Business Intelligence (BI), if done right, is more than just a streamlined dashboard of your company’s key performance indicators (KPIs). You can segment BI into departmental reporting and individual staff performance. Equally important, you can get a quick glance of prospect and customer data points and engagement.
All this aggregated data is based on real-time, factual data points derived from your current internal business systems. Business Intelligence systems will reduce company costs and typically have a two to five year return on investment.
3 Critical Areas to Measure Business Value for ROI:
For decision makers that are allocating budget, justifying the investment in BI is critical. Business intelligence solutions can deliver extraordinary value by providing the necessary information to make strategic and tactical decisions in three major business areas:
Revenue: revenue, pricing, and profitability
Engagement: customer satisfaction, retention, and acquisition
Efficiency: operational efficiency and excellence
Each business will have a different ROI model to measure revenue, customer engagement and operational efficiency. Use this as a guideline and add what challenges and opportunities are on your company’s roadmap.
Where’s the Money? Measuring Revenue, Pricing and Profit
- Identify profitable and unprofitable customers
- Identify and categorize lost business opportunities
- Review and optimize service and product data from multiple cost centers
Full Transparency: Measure the 360° Customer Experience
- Increase lifetime value of customers
- Define most cost-effective source of customer acquisition
- Identify top sales and customer service performers
Excel at Efficiency: Measure Operations and Effectiveness
- Reduce labor costs with accurate sales/onboarding pipelines
- Streamline processes with clear visibility milestones and timelines
- Identify weaknesses in prospect/customer engagement
By implementing a unified business intelligence platform that manages all your analytical and business systems, your company will realize a higher level of efficiency while enhancing the customer experience through real-time data analysis.
Is it time to take the next steps to BI?
At ASB Resources, we have the contract staffing connections of experienced Business Intelligence project managers. Let us guide you through the expected contraction duration and staffing budget. Contact our staffing specialists today.