A lot of people used to believe that in order for your business to succeed, you had to possess the ability to make the right choices based on your instinct. This, however, wasn’t necessarily true. Guessing is definitely unreliable, and it resembles gambling more than running a business. Luckily, today, you won’t have to do this when you have business intelligence software. Here are five most prominent advantages that it brings.
1. No more guessing
Seeing how every business decision requires considering many factors, the most experienced amongst business owners would usually try to subconsciously draw parallels between their previous experiences. To the outsiders, this could be interpreted as ‘having a gut feeling’. On the other hand, business intelligence software gives you an accurate data in real-life, the data you can easily use to your advantage. Needless to say, this brings much more reliable results. For example, you can use data visualization tools to make your decision making process much easier with the help of visualized data.
2. Customer behavior
Another great benefit of using business intelligence is that it gives you an invaluable insight into the consumer behavior, which is especially useful when it comes to issues that are deeply rooted in the psychology of your customers. For example, it is known that people prefer to read lines that are 45 to 72 characters long, they don’ like small fonts, and their attention gets riveted by pictures of people. Additionally, it is also known that the left side of your website gains significantly more viewing time than the right one, which is a useful web design trick to have in mind.
3. Dashboard review method
Next great thing about business intelligence software is the fact that it uses the dashboard method of reviewing details. So, by using a BI dashboard, you get numerous advantages, such as the ability to see an overall situation at once, as well as the ability to fully customize reports in terms of your expectations. Furthermore, it is known that this information display technique tends to be highly intuitive, which allows you to find your way around it much more efficiently. In the very end, this particular viewing method is also mobile-friendly which comes as a great plus.
4. Better conduct of the inventory
Another thing that can help you is the more efficient use of your inventory. The key to achieving this lies in walking a thin line between staying out of goods and overstocking items you don’t currently need. With the help of adequate BI software, you will have easier time dealing with things like replenishment, as well as excess and obsolete stock. Then, there are also the safety levels of your stock, not to mention the inventory-related policy you will have to set up and adhere to at all times.
5. More efficient historic overview
In the very end, perhaps the best thing about running your business with the help of BI software is the fact that it gives you an accurate historic overview. By documenting all your data from the very start, you will be able to take a glance at your business’s past. They say that the history is the teacher of life and such a claim is definitely applicable to this situation. Studying the patterns such as the record item sales, most profitable months and best locations for specific items/services can do you a world of good in the future.
As you can see, if there are two things that the use of BI brings to the table, they are greater reliability and improved practicality. The first one implies that you can finally start looking at your business through numbers without fearing that there is something you forgot about. As for the latter, the graphical layout in which all information is displayed makes it easy for you to focus on what really matters. To make the long story short, this is not an opportunity you want to miss out on.
Dan Radak is a marketing professional with eleven years of experience. He is currently working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies. He is also a coauthor on several technology websites and regular contributor to Technivorz.