Decision makers in any organization want to know if the company is meeting the overall goals, such as revenue growth, higher margins, earning per employee, lower costs, and so on.
When goals are not fulfilled, for example if revenue is dropping, a hard question pops up: Why? And no one likes to be on the other end of that question. Like the sales department, for example, that is then tasked with creating a report and an action plan ASAP.
Now imagine if getting the answer to that question was as easy as clicking a mouse. Or, in many cases, automatically delivered to your inbox. Heck, in that case the "why" might never have even popped up in the first place because you'd constantly have a detailed overview and predictive capabilities of all company actions.
That's what BI is all about if used optimally.
A proactive sales team knows in advance when there is a risk of missing goals by mapping all the leading indicators and KPI's into a personalized sales dashboard and setting up supporting analyses for drilling down into specific details. Any sales department should be able to instantly get down to the details and set up alerts that address the responsible people with actions to take when the situation changes or differs unexpectedly.
Are our prices consistent across all locations? Should they be? Should average income in the area influence pricing or product range?
How are my locations doing with cash on hand? Are they roughly even across all locations, or are some locations running low regularly? Why?
Are there other suppliers that can get us our products cheaper, thereby increasing our margins?
Data-driven organizations find ways to use data to support every facet of the business, from sales to marketing to HR and back again. Everything comes down to what questions are asked, and every department in the business will have different questions they want answered. With BI there's no reason to limit it. The right data answers hard questions. Ask away!
Stay current with the latest news from TARGIT.
Never miss out. Always up to date.