The True ROI of Business Intelligence Software
“Data” is a word that evokes many different thoughts and emotions from people. Some hear it and assume every answer to their questions will be instantly answered. Others hear the word and shake their heads because sifting through data sounds extremely daunting. No matter what gut reaction you have from the word, data can provide a real value to companies.
However, analytics will only show you dry facts, and determining how to interpret the numbers requires more work than simply looking at a chart and making a quick decision. For those in leadership positions, Business Intelligence software can be an important tool to help sift through data and make educated decisions that will have a positive impact on their companies. Despite this value, many are still don’t fully grasp the capabilities of this cloud-based software.
Business Intelligence Software: A Reporting Tool Offering More than Dashboards
Many people only think of dashboards when they think of Business Intelligence. This assumption is not entirely wrong, as dashboards are one piece of the puzzle, but Business Intelligence software is about gathering data points from all facets and departments of your company and then providing it in a useful format.
Companies can tie in data from accounting software, human resource departments, marketing departments, sales teams, and call centers to find unique trends. An example of a unique trend would be the following:
The results show that most expensive agents are performing worse than the lower paid agents. This viewpoint is tough to stomach and jarring, but it’s absolutely necessary and allows the company to avoid focusing on seeking and implementing the wrong solutions. Instead of forcing training, which wouldn’t necessary given the more experienced agents are performing poorly while the inexperienced ones are thriving, the knowledge of this new piece of information enables the company to make logical next steps, like shifting focus on newer Artificial Intelligence (AI) communications that utilize chatbots, social media, email, and more.
This culmination of all the business’s data in a neat package provides the executive team with actionable information. You can create dashboards for company leaders, but the long-run objective is looking at huge amounts of data in a way that provides context, which leads to executives making smart, strategic business decisions instead of gut decisions that could waste the company’s money.
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