Companies deploy business intelligence software to support the decision making process at various levels of the organization by providing analysts and key decision makers with relevant data critical to short-term or long-term actions and strategies.
While BI solutions are typically used to streamline processes and help direct campaigns, these tools can also be employed to collect and analyze data to primarily boost profits.
Executives at several large corporations provided online technology publication Computerworld.com with several suggestions on how BI products can be used to lift a company’s bottom line.
BI solutions can also be used to benchmark sales channel partners, according to Bill Stark, head of corporate intelligence and analytics as Clean Power Finance,
The online software-as-a-service platform company uses BI tools to assist its sales team determining who are top and bottom performers among their channel partners. This knowledge helps sales team members determine what sort of action and level of assistance to provide the partners.
Max Dufour, principal of Hermeda LLC, an enterprise solutions advisory firm, said well-configured BI systems can help companies cut down time spent on data entry and manipulation.
The time saved in automating previously manual report generation tasks can be re-allocated to data analysis and drive “profitable decisions.”
To find five more ways how BI software can improve your bottom line, click here