Entrepreneurs, consultants, and experts agree that successful businesses need to rely heavily on identifying and capitalizing on their own unique areas of success. Because each business is different, every company will have its own set of metrics to measure, as well as its own individual way of capitalizing on the data they find.
Identifying, recording, and analyzing these metrics are some of the most powerful features of Business Intelligence (BI) solutions. Here are 5 ways that BI can help you grow your business:
1. Positive Reinforcement
When year-to-date figures are readily available in real time, everyone from upper management to part-time associates can have an idea of how the company is performing on any given day. When the numbers are up, your staff knows that their hard work is paying off. Use positive YTD data as incentive to keep up the great work. People love to break their own records!
2. Reduce Overhead
Before the implementation of BI solutions, many companies spend a great deal of time and money on report generation, tracking the very same data and analysis that most BI programs offer. By making the switch to fully-integrated Business Intelligence, companies can save the money spent on outside reporting firms.
Beyond simply reducing costs, BI serves to keep employees more accountable, as performance data is available in real time, and readily comparable to an individual’s past performance, or the performance of other employees. Inventory management capability can also help to reduce shrinkage, making any discrepancies noticeable almost immediately.
3. Identify Areas to Improve
As reports are generated for specific sectors of a business, all the way down to department and individual performance reports, comparing this information is a great way to identify areas that may be underperforming. Getting a “big picture” view, based on highly specific reports, can help management make decisions about resource allocation or areas in need of training.
4. Staff Engagement
Individual metrics can be great motivation for the staff members of any business. Having a consistent stream of performance-based metrics acts as a statistics pool for employees, which in turn fosters a sense of healthy competition with oneself (and among employees, if they chose to share their performance data with one another). This type of engagement means that staff members are well aware of their performance levels, and actively interested in improving them! When employees have a personal stake in the business, and personal reasons for propelling it forward, the entire company flourishes.
5. More Time for Customers
Much like cost-reduction, the increased availability of reports and real time performance data saves your company time throughout many areas of the business. When a BI solution is implemented, every minute that was previously sent formatting data, generating reports, speaking with third party analysts, or other similar tasks can be spent with customers or prospects, forging new relationships through increased availability and more time spent focusing on customer satisfaction.
These are just a few of the ways that Business Intelligence is shaping the way modern companies do business. As businesses grow, they have more and more data to keep track of – data that is integral to the continued success of the business – all able to be tracked, recorded, analyzed, and put to good use through the effective implementation of BI solutions.