january 28, 2023
How to use Business Intelligence (BI) in Sales
According to Investopedia, Business Intelligence “refers to the procedural and technical infrastructure that collects, stores, and analyses the data produced by a company’s activities. BI is a broad term that encompasses data mining, process analysis, performance benchmarking, and descriptive analytics.”.
Companies are increasingly required to perform big data analysis, and business intelligence, put large volumes of data that has been generated by businesses, to present findings and trends in easy-to-digest form, and offer a complete picture for decision makers. This then helps to inform top management on the overall health of the business, or specific departments.
It’s a great tool to keep abreast of all the changes in the market, and gain competitive advantage, as the hand of executives always stays on the pulse of the business. After all, they can quickly understand when, how, and why something has happened in a matter of minutes. Especially when it comes to taking action or signing on a deal. According to Statista, “almost 53% of surveyed global organizations had adopted big data technology, with another 38% reporting intent to adopt it in the near future”. Whilst few might worry that technologies such as these are replacing human intelligence, the truth is that it’s here to work together with us, to provide more accurate portrayal of the marketplace for managers, based on data available.
Why are BI solutions for sales important?
The biggest benefit to using BI solutions, is that data findings can provide guidance on major opportunities within the industry or the marketplace. You don’t even to have a data analyst to read through the findings, anyone can understand visualised information that is presented, as long as that person has sufficient training on how to read through that data and make decisions effectively. Many businesses across the world are already using these tools, so it became a crucial component of staying competitive, especially in B2B sales channels.
