Business Intelligence: To grow or not to grow.

Feb 6, 2023

The business landscape is ever-changing. Competition is fierce and the market is often unpredictable. The economy is volatile, and the future is uncertain. No one can guarantee that your business will grow, much less that it will grow at a certain rate or in a particular direction.

That’s why it’s important to create a plan that will help you adapt to whatever happens in the future. A growth plan should be designed to keep your company on track so that you can adjust your strategy quickly as circumstances change and take advantage of opportunities as they arise. This plan must be supported by the data generated by the different processes of the company. It cannot be based solely on theory or intuition.

 

Data, your best ally.

Data is not only indispensable for designing a growth plan, but it is your best ally in any decision-making process. Data can help you understand your business better, make better decisions and make them faster, avoiding costly trial and error.

And the best part is that the data is everywhere. In your business processes and systems, in the hands of your customers, employees and suppliers. As your business grows, the variety and volume of information processed also increases. As a result, BI solutions need to be able to solve more complex questions and integrate more data sources to answer them.

For example, if you have a small business that sells products online via Mercado Libre or another e-commerce platform, you would want to know how many orders were delivered last week versus last month (a simple question). To answer this question, a basic reporting tool or even your own sales system might be sufficient. But what if instead of just asking for general orders you would like more detailed information? For example:

  • How many customers bought more than $100? What was the average ticket of customers who purchased multiple times in a week?
  • What was the average purchase amount of the customers’ first purchase?
  • What was the average purchase of customers who made their first purchase under a promotion versus those whose first purchase was without a promotion?
  • Which Customers are most likely to use promotions? Can I discriminate my communication of promotions so as not to offer promotions to those Customers who are less sensitive to them?
  • What is the gross margin of each product? How has the evolution of each one been?
  • What are the differences in profitability per product for each channel or point of sale?
  • How many units of a product should you order to meet demand when you re-launch a promotion in a specific location?

The more detailed the questions become, the more complete and sophisticated the BI solution that answers them must be.

 

A good BI solution can help you grow.

A good BI solution is essential for the growth of your company. It is essential to have a system that helps you make informed decisions, improve collaboration between areas of the company (instead of generating discussions about who has the right data, a long and complex topic for another post), and reduce time to market. Not least, a solution that allows you to achieve all this should also:

  • Be easy to use and simple enough to understand for non-technical users
  • Be flexible enough to grow with your company’s needs over time
  • Provide actionable insights from KPIs (key performance indicators (KPIs) to your teams.

 

Too many options, too complex.

There are many BI tools on the market, each with its own strengths and weaknesses. But none covers all BI processes in a comprehensive and automated way, and is also easy and quick to implement. Except bintelligenz.

BI too many options.

Develop your own BI solution

A common mistake that leads to failure in the use of this type of technology is to select one of the many tools on the market and try to develop a BI solution when one is not an expert in data architecture and integration, or even in data analysis and the generation of visualizations that correctly show the reality of the data.

You can buy the tools you think are most convenient and form your own BI team or hire consultants to implement and integrate them or develop in-house your own reporting system. If you choose either of these options, you should be aware that this will take time and money – and even if you had the luxury of having both freely available, you may not succeed due to lack of skills or experience in all the details that such a solution requires.

Contract a SaaS BI Solution

Alternatively, you can take advantage of the functionality of a pre-built enterprise BI solution, with the time and cost savings that come with adopting a Software as a Service (SaaS) solution like bintelligenz.

bintelligenz is an excellent option for companies that don’t have the budget or the knowledge to develop their own BI strategy. It is also ideal for companies that want to start analyzing their data, but don’t yet have a clear direction on how to approach the process.

 

bintelligenz, the most complete, cost-effective and easy-to-implement BI solution.

Business growth is not guaranteed, but bintelligenz can increase the chances that your area or company will achieve it. Would you like to explore what it would be like?

In that case, we invite you to schedule an introductory meeting with one of our consultants to learn how bintelligenz can help you transform your data into actionable insights that will help you grow and increase your profitability in just 30 days.

 

 

 

About bintelligenz

bintelligenz is the most complete, cost-effective and fast-to-deploy data intelligence solution on the market. bintelligenz automatically integrates all your data sources, validates the data and presents them in more than 150 dashboards with KPIs for your different business areas. Click
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to learn more about bintelligenz.

 

 

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