Business intelligence tools give businesses an advantage of analysing trends and strategizing better over their competitors. According to MicroStrategy 2020, 64% of users reported that BI data and analytics helped improve their efficiency and productivity. Business Intelligence tools formulate and provide you with insights from the data in the systems and assist in decision making.
Through BI Tools, businesses can make reliable decisions backed by data. Such tools can help enterprises meet challenges like global competition, narrowing margins, etc. Businesses can save hundreds of thousands of dollars by reducing the manual labour spent on collecting and reporting information.
Companies of all sizes need BI Tools in today’s age to keep up with the current trends, help in enhanced strategizing and compete effectively. Data analytics makes decision-making 5x faster for businesses according to Better Buys.
Here are 3 ways in which Radius360x’s Business Intelligence tool can benefit you:-
1. Improved sales forecasts & projections
BI tools help you make data driven decisions which are precise and accurate. Radius360x assists you in formulating highly effective strategies based on data analysis. Sales representatives and managers have access to valuable business insights that can be studied through the data presented by our BI Tool.
Improved sales forecasts can be made regarding the products being bought most by customers, their patterns, quantities of the products available, sales trends, etc. It also helps enhance deals and negotiations and monitor the sales activities according to data analysis.
2. Quality and accurate data
Business Intelligence tools provide quality and accurate data, which manual reporting doesn’t. Manual reporting leaves room for errors and mistakes, which is highly unlikely in case of BI tools. Quality of data is the most important factor when making decisions regarding the enterprise’s functioning.
The Radius360x BI Tool also helps in visualizing important information in the form of graphs and tables for quicker analysis by a glance. Data driven decisions can be relied on for key decisions regarding the enterprise.
3. Identifying Opportunities
Customer behavior and their orders can be stored and accessed in one centralized
repository, which helps to track and analyze customer and order information faster and
Radius360x gives you an edge over your competitors by providing ease in data presentation and analysis. Through reporting of functions like customer behavior and patterns, sales representatives and managers can identify new opportunities. They can generate leads by studying consumer data available and create new opportunities.