With remarkable technological advances, companies around the world have been looking for ways to collect and analyze large volumes of data and transform them into relevant information capable of increasing the competitive advantage of the business. And that's where BI comes in.
Sales spreadsheet kit to plan, motivate your team and not lose information
3 types of spreadsheet with ready-made formulas to put your business routine in order without much effort
Bottom of Form
In this article, you will better understand what Business Intelligence is and what it is for. Read on to also check out 3 examples of Business Intelligence to boost sales.
What is Business Intelligence and what is it for?
We can define what Business Intelligence is as a methodology that uses a set of technological tools to transform “random” data into extremely valuable information for the company.
Such information, which is a product of BI, will be extremely useful to support important decision making. Thus, you stop deciding based on guesses and intuition and start to decide in a more rational and assertive way.
The Business Intelligence tools will collect, organize, analyze and cross-reference all data from any department in your company, including sales.
As a result, you will have at your disposal a table with different graphics that will translate all that data into extremely relevant information.
This information will give you guidance and solid foundation for decision-making, as well as a broader and systemic view of your business, enabling the generation of valuable insights.
Main Advantages of Business Intelligence
Business Intelligence offers a number of advantages to companies that adhere to this methodology. Among such advantages, we can mention:
- Greater assertiveness in decision making;
- More efficient process;
- Improved customer relationship;
- Increased revenue;
- Greater competitive advantage;
- Improved risk management;
- Easier identification of procedural failures;
- Increased productivity;
- Operational cost reduction;
- Improvement of marketing and sales strategies.
3 examples of Business Intelligence
1 - The launch of the new Fiat Uno
At the launch of the 2011 version of the Fiat Uno, the company wanted this car to be more like the face of its target audience.
Read More: PropertyNews
To do this, Fiat conducted a series of market surveys and collected a large volume of data on the behavior of its followers on social networks.
With the help of Business Intelligence tools, it was possible to analyze all the collected data. The company was then able to better visualize its market, understand the characteristics and demands of its consumers and devise better strategies for launching the new Uno.
As a result, the car was a sales success and received the 2011 Car of the Year award by Auto Esporta magazine.
skymarketing strives to be Pakistan's biggest real estate developer ever, guaranteeing the highest international standards, prompt execution, and lifetime customer loyalty. For further detail visit tajarat.com.pk
2 - Hello Fresh and the increase in conversions
The Hello Fresh , company in the food business, was facing a problem with reporting the digital marketing department, which took a long time to generate such documents and did manual and inefficiently.
By implementing Business Intelligence, Hello Fresh was able to automate the generation of these digital marketing reports, saving 10 to 20 hours of work.
This allowed the company to segment its target audience into 3 profiles and target its marketing efforts more assertively. In addition, with BI, the company is able to visualize data in real time, which allows for the optimization of campaigns.
As a result, Hello Fresh was able to boost their conversion and customer retention rates.
3 - Santander and more than 2,000 new accounts opened
Ending our list of Business Intelligence examples, we have the case of Santander. The company used the BI solution to prospect new business customers and expand its account holder base.
To do this, Santander cross-checked its portfolio data with external sources and managed to map potential customers. The companies targeted were those of medium size and with high retail potential.
With the mapping done and accurate information in hand, the marketing and sales department were able to carry out their work more assertively.
As a result, Santander acquired more than 2,200 new account holders in one year.
Was it clear what Business Intelligence is? And what did you think of our examples?
Now that you know more about BI, how about implementing this solution in your business? Do this and see your results improve significantly.
As you have seen Business Intelligence is an important business tool, so you need to know its details and use it correctly. This way, you will be able to use all your potential to know your customers, understand what they want and offer exactly that, in a way superior to the competition.
