How does BI adoption directly impacts your organization’s revenue growth
Business intelligence (BI) solutions have proved to be a tool that helps data heads completely rely on their data to make informed business decisions. Investments made in a business intelligence tool has given back the returns to organizations that have trusted the tool’s success rate based on the huge impact it has on decisions making. Companies around the world have leveraged BI solution to experience advanced analytics that delivers real-time data insights.
Regardless of increased BI adoption in the past decade, there are still some organizations that are hesitant of the tool and have concerns about the impact it can have on business success. But such organizations need to look at the bigger picture and the possibilities BI adoption opens for strategic decision making and not just from technology modernization perspective. BI solutions can be a difference maker when competing in market and trying to move ahead of competition because of the market intelligence their data provides.
Business intelligence adoption is not an easy feat to achieve, because organizations need to have processed data ready for any type of further analysis. Here is where taking a data engineering approach helps data teams to ensure data hygiene is maintained prior to BI adoption. Data engineering consulting services focus on extracting data from various sources, filter it, clean it, and then make it available for further analysis. Thus, organizations need to be prepared with the right data before they can consider BI adoption.
Coming back to our original thought about how a BI tool increase the probability of success for organizations looking to adopt it, we are shedding light on some business areas which are drastically improved after BI adoption.
BI tools are easy to customize, and many offer the option to develop interactive reports for data visualization. Users from multiple departments can rely on this data such as marketing team trying to understand which campaigns are generating leads, or a sales department learning which are the type and size of customers they serve based on past and present consolidated data. As there are multiple users of a BI tool within an organization, the data and reports can be shared across various departments and sales department use it to directly improve the profitability of their organization.
Having the entire sales pattern in one place makes it easier for users to predict future revenue and make accurate sales forecasts. BI tool offers the sales department with customer ranking based on their purchase value and frequency of repeatedly coming back for more or consistent orders. This filter out the customers the sales department should focus on and target products which align with their requirement, that results in more revenue for the organization. Leveraging business intelligence to target similar customers who have the same choice for products can add more value to organization and contribute to their profits.
When customers are segmented in such a way with the help of data, an organization improves their accuracy, forecasts, and speed of delivery because they have the right data to improve sales and achieve higher profit margins. BI tools such as Microsoft Power BI offers organization detailed ready to access information through customized reports that can be utilized by multiple users in an organization. Power BI adoption has improved customer retention rates and revenue through targeted campaigns. And so, to develop a BI solutions that can help organizations achieve this, Power BI consulting services helps data teams to smoothly implement Power BI tool to make accurate business decisions.