Business Intelligence comprises technologies, applications, tools, and practices that help organizations to analyze and integrate data to deliver more significant and insightful business data. Data-driven business choices taken by staff and managers. It is possible just because of BI. Business Intelligence (BI) helps businesses to get greater opportunities and detect inefficient processes besides cost-cutting, all of which can prompt better business forecasts and growth. In other words, BI helps to increase sales. It likewise has a significant impact on sales and can help business organizations to increase their sales and revenue over other competitors.
A BI tool like Microsoft Power BI can make your sales team’s job of understanding their customer base a lot easier and empower them to gather, unify, and visualize their info all in one place. Assuming you are thinking about BI to engage your outreach group.
Here are a few different ways your team will get benefit from Business Intelligence.
Improves client retention
It’s generally expected information that procuring another client can cost 7x more than offering your administrations or items to a current client. Only BI solution can help an organization’s sales team understand what motivates existing clients and what they are buying, track request drifts, and find opportunities to cross-sell, which is utilize to tailor deals campaigns around.
Ease reporting times
Your sales team probably spends time manually creating, analyzing, and organizing spreadsheets and datasets to get insights, understand performance, and produce sales reports. BI tool can abolish difficult and time-consuming manual reports. Pipeline reports and sales trends create quickly, leaving your team additional opportunities to strategize.
Share sales analytics easily across departments
With a BI tool, you can undoubtedly make dashboards that give bits of knowledge about the outreach group’s vital measurements and intuitive reports share across different divisions. Your marketing team will be able to tell which campaigns are driving sales, while the tasks group will actually want to plan and conjecture item interest. Additionally, the board will actually want to go with more precise business choices in view of sales activity.
Accurate sales forecasting
Businesses that forecast future drifts and presentations have a competitive advantage as it helps you stay agile. Business Intelligence (BI)solution combines all your data in one place and simplifies it, and gives you the most accurate, up-to-date information. Having access to all your verifiable deals designs in a single spot makes it simpler to precisely project future income and deals. By reducing the difficulty of collecting historic and current data in one place, your team can also set more realistic quotas. Something that can be tested assuming your deal’s achievement relies upon factors, for example, month, client portions, and so on.
Track important metrics
Business intelligence solutions like Power BI make it easier to track important metrics like win rates, revenue, discounts, and YTD revenue maps through interactive intelligent dashboards that are not difficult to set up. The dashboards are invigorating with the most recent information consequently, and that implies you’ll continuously approach the most forward-thinking data when you want it.
Takeaway
Using BI efficiently will help your business to expand its customer preservation rates, generate higher revenues from sales campaigns, and help keep your sales analytics current. As sales drive business growth, a BI tool such as Power BI can be one of the most acute investments you make. Whether for a large enterprise or a small business, business intelligence can give your sales team the competitive edge it needs to get ahead.
Talk to a Power BI Partner
If you have a keen interest in learning more about how a BI solution like Microsoft Power BI can help your organization, reach out to the MetaOption team. We are a Microsoft Power BI Partner and can help you get started with Power BI.