Examples of Business Intelligence
There are a multitude of ways to use BI, so your specific use case will mainly depend on your company’s industry and needs. Some of the most common ways small businesses use BI include:
- Analyze financial data to track revenue, profits, and other KPIs
- Analyze customer preferences and behavior
- Track sales and marketing performance
- Identify issues and bottlenecks in operations
- Identify which operations need to be optimized
- Identify trends within the business and in the market
For example, an ecommerce company could make use of BI to find out at a glance their most popular products among consumers, if customers are experiencing common problems with their products or services, or if there are delays or bottlenecks in the delivery of goods.
Or, if you want to streamline your sales process, you could use BI to automate reporting of sales performance. Analyzing sales data in real time allows you to optimize your sales and lead generation strategies. You could also create a dashboard to monitor customer satisfaction and identify what are the most common causes of customer churn to prevent it before it happens.
In addition, many businesses use BI to keep track of financial metrics in real time, such as MRR and ARR, to make sure they’re on track to hit targets – and, if not, they can quickly pivot strategies to increase revenue.