April 6, 2018

Business Intelligence a lot more than a buzzword 2

Business intelligence is a lot more than a Buzzword

If you’re tired of hearing about disruption, rejoice, it will soon be replaced by business intelligence (BI). The buzzword of 2017-18, the mention of BI may exceed everyone’s forecasts. Lucky for you, the BI phenomenon hasn’t reached its pinnacle… in fact, the groundswell just started in Canada.

Enterprises in the [Canadian] utilities sector (50.9%) had the highest rate of adoption of advanced business intelligence technology, followed by the professional, scientific and technical services (39.6%) and wholesale trade (29.0%) sectors. (Stats Can, 2014 report)

What’s business intelligence?

Business intelligence (BI) technology derives insights from data sources like historical sales data, third party data, operations information, and customer data. With deeper, more complete, and more reliable insights into a business, an owner/director, like you, has the information required to make better decisions.

But our data’s all over the place

That’s ok, you can still achieve a holistic view of your business. Intelligence platforms like Power BI connect easily to hundreds of data sources: sales & marketing, customer relationship management, and social listening platforms to name a few.

From sales to customer support, list all the ways your organization collects and stores data. You can unify that data—and combine it with third-party information—to make decisions with more confidence.

A new focus on customers

A holistic view of your data gives you the power to improve your customer’s experience with your brand, across all communication and service channels. With BI, you can realize the true value of your customer relationships. You can better understand what motivates your customers, then personalize their experience. The time of one-size-fits-all is over.

Try Toronto’s Growth Hacking Course with The Startup Coach

Personalized content & offers

If at first you don’t succeed, try another offer. That’s what traditional marketers typically say. With the ability to see in real time which offers perform best, you can make quicker decisions, and serve the remaining customers the highest performing offer.

Competing with larger competitors? You need more than an edge to win and keep the business. Business intelligence moves your game to the next level.

Make messages relevant

It’s common sense marketing… as you know more about your customer, personalize your communications. Align the content and offers to their needs and dreams. With BI, your team can access a powerful dashboard that brings all the data together into one analytical tool.

Plug in external data

Plug external data sources, like Facebook posts, in your dashboard to identify where and when to best reach your target audience. Unify your data sources (internal sources like sales, web analytics, social listening) into one integrated hub like Microsoft’s Power BI. Just imagine how many times you can retell your story.

Optimize sales & marketing

Sales and marketing teams team love BI. It gives them reliable information, which they can use to create campaigns, perfect the elevator pitch, revise the company PowerPoint presentation, and inform their lead generation efforts.

How? With platforms like Dynamics CRM, your sales people can get to know customers better. They can nurture them cost-effectively utilizing the content developed by marketing and spend more time closing deals.

Looking for help try TorontoStarts Marketing & PR Workshops

Focus your marketing

Building a content library suitable for sales to share with customers helps your business zero in quickly on the messaging that works with your target audience. No need to use the shotgun approach anymore. Dial up the effectiveness of your salesforce with a truly scalable CRM and business intelligence platform.

Get the ebook

Let Microsoft Power BI help you interpret, present, and act on business data. In this e-book, you’ll learn about how Office 365 and Power BI can work for your team. Includes 10 things you can do in your first 10 minutes with Power BI! (Requires registration) Download here.

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About the Author

TorontoStarts now supports over 22,000 active entrepreneurs in the GTA and has grown to the largest startup community in Canada. With a reach of over 120,000+ followers across our platforms, The Startup Coach has hosted over 700 startup events, courses and workshops and spoken in front of over 70,000 entrepreneurs. Working with startups all day every day Craig has personally coached over 600 startups, judged over 100 pitch competitions, and helped companies raise over $60 million.

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