Business owners have more information at their fingertips than ever before. The rise of the digital marketplace has provided a wealth of new possibilities for learning more about your customers, but the number of options available to you can sometimes be overwhelming. Being competitive means knowing the best way to gather this information, the most effective method for analyzing it, and the right strategy for implementing it as part of a larger strategy. One of the best methods is through the use of big intelligence (BI) technology. Here are some of the best ways you can leverage BI to benefit your company.
Not being able to efficiently fulfill the delivery needs of your customers can quickly lose you a sale, but having too much in stock can lead to excess waste. A well-built BI dashboard can allow you to track your inventory better, determine what’s selling and what’s staying on the shelves, and more effectively decide what to order. This can even benefit purveyors of digital products and services by helping them determine where to focus their development efforts. Historical records can help you make predictions about the future and create a leaner and meaner fulfillment model.
While any business is good business, there’s a huge benefit for having dense metrics on your customers. By tracking the individual habits of customers, you can get a better understanding of who your consumers are and even create customized storefronts and marketing efforts to keep them coming back for more. The ability to track visitors with digital sign-in gives you a window into your habits and allows you to better serve them. According to Teem, you can maintain records of who is visiting your office and when they are checking in with a sign in console outside the door or on the receptionist’s desk. That’s why it’s crucial to integrate a BI solution that gives you more control over tracking and encourage customers to log in to your interface through the promotion of quality of life features and loyalty programs.
A good BI system provides you with financial reports linked to your entire infrastructure, but a great BI system does a lot more. You want to look for something that integrates these reports with real-time analytics so that you can understand your cash flow and profit-loss in the moment. This can assist you with everything from managing rebates to balancing your labor expenditure to match the business in the moment.
There’s no one size fits all solution for business information, but any company with a digital footprint can benefit from its inclusion. Take a look at your business model and think in terms of what offers you the most bang for your buck.
To learn more about how Yurbi can help provide a holistic view of your data, contact us so we can better understand your requirements.