The main function of Business Intelligence (BI) software is to turn data into actionable insights and proactively address a customer’s needs. In doing so, organizations hope to gain a competitive advantage and increase ROI; it’s every brands’ core goal. As the growth of data shows no signs of slowing down, an increasing number of companies are scrambling to jump on the BI bandwagon. The following is a list of the top three ways BI has been improving ROI for early adopters:
- Faster and more accurate reporting, leading to better operational efficiency
Gone are the days of data wrangling and cleansing, which took several man hours and often required additional headcount. By simply connecting all your data sources onto one BI platform (we don’t like the word dashboard, here's why), you get a clear overview of all your data and marketing efforts in one place without the need for additional staff. This has led to cost savings in recruitment, as well as more accurate, high-frequency reporting, which is where you should be at as a business today in order to make real-time decisions.
- Improved data quality, leading to better business decisions
As reports can be automated and done more efficiently, it also means that the data can be used in a more timely manner. Stakeholders won't need to make decisions for tomorrow, based on last month's old data. Eliminating the need for manual data wrangling and cleansing also decreases the margin for human error. This ultimately leads to improved data quality that sound business decisions can be based on, leading to a healthier bottomline.
- Increased ROI through better spending
It’s a domino effect – thanks to the ability to churn out reports based on recent and accurate data, sales and marketing teams are able to identify their customer’s journey more accurately, or re-strategise and alter their digital campaigns. Budgets can be allocated to avenues that have been identified as more profitable, thus avoiding spend on other areas that yield little or no returns.
Where BI is headed
As tools get easier to use, the adoption of self-service BI will be more apparent. This means more people (e.g. the marketing department) within organizations will get access to their data and BI, and are able to run reports themselves. Not only that, but several tools are also offering their software on mobile, which means reporting can be done almost anywhere with an internet connection. Together, the above factors also contribute to revenue through reduced costs in areas such as operational efficiency, and headcount.
With less reliance on their analysts, companies get to avoid a bottle neck situation in their reporting process, allowing them to move at the speed of business and keep their competitive edge.