According to 91% of business leaders, data-driven decision-making can help them accelerate their overall growth and conversions. However, only 57% of businesses are actually able to use data for making business choices.
This clearly shows a lack of utilization of user data for business expansion amongst growing businesses. However, with data-centric business intelligence software solutions and tools, enterprise businesses can easily make use of their data to understand user behavior, and evolving consumer needs, and identify the scope of further expansion.
According to Statista, Business Intelligence software will grow by 30.6% by 2025 which makes tapping on its potential benefits essential for merchants. If you’re wondering how you can use business intelligence for your leverage, stay tuned!
What is Business Intelligence?
Business Intelligence basically uses users’ insight and data to convert them into in-depth business insights further to help merchants understand user behavior and consumer needs. With reliable business intelligence software, you can efficiently gather and analyze data sets in the form of automatically generated summaries, reports, and graphs. The consistent use of business intelligence software allows users to efficiently attain the major business objectives.
Benefits Of Integrating Business Intelligence Software
Business Intelligence software offers widespread perks for businesses of every scale. With the help of Business Intelligence, businesses can easily answer their major roadblocks and drive higher ROI. Here’s a list of major benefits of adapting to business intelligence software:
Business Intelligence software allows employees to easily gain data-driven insights on key performance indicators and use them to plan out further business expansion processes. This not only makes the reporting process more in-depth but also helps employees to set realistic and achievable business goals.
In-depth Business Insights:
Business Intelligence software uses users’ data to provide insights regarding their experience with your brand. This helps you distinguish and identify successful business features along with insights on operations and workflows that need further enhancement.
Improved User Experience:
Business Intelligence software can easily track users’ behavior, interaction patterns, and habits. This offers real-time insights into how your consumers interact with your brand effectively. You can further use these insights to enhance your user’s experience and drive conversions.
Scope of Further Expansion:
With data-driven insights from business intelligence software, you can identify the scope of further expansion with ease and implement them with a reliable development agency to tap into the unexplored potential of tech innovations.
Enhanced Operational Efficiency:
BI tools and software further allow businesses to enhance their overall efficiency by offering automated reports for digital solution performance effectively. This, in the long run, enhances the overall business operations.
Finding the Right BI Tool For Your Business
Business Intelligence tools offer different functionality according to business-specific needs. However, finding a tool that aligns with your business needs can be a daunting process if you do not have insights into the types of BI software and your immediate needs. Here’s a list of business intelligence software you can adapt to:
Data Mining BI Software: Data Mining BI Software helps enterprise businesses to use raw user data to visualize and generate actionable business insights. These BI tools can generate unique data sets to help businesses track key performance indicators effectively for accelerating conversions.
Online Analytical Processing BI Software:
Online analytical processing BI software allows businesses to efficiently discover data sets and perform multidimensional data analysis. With OLAP BI Software, businesses can easily analyze complex data sets, view automated data reports, and perform predictive forecasts regarding their business objectives and performance.
Data Warehouse BI Software:
Data warehouse BI software allows businesses to capture data from various relevant resources to generate reliable business insights. It allows businesses to unify their various data sources and visualize their data in the dashboard and reports.
Business Performance Management BI Tools:
Business Performance Management is BI based tool that helps businesses to use data-driven insights to discover and achieve their business goals. Integrating such tools can assist you to focus on the right KPIs and generate key insights.
Hence, we can conclude that BI software can easily help businesses to gain better insights and attain their business goals. However, while investing in BI software it is crucial for you to list out your current and potential business needs and discover a solution that aligns with them.
Business Intelligence Software Use Cases
Business Intelligence software has been a staple for multiple market leaders in different industries. Being early adopters of business intelligence tools has helped industry leaders such as Uber, Netflix, Walmart, etc. to cater to the needs of their target users and enhance their revenue exponentially. Here’s a list of top market leaders using BI tools:
Twitter uses Business Intelligence tools along with AI to identify and deal with inappropriate content on its platform. Further, the company also uses it to identify terrorism-related posts as well to ensure safe browsing for its users.
Further, the tool also helps Twitter identify its user’s interests and provide them with relevant content in their feed.
Business Intelligence software helps Uber to provide dynamic pricing to their users. It tracks crucial information such as traffic, driver availability, and weather conditions in real-time to offer pricing for users while they are booking a ride.
Netflix is yet another market leader that extensively uses BI to enhance its overall user experience. It uses BI to create program ideas and recommend in-app shows to its users for increasing their engagement time efficiently
These are just a few examples of business intelligence. However, BI can be further used in multiple industries to cater to business-specific needs.
How can Brands Integrate BI into their Business?
From the discussion above, we can easily conclude that by integrating BI tools businesses can easily move past major business roadblocks and achieve higher conversions. However, to achieve this having a well-planned integration strategy beforehand is a must. Here’s a stepwise guide that you can use for smooth integration of BI software:
Create BI Integration Strategy:
Before you dive into exploring various BI software you need to ensure that your search aligns with your business needs. So make a list of business goals you wish to accomplish using BI along with your initial budget and available timeframe to find the right solution.
KPIs (Key Performance Indicators) help businesses track their progress quantitatively. So once you have clear insights into your business needs and have a strategy in place, set up some industry-relevant KPIs that you can track using BI software to monitor and identify the scope of growth.
Build a Team for BI Integration:
BI integration in your digital solution requires you to create a reliable tech team. Once your strategy is ready you can outsource software development companies to build ****and integrate your BI solution efficiently.
Create Data Storage Platform:
The accuracy of BI clearly depends on the data storage and its quality. Hence before integrating BI tools having a platform where you can store your data is a must. As it'll centralize your data and assist your BI tool to perform in-depth analysis.
Launch and Maintenance:
Once you have your data source in place along with your BI tool you will further need a maintenance strategy in place to ensure it operates smoothly.
Business Intelligence can assist businesses in catering to their major roadblocks and exponentially enhance their user experience. With the help of reliable BI tools, you can get data-driven insights that in the long run would help you achieve your business goals efficiently.
If you're planning to integrate BI software into your digital solution, do reach out to us right away.