What if your company had the power to find out, in real-time, market demand from different locations? Or the capacity to identify, with minimal delay, potential bottlenecks or poorly performing marketing channels? A Business Intelligence (BI) solution could be what you need for this thanks to its ability to provide valuable real-time data.
Today’s fast-paced economic environment and technological capabilities makes waiting for a monthly or yearly report to make operational decisions or to respond to market demand a risk to any business’s health. You and your team could benefit from real-time information, instant and relevant reports with data from multiple sources, and critical KPIs whenever and wherever you need them.
That’s why we want to present you with 10 of the most relevant benefits of having data accessible in real-time with a Business Intelligence solution.
1. Have a market demand snapshot
What if I told you that you could have an image of what the market is purchasing right now?
Among the biggest advantages BI tools bring to an organization is the ability to create and view reports on a daily basis: sales, finance, marketing – you name it.
Therefore, you no longer have to wait until the end of a month or a quarter to receive this data. This Business Intelligence ‘superpower’ enables you to make instant decisions and respond quickly to market demands.
2. Discover in real-time the best-selling products and locations
With a BI solution, all qualified members of your team can access up-to-date and accurate data to monitor daily sales performances and to discover which the best-selling products and locations are.
With this real-time information, you can quickly adapt your inventory for particular items and stores. Furthermore, you can help your sales personnel to redirect your customers to the most appropriate client touch points or to a similar product, online or offline.
3. Prevent bottlenecks and downtime
As well as identifying top performing areas, you can also spot the ones with problems. Firstly, a BI platform allows you to pinpoint any bottlenecks in distribution channels, manufacturing processes or inventories, and it enables you to optimize them as quickly as possible.
Secondly, having a personalized BI solution and clear procedures gives your company the advantage of being able to quickly react to disruptions and problems.
4. Enjoy centralized data with one click
Currently, all types of organizations deal with a huge amount of data from various sources, from online platforms and shared reports, to desktop spreadsheets. Your company probably handles an overwhelming amount of data as well.
How can you monitor all this information in real-time? How much time do you and your employees waste compiling data from multiple sources?
With a Business Intelligence solution, you can easily create and access customized reports, from one single platform, with data consolidated from multiple different sources. Not only can this save you time and valuable resources, but your people can work more efficiently as well, since they can now focus on analyzing data and discovering valuable insights instead of compiling information from multiple sources.
5. Smoother business operations
For a healthy business operations system you must monitor many processes on a daily basis: uptime, asset performance, distribution or manufacturing, sales and inventory, to name just a few.
For this process, you need an ally that can provide you with data with minimal delay. From one dashboard, you can monitor – in real-time – crucial activities for your business operations and react immediately when necessary. Moreover, a BI platform empowers you to find new opportunities to boost operational efficiency.
6. Safeguard your company’s asset health
Think about the peak periods of your business, when it is crucial not only to have a real-time image of your operations, sales, supply and demand processes, but of your assets’ health as well.
A BI solution enhances the capacity, availability, and stability of the assets, ensuring flawless operations in busy periods or during downtime. You can also receive real-time notifications about the health of your company’s assets.
7. Gain consumer insights for 5-star experiences
Let’s imagine that one loyal customer returns to a website for a shopping session, but they can’t find what they are looking for. Knowing not only their demographic profile but their purchasing history, consumption patterns and favorite communication channels, you can deliver them a personalized experience or provide them with another suitable item.
Luckily, today’s Business Intelligence tools enable a better understanding of clients and their usage behavior in order to develop cross-selling programs, loyalty programs, a personalized experience, and even influence their usage behavior.
8. Monitor real KPIs
Having a BI solution in place will help your team to track, in real-time, key performance indicators (KPIs) and analyze them in comparison with appointed business goals. It is easier to understand how a business is performing today and to react proactively in order to improve performance, than it is to make a move when it’s too late.
9. Track your top performing marketing channels and ROI
As recently as 10-15 years ago, knowing how integrated campaigns perform in real-time was still a dream for any marketing specialist. Today, not only can you monitor your results in real-time, but you can optimize your budget and campaigns on a daily basis.
This is possible even if your marketing strategy is complex, including both offline and online activities, and even if it integrates different content or CRM platforms, social media channels, or performance marketing initiatives. A BI platform can help you monitor campaigns and identify top performing channels, inefficient media planning, or budgeting.
10. Create automated reports accessible from everywhere
How many times have you wanted to verify up-to-date sales or distribution metrics while traveling?
A modern Business Intelligence solution offers you access to relevant reports, key metrics, and data dashboards no matter where you are, using mobile devices and cloud-based apps. You can create automated reports, delivered daily, with data consolidated from several platforms and sources.
Having all this data in real-time allows your team to save time and resources, to be more efficient, and to focus on strategic and valuable actions rather than on monitoring and compiling data.
If you think that at least two of these real-time data benefits will make a difference for your company, we will gladly provide you with more information on how you can profit from a fully performing, customized BI Solution.