According to recent information from the technology sector, an estimated 2.5 quintillion bytes of new data are being created each day around the world. Experts expect that figure to surge to more than 450 exabytes within the next few years. While this largely consists of videos, pictures, and other forms of media, it also encompasses all the information businesses gather on a regular basis. Though all that information could prove priceless for today’s businesses, much of it ultimately lies dormant, simply taking up valuable storage space.
Putting Data to Good Use
Many business people are aware of how powerful data can be. That being said, quite a few don’t fully understand just how much power they hold in their hands or, more accurately, their databases. All the information they have sitting idly by could be used to their benefit in numerous ways. If you’re among the many business owners who fall into this category, consider looking for business intelligence software to help you unlock all that potential power. This type of software offers a great deal of usefulness to businesses of all types and sizes.
Understanding Customers and Prospects
On the most basic level, businesses can use much of the data at their fingertips to gain greater insight into their customers and prospects. Every time someone visits a company’s website, signs up for its newsletter, enters an email address to receive a special offer, or purchases a product, that person leaves behind a digital paper trail. When you find yourself on a website that sends up a cookies notification, those cookies are used to track your activity, and data is created to shed more light on it. In all likelihood, your website uses cookies as well.
All that information could work in your favor in so many ways. It can help you figure out which marketing and advertising campaigns are most effective and which are basically a waste of your money. It can show you when customers are spending money and what they’re spending it on. It can even allow you to predict spikes and drops in sales. Those are only a few of the possibilities. Of course, all that depends on incorporating business intelligence software into your daily operations and using it to carry out those actions.
Pinpointing Internal Shortcomings
Business intelligence software can also help when it comes to finding areas where your company and its employees are falling short of expectations. That includes your own expectations as well as those of consumers. In turn, it’ll aid in cutting costs and raising profits.
The boost in efficiency alone that’s generated by intelligence software could make a major difference in your bottom line. You’ll see greater productivity, reduced turnaround time, and a wide range of other improvements. On top of that, you could even see more effective customer satisfaction and retention. All it takes is integrating business intelligence software and paying attention to what it tells you via analytics and reporting.
Using Business Intelligence Software to Your Fullest Benefit
Endless information is currently sitting in your database, waiting for you to unleash its potential. Unfortunately, you can’t do it alone. Making the most of all that data takes outside help. Business intelligence software could be the solution you need to use that information to your fullest benefit. It can help you make data-driven decisions on numerous aspects from inventory management and new product launches to honing your approaches to advertising and customer service. That’s only the beginning.
