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The importance of business intelligence cannot be understated. After all, what’s a business without information, data and yes, intelligence?
Among the many attributes of a business intelligence system is its ability to help you better track and assess the return on investment of your business. A business intelligence system improves your knowledge of where profits are coming from, which in turn can be used to leverage the positives and generate more profits.
Let’s look at the importance of business intelligence viewed through the lens of ROI. If you’d like additional information, we’d like to invite you to download our special business intelligence Distributor’s Guide. It’s packed with even more information about the importance of business intelligence.
Three Examples of ROI and the Importance of Business Intelligence
Business systems that include business intelligence can help you create new models, understand problems, and set objectives. A good BI system can help you examine what’s working and what’s not and use that information to boost ROI
#1: Use BI to develop new business models.
There’s such a thing as data fatigue. When you look at the same information week after week, it all starts to blend together. It can be difficult to think of things in new ways when you’re faced with the same information all the time. Business intelligence systems such as DataSelf for Acumatica and Sage Intelligence for Sage 300 can produce different types of data reports so that you’re able to view data through a new paradigm. This, in turn, can help you develop new business models and strategies based on data. When you can see things with a fresh eye, it can inspire your creativity.
#2: Identify new sources of review.
Every company has one—an item that “everyone knows” is the best seller, the customer’s favorite, the absolute must have. But is it really the best seller? Has anyone looked at the data behind those assumptions.
Using Sage Intelligence with Sage 300 or DataSelf with Acumatica can lead to startling insights. Instead of working on assumptions about what is selling and what is profitable, you can leverage information found within the reports generated from your system to determine new add-ons, new profit drivers, and more. Don’t assume that just because “everyone” says something sells well that it does.
#3: Know your good customers.
You probably have a general idea of who your good customers are, the ones who order frequently or pay on time; but, chances are you don’t know all of them. Many good customers are the quiet ones, the ones who never complain but are your most profitable customers.
Using your business intelligence system, you can analyze the features of your best customers. You can identify significant attributes such as the industry they are in, their annual review, common problems and challenges, and more. Then, using this information, you can seek new customers based upon the attributes of existing good customers.
A customer relationship management (CRM) system, used in conjunction with ERP and BI, provides powerful customer data to create strong customer profiles. These profiles are a great way to help you find additional profitable markets, industries, and clients. Using the data from your BI, ERP and CRM systems in this way can really help build your ROI.
Good Data, Better Reports with Business Intelligence Systems
Good data is invaluable for your business. With better reports from your business intelligence system, you can find new and innovative ways to increase your company’s ROI.
Mindover Software is a software reseller with a broad range of accounting, ERP, finance, customer relationship management and other software products, including Acumatica and Sage software. For more information, please contact us or call 512-990-3994.