Data — and understanding how to use data — is now a pre-requisite to working in this day and age.
Data is a crucial resource for businesses as they move online. Business data can help form the backbone of an organisation’s growth strategy, and help a business learn more about customer desires, complaints, and business operations. Knowing about data in business can help you understand how modern companies use it for success.
The fourth industrial revolution — more commonly known as the information revolution — is being driven by new technologies and the ever-decreasing costs of digital sensing, processing and memory. It is the driving force behind the convergence of AI, machine learning, virtual and augmented reality, 3D printing and the internet of things (IoT).
What is Business Intelligence (BI) — and how does it help companies?
Business intelligence is a key component of Industry 4.0. It extracts value from raw transactional/operational data and transforms it into useful information for decision-makers. It helps businesses to make data-driven decisions by providing insights into customer behaviour and preferences, market trends, and other key performance indicators (KPIs).
- BI helps companies to better organise, access and interpret data to enable better decision making. This involves extracting data from a source, transforming it into a usable format, loading it into a business intelligence application and providing outstanding visualisations and detailed insights.
- BI speeds up report and chart preparation, which leads to big labour savings. Depending on the level of manual-digital work involved, digitalisation can be as much as 30% of the organisation headcount.
- BI drives better quality data through improved standardisation and removal of error-prone manual data manipulation. BI also drives better data-driven business decisions, by getting accurate data faster and having unparalleled flexibility to manipulate, and extract value from, data.
- BI drives increased organisational efficiency. This comes from holistic views in place of different siloed views, with better methods to flag up areas that require attention and being better able to isolate the vital few attributes that drive success in a given situation.
- BI also increases employee satisfaction, due to the elimination of manual-digital work and democratisation of data. Once BI systems are set up, data access becomes fast, agile, and extremely user-friendly — even with queries through natural language written questions.
- Customer experience is also improved by BI. Through advanced analytics, customer needs and wants can be pre-empted and attended to before the request even comes from their side. This level of customer satisfaction can end up becoming a competitive advantage, as BI allows companies to discover previously unknown marketing and sales information thanks to data patterns and deep insights.
Leveraging BI for revenue growth
Companies can leverage BI to gain valuable insights into their business operations, identify areas for improvement, and make data-driven decisions that can ultimately drive revenue growth.
Here are some ways companies can utilise BI to deliver revenue growth:
- Identify new revenue opportunities
BI can help companies identify new markets, customer segments, and product opportunities. By analysing customer behaviour and preferences, companies can create targeted marketing campaigns that are more likely to drive sales.
- Optimise pricing and promotions
BI can help companies analyse sales data and market trends to determine the most effective pricing strategies and promotions. By using this information to optimise pricing and promotions, companies can increase sales and revenue.
- Improve operational efficiency
BI can help companies identify inefficiencies in their operations, such as bottlenecks in the supply chain or unnecessary expenses. By improving operational efficiency, companies can reduce costs and increase profitability.
- Enhance customer experience
BI can help companies understand customer needs and preferences, which can be used to improve the customer experience. By providing personalised experiences and addressing customer pain points, companies can improve customer loyalty and drive revenue growth.
- Monitor key performance indicators (KPIs)
BI can help companies track and monitor KPIs, such as sales, revenue, and customer satisfaction. By regularly reviewing KPIs, companies can quickly identify areas that require attention and take action to address them.
The Renoir advantage in business intelligence and data analytics
Organisations need to meet the market and match much smaller, agile competitors regarding speed to market, cost, creativity, and culture. Data and analytics provide a pathway to deliver this and offer many opportunities to build value that all too often remain hidden.
Renoir’s combination of best-in-class expertise and industry-tested tools and methodologies have helped clients across a myriad of industries make better decisions, faster.
Here’s what we can offer:
- Centres of Data Excellence
We have established Centres of Excellence worldwide with in-house Data Engineers, Data Analysts, Data Scientists, Solution Architects, Digital Programme and Project Managers. We utilise the best-in-class but also best-fit for your organisation data analytics and visualisation solutions, Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT) and data lake cloud solutions.
- More than just implementation
We are not just system implementors but also management consultants at heart. This means that we will analyse what value your business needs to deliver from its data, and how to best adopt to the changes required. We then help you to deliver the technical implementation and adoption of it.
- Experts in adoption
Renoir has more than 20 years’ experience in taking projects to full adoption using our behavioural and cultural change methodologies. This approach guarantees that we leave the organisation and your people with the ability to continue to grow value long after the project is delivered.
If you would like to learn more about how we do this, please feel free to get in touch with us.