Information overload in the digital age can overwhelm businesses, yet this is the data they should be paying close attention to. Businesses hold vast amounts of data on their customers, products, supply chains, and inventory. Businesses can put all of this data into good use to help ramp up revenue. By using real-time business intelligence tools, such companies in whichever sector of the industry boost their revenue. These tools give businesses the critical data they need for decision making. Here’s how these tools can help your business increase revenue
Leveraging Normal Business Data to Help Uncover Opportunities
Businesses have lots of data. Most of these can seem pretty ordinary, such as data on your most busy days or how long it takes for certain goods to run out of stock. Although quite ordinary, real-time business intelligence software can crunch this data up to make it more valuable. Businesses can utilize business intelligence tools in decision-making to discover hidden opportunities that can help increase revenue.
Help in Polishing Products
Real-time open source business intelligence tools can also help businesses better their products or services by analyzing customer feedback. These can include customer complaints and customer suggestions on their various products or services. Instead of developing products independently, what about seeking help from your most prominent critics on needed features, what is working, and what isn’t? With real-time analytics, businesses can use this data to help make their products better for customers, reduce time to market, drive growth, retain available customers, and attract more.
Helps in Streamlining Product Marketing
Sales and marketing teams typically advertise products and services to contain certain popular features. These rigid product configurations cannot always be a silver bullet to every customer. It may take them longer to make sales since the popular figures or configurations may not always apply to everyone. However, with real-time analytics, sales teams can also fine-tune their product and service pitches with dynamic configurations based on the data to accelerate sales cycles, significantly impacting revenue.
Changing Pricing Strategies Based on Various Factors
eCommerce is a very competitive market, and without real-time intelligence tools, it can be hard to stand out. Real-time analytics tools can also help businesses in their pricing strategies. Businesses can leverage real-time analytics tools to determine when they should offer special discount prices and when they shouldn’t. Amazon reportedly uses the same model, which has helped the company win consumer approval as the cheapest eCommerce platform.
Real-time business intelligence is growing in popularity by the day, and its viability is pushing more and more businesses to take part in it. Investment in the sector is growing faster, and real-time analytics is anticipated to grow as time goes by. Globally, the Business Intelligence market size is expected to reach over $30 billion in 2025 from $23 billion in 2020, according to a 2020 report. Real-time analytics has proven to be handy in shaping business models to drive customer retention, improve products, optimize supply chains, and provide sales teams with new ways to sell better.