwitz Mintz
Personalized Report Viewing
It is important to have reporting tools that allow you to interact with the information. Filtering options, drag and drop flexibility, and sorting can help you to organize data in different ways to glean new results. This makes the same report multi-purposeful. In addition, having options to visually highlight data based on conditions can help you identify important information fast.
Custom Report Building
Business Intelligence programs typically come with out of the box reporting options that are a great starting point, but not every business is the same. This means that you will probably want to generate custom reports at some point in your analysis. Having a program that allows you to do so intuitively and with user-friendly navigation goes a long way to uncovering the specifics you desire for your business.
For large enterprises, the amount of data that is captured in your business each day is vast. Data Warehouse allows you to mine large volumes of information through a SQL-based platform. This allows you to generate intricate reports for analyzing and scaling BI as your company grows. Using SQL is ideal for speed and flexibility of reporting at an enterprise level.
“Business Intelligence tools empower us to be a more productive company and realize efficient operations; two keys to a successful business.” -Kimbrell’s