What is Business Intelligence and Why Do I Need It?
Benefits of business intelligence for your B2B eCommerce business
What is Business Intelligence?
Business Intelligence (BI) software is software that collects, analyzes, and presents business information and big data. The software, if implemented correctly, saves you time and energy while giving you important information about your business and customers. BI software is able to take all of your raw data, make sense of it, and show you the information that counts. Business intelligence helps companies make more informed and better decisions about marketing, sales, and numerous other areas of their business.
Business Intelligence Leads to Sales
According to a study done by Nucleus Research, $10.66 was made for every dollar that a company spent on business Intelligence. That’s am ROI of over 1,000%. The information gained from business intelligence can help your company reduce costs and implement more efficient processes. BI may lead to higher sales and more satisfied repeat customers. Using business intelligence software instead of having to manually input and analyze data also saves your company valuable time and resources.
BI Improves Decision Making
According to a survey done by Helical IT, decisions made by using data, instead of intuition, make the chances of success 79% greater. The key purpose of business intelligence is to help your company make smarter decisions quickly. Data from the past and present about pricing and competition analyzed by business Intelligence software can help you make the right decisions about how to competitively price your products. BI software is able to evaluate your data and create custom reports to help you make more informed decisions.
Marketing and Business Intelligence
Business intelligence helps your marketing team assess the effectiveness of your marketing efforts. BI lets you see what products are selling and to whom. This information helps you decide which products are best to promote to particular markets. Business intelligence can also show you what marketing campaigns and advertisements worked the best, allowing you to focus time and resources towards marketing campaigns that boost sales. BI software can uncover your customers’ behaviors and buying habits, enabling you to use that information to your advantage.
Business Intelligence and Customer Retention
Customer retention is one of the top concerns for B2B businesses. According to Bain and Company, gaining a new customer is six to seven times more expensive than retaining a current customer. Business intelligence software can give you insight into why some of your customers are leaving and others continue to buy from your company. Information such as late shipments, returns and customer complaints can be collected and analyzed using BI software, helping your business to improve customer satisfaction and retention.
Clarity Can Help
The Clarity eCommerce platform has extensive business intelligence software built in. Our platform compiles all of the consumer information that your eCommerce website collects and makes it available through your eCommerce dashboard. To find out more about business intelligence and how Clarity eCommerce™ can help you collect valuable information about your business and your customers, call or click for a quote today!