Business Intelligence Helps in Strategic Decision Making
Business intelligence helps extract crucial facts from a vast amount of unstructured data and transform them into actionable information that enables companies to make informed strategic decisions, improving operational efficiency and business productivity. This actionable information provides crucial insights that reveal the underlying currents of customer behavior, their likes and dislikes, online shopping experience etc. Everyday contact centers handle thousands of customer interactions that hold virtually untapped vital insights which can be efficiently leveraged to provide immense value to businesses. This information remains largely under utilized except when evaluated for Quality Assurance purposes.
Business intelligence can arm companies with rich data resources that can help them achieve their business goals and targets by guiding timely strategic decisions. Interactions with customers in the form of voice calls, chat interactions, emails etc can be thoroughly analyzed by business intelligence gathering teams to shed light on aspects such as customer preferences; likes and dislikes of customers; technical difficulties faced by customers; customer reactions to promotions; and the online shopping customer experience on a website. This analysis can lead to improving conversion rates and much more.
Apart from the above, other advantages companies can realize due to business intelligence include:
1. Improve Business Productivity
Businesses can channel their vital resources and workforce to foster business productivity as they need not divert their resources to business intelligence (BI) gathering work. Since all BI gathering work is handled by the BI team, it results in cost saving, time saving and efficient reporting supporting improved business productivity. The BI gathering team can pull up vital information from customer interactions and present it in a manner that is easy to understand, communicate and execute. BI gathering teams ensure that detailed reports are provided to companies ensuring that all the crucial information is presented in a well-documented and presentable manner so that information can be used to efficiently manage the business.
2. Crucial Information Easily Accessed
Business intelligence provides crucial information to companies, improving their ability to make quick decisions and generating a competitive advantage.
3. Good Return on Investment (ROI)
BI ensures stronger ROI as companies can significantly reduce costs, enhance revenue, improve margin, drive cost avoidance and much more. Also, BI ensure qualitative ROI such as improvements in business and process efficiency, employee productivity, better strategic decision making, customer satisfaction and much more. Companies relying on business intelligence can reduce operational costs due to improved operational efficiency and optimized business processes.
4. Informed Decision Making
Reporting based on accurate and timely information helps companies measure the performance of their processes. Business Intelligence helps companies make informed decisions on strategic issues by providing crucial information on current and historical performance of the company along with future trends, expected demands, customer behavior etc.
Business Intelligence teams ensure that the company receives real-time advanced reports to ensure that the company can efficiently utilize the information at hand to better manage the business.