7 reasons why you should invest in business intelligence

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Tell us: is your company managing to stand out in the market, win the hearts of consumers and also stand out from the competition? Yes? No? Whatever your answer, know that business intelligence can help you (a lot).

When an organization starts investing in smart strategies that help boost business, it achieves surprising results.

Still in doubt?

So, stay with us and learn all about business intelligence. Happy reading!

What is business intelligence?
According to Zanchin , business intelligence (also known as competitive or market intelligence) is:

“The process that investigates the environment (macroenvironment and microenvironment/competitive environment/task force) where the company is inserted, with the purpose of: identifying opportunities and threats, diagnosing the internal organizational environment and determining short, medium and long-term action strategies”.

In other words, it is when the company creates accurate mobile phone number list a culture based on data (which can be both internal and external), organizing, structuring and interpreting it to support all business actions.

What are the main data collected by business intelligence?
There are several data points that your company can use to promote more strategic intelligence.

Find out what are the main pieces of information you can collect for analysis:

market: information about the consumer profile, demography, what influences purchasing power, trends, competition, segmentation ;
your sales: how many active and inactive customers, average ticket, churn rate, sales conversion, customer satisfaction, ICP , errors in the sales process, customer life cycle;
products and services: whether the solutions presented meet the client's needs, types and profile of consumers, what the competition is offering, what sets your brand apart, sales performance, team knowledge;
competition: market positioning, segmentation, strengths and weaknesses, price, marketing and sales strategies , customer satisfaction and preferences;
trends: economic and development forecast, legislation and regulations that may affect your business, trends in consumer behavior and much more.
>> You may also like to read: What to expect from using data for sales in 2022?

7 reasons to invest in business intelligence
As you have seen, there are thousands of data points that your company can use to have more business intelligence. After all, it only brings benefits to your company.

Check out 7 reasons to start investing in business intelligence now.

1. Ensures greater competitiveness
Business intelligence helps your company increase its competitiveness. After all, it is the ideal opportunity for you to get ahead of the competition, winning the hearts of consumers more quickly and assertively.

Furthermore, it improves team productivity , as they have access to a range of really important information to promote a great customer experience.

2. Allows you to automate processes
With business intelligence, you automate internal processes. This way, whenever you need strategic information, you can use intelligent reports. By investing in technology and innovation, your company will always be ahead of the game.

3. Promotes more predictability
We know that there is no way to predict tomorrow. However, by analyzing the data you can have more predictability.

Knowing the future is important to have a much broader vision of what is happening in the market. This way, it is possible to act more strategically in the face of market changes.

After all, you have access to important trends and information that help you make more assertive choices. In other words, with business intelligence, you can make decisions with much more confidence and peace of mind.

4. Increases Lifetime Value (LTV)
LTV is a metric that helps determine the value of a customer. In other words, how much they spend during their relationship with your company. The higher the value, the better.

Therefore, by using business intelligence, you make relationships much more lasting — and profitable, of course.

5. Promotes more innovation
Business intelligence helps your company develop because it encourages innovative and creative actions. This happens because it allows you to focus your company's efforts on trends and new niches.

This way, it becomes easier to have insights that help the company to “think outside the box”, that is, to develop products and services that are truly different from anything the customer has seen before.

And we know how important it is to surprise customers in order to delight them and build loyalty, right? After all, these innovations have a positive impact on the way consumers see your brand.

6. Increases profits
By investing in business intelligence, you have more objectivity and focus on the message you send to your consumer. So, you understand what their real needs are and propose innovative solutions to solve their pain.

As a result, the customer feels loyal, as they have a complete and unforgettable experience with your brand. So, they recommend it to their friends and family — who may also become customers.

This positive cycle helps to increase the company’s profits. This happens because the customer continues to buy from the brand and becomes one of its advocates. This helps your organization to stand out, gain brand authority and conquer the market.

7. Always get ahead
By investing in market intelligence, you won’t be surprised by the competition. This happens because you know your competitors in more depth and know what their strengths and weaknesses are.

This way, you can find excellent strategies to differentiate yourself and stand out. Therefore, it becomes much easier to develop campaigns and actions that improve the brand's performance.

Business intelligence is an excellent strategy for your company. After all, it only brings advantages, such as: greater competitiveness, process automation, more predictability, increased LTV, more innovation, more profits and, also, it allows you to stand out from the competition.