7 tips to triple your business' value

7 Tips to Triple Your Business’ Value Using Business Intelligence

Introduction

Organizations that are data rich but insight poor struggle to transform available data into actionable business decisions. Managing this data to create value is crucial for staying competitive, creating opportunity and building a customer-focused approach.

Organizations are generating and capturing more data in more ways than ever before. With the increasing pace of business and the flood of available data, companies struggle to derive insights and produce value. Forward-thinking organizations are using data in broader ways and placing it at the heart of the business decision making process. By doing so, businesses are becoming more customer-focused cultivating a data-driven culture that will emphasize the value of converting tactical data into strategic information.

Here are 7 tips to triple your business’ value!

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1. Remove Guesswork

An airport service company has been using Business Intelligence to rapidly identify newly developing trends, closely monitor performance of its subsidiaries and compare key performance indicators against industry and macroeconomic standards. Their ability to turn raw data into meaningful information in a quick and effective manner provides their teams with visibility into what is really taking place on the ground.

CASE STUDY:

PROBLEM:

SOLUTION:

All too often, running a business is treated almost like gambling, and it shouldn’t be that way. Executives are left with the option of ‘making the best guess’ or ‘going with their gut.’

Business Intelligence gives you access to your data in real-time, allowing accurate forecasting and even the ability to make predictions based on “what-if” scenarios. Any qualified business user can gain access to important company data including business metrics, dashboards and other critical reports through their computer or mobile devices.


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2. Know Your Customer

A leading provider of payroll, human resources and employee benefit services to businesses, was losing about 25.2% of its customer base each year. After implementing a business intelligence solution, they were able to employ a year-end retention program aimed at targeting clients most likely to leave. After this retention strategy was applied, their customer churn rate dropped dramatically from 25.2% to just 6.7% within the first year.

CASE STUDY:

PROBLEM:

SOLUTION:

Understanding your customer is essential to all aspects of your business. Without accurate information into you customer’s needs and buying cycles it is nearly impossible to plan for future success. One of the biggest benefits of having a BI platform in

your organization is having the ability to look into what the market is (or is not) purchasing. Using data-backed information gives you the opportunity to make insightful planning decisions and turn information into profit and hold on to your valuable clients.


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3. Identify Up-Selling Opportunities

A national truck dealer analyzes sales data by region, product category, sub product categories, and customers. They use this information to target fleets with average vehicle ages outside of most OEM warranties. This segmented list is used to drive their initiative to sell more preventative maintenance and service contracts. In the first year they saw a 37% increase in maintenance contract revenues.

CASE STUDY:

PROBLEM:

SOLUTION:

Existing clients in your database are a great source of additional revenue-generating opportunities. However, you need to be able to quickly determine and prioritize which clients are the best opportunities and what products and services will be the best fit for them.

Business Intelligence platforms enable you to make use of valuable customer data to create and improve traditional models that will in turn help your sales personnel to cross-sell and up-sell goods at the most appropriate client touch points.


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4. Streamline Operations

A leading Health Care provider uses their BI solution in order to manage and extract value from the massive amounts of data they generate every month. Access to real-time information allows management to make informed decisions resulting in greater efficiency and reduced overhead, while still maintaining the highest quality of patient care.

CASE STUDY:

PROBLEM:

SOLUTION:

You know that there are inefficiencies in your operations but you cannot easily determine what they are. In the past you have made changes to try and streamline your processes but even when you did you were unable to measure the results of your new initiative.

Once a BI system is put into place, you have the ability to make detailed insights into your performance. You can easily pinpoint the areas that you need to modify in order to streamline your operations. Once you put a new process in place you can easily track the results and compare them to past results to see the net benefit to your organization.


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5. Increase Efficiency

A manufacturer of precision machined components for customers in military and civil aerospace sectors was experiencing operational issues effectively measuring machine resource availability and production output levels. After the BI solution was implemented, management was able to proactively monitor shop floor performance from any computer screen in the building, easily identify bottlenecks in the production process and make more informed operational decisions.

CASE STUDY:

PROBLEM:

SOLUTION:

Traditionally companies manually collect data and create spreadsheets, in many cases multiple spreadsheets and distribute them monthly to their team members. Gartner Group Research shows analysts spend an average of 69% of their time collecting and correcting data to prepare reports. By the time these reports are created and distributed, they may not be relevant and actionable because the data is old and stale.

With a BI system in place, all of the needed data is centralized in a single source. This saves time and energy while removing inefficiencies from the process. This allows your entire organization to operate from the same set of information, alleviating confusion and creating corporate-wide visibility.


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6. Analyze Cost of Goods

A leading manufacturer & supplier of commercial diving equipment was having a problem gaining clear insight into their project job cost. This caused difficulties for the sales team when they quoted jobs since they were often unsure what the true cost of goods was. Upon implementation of their BI system a dynamic product costing tool was developed to facilitate the easy calculation of product costs and selling prices. They also realized several additional benefits including: a higher quote to conversion ratio, improved visibility of business critical data and ensuring projects stay on schedule and on budget.

CASE STUDY:

PROBLEM:

SOLUTION:

With all the variables involved in producing goods and services do you really know what your true costs are? Variables change daily, weekly, monthly and so do costs. How can you automate this process in real-time so you can make accurate decisions to ensure you are making a profit on the products you are selling?

BI software can give you a clearer insight into your true product costs. Real-time access to this critical data will allow you and your teams to control costs before they spiral out of control.


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7. Improve Inventory Management

A national sporting goods retailer was struggling with managing their inventory levels over their 50+ store chain. They decided to implement a BI solution to analyze seasonal and regional market trends, as well as past historical sales data to assist them in making better purchasing decisions. In the 12 months following their BI implementation they increased revenue 18.7% and net income by 54.3%.

CASE STUDY:

PROBLEM:

SOLUTION:

Forecasting demand has always been extremely difficult. Without knowing how quickly inventory moves through your value-creation-and-delivery system, your company can’t manage its inventory levels. You have become entirely reactive and daily planning has become based on fulfilling your back order report. BI software helps you make the right products, in the

right quantity, at the right time. Your BI system will automatically forecast demand and track fill rates and inventory turns. Your customers will receive their orders when they need them and your company doesn’t have the added burden of stocking excess inventory.


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SummaryBusiness Intelligence software has the capability to unlock the hidden potential within your organization while creating a single source of information for your entire organization. Real-time data is automatically collected and organized into dashboards telling a clear story of where your business has been and where it is going. Your business data can be used to gain an advantage over your competition, and enable better, faster and more profitable decision making.

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