You may have seen titles like the above many times when searching the web with no real substance behind the claim. However, according to data collected by the Aberdeen Group, companies that use Business Intelligence and Predictive Analytics Software enjoyed a sales lift 73% higher than companies that didn’t.
So, how does Business Intelligence increase sales revenues? And what steps have companies taken to make Business Intelligence successful?
1. Increase users
Expanding Business Intelligence beyond enterprise walls and into the hands of every employee and, in particular, to customers, can be a game changer. Companies that use a Business Intelligence system for all departments and not just senior management achieve higher levels of customer satisfaction and retention, and, ultimately, greater levels of revenue.
For example, sharing important information with clients, whether it’s their recent purchases, product enhancement plans or critical service metrics, companies can build up client/vendor relationships.
2. Empower your salespeople
When companies make it easy for buyers to do business with them, they build a base of customers who remain more loyal and spend more money. This is why successful users of Business Intelligence empower their salespeople as it allows them to sell more effectively. By giving salespeople immediate access to vital data about clients and prospects, products, and competitors while they are visiting customer sites, companies are empowering them to make the kind of fully informed decisions that result in accelerated sales cycles and a higher percentage of closed deals.
For example, a salesperson for an industrial wholesaler will have far more productive meetings if they have a 360 degree view of the customer, from buying trends to previous meeting information. With this intelligence at their fingertips, the salesperson can make informed decisions on the spot, speeding up the sales process and giving them a mammoth competitive advantage.
3. Monetize information
To make Business Intelligence a success, you have to act upon the information it gives you, and turn your actions into revenue. Overnight, Business Intelligence can serve as a new source of income by highlighting value-added, fee-based information service to clients or link-selling opportunities that would previously fall off the radar.
For example, a building products distributor may supply cement to existing clients on a regular basis. But what if you knew more? What if you could find valuable information that you could monetize easily? This is where Business Intelligence will tell the building products distributor what the clients purchase history was, what they should be buying, trends in their spending, whether their sales are dropping, average spend against others in the market and so on. A simple sales call or marketing campaign could then generate additional revenue in seconds.
4. The right vendor
Choosing the right Business Intelligence vendor is paramount to success. You will need to ask yourself a few key questions first. Can it scale easily for both users and data? Is it available to home workers? Can my team use it without training or needing special skills? Are reports easy to obtain? Am I confident that the information will be an accurate view of the business’ data? How is the service delivered? Once you are satisfied that these questions have been answered can you be confident you have chosen the right Business Intelligence vendor.
For example, an automotive manufacturer with an external sales team of 10 and 20 internal users will feel a Cloud-based Business Intelligence system would be most suitable. It would support the amount of users efficiently, be accessible from multiple locations on multiple devices and will be easier to implement.
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