In today’s super competitive world of business, sales data is usually critical to ensure that your business stands out among all other companies vying for the exact, same market share. This means that understanding your target customers, product offerings, and pricing, as well accurate sales data tracking across these variables could mean the difference between failure and success. If you don’t already have a business intelligence or BI system in place, below are top reasons to create one right now.
Earn More by Selling More to your Loyal/Existing Customers
You probably already know that it’s more expensive to acquire more customers than to retain existing customers. By using the results of BI efforts, your company could better understand what and why they’re buying the products they’re buying and why they’re not buying others. With your customer sales data, you could easily see the trends in demand and chances for cross-selling your other offerings.
Make Data-Driven and More Accurate Decisions
Because your sales data would be categorized accordingly—by product, customer, and sales representative—you could easily go into performance reviews with intelligent insights that would help your sales team boost their sales and/or resolve customer conflicts or issues. Likewise, because you’ll be able to see the performance of your products, you could make certain that your company is fully prepared if there’s a significant spike in demand for a specific product. Put simply, having access to timely and accurate data on demand would help you in justifying your business decisions because they would all be based on actual facts/data.
Offer Improved Customer Service
Armed with actionable insights from your BI efforts, your company could answer customer questions with ease, discuss new opportunities, and introduce more products and services, among many others. As you learn more about the needs and wants of your customers and address those whenever you can, you strengthen your relationship with them and earn their loyalty—a win-win for everyone involved.
More Accurate and Easier Reporting
For plenty of businesses, marketing, products, and customer data are kept in separate systems. In some cases, however, these systems aren’t capable of integrating with each other, so that sharing critical data in an efficient and productive manner is impossible, warns CloudXtension an experienced full stack developer for business intelligence systems. A robust BI software, on the other hand, could easily integrate with your existing software and systems such as CRM software, supply chain/management software, point-of-sale, and ERP, enterprise resource planning system.
Sales are critical to the success of your business, along with your sales and marketing teams. Efficient tracking and analysis of your most sellable products, what customers are purchasing, and which sales areas or stores are having issues offers actionable intelligence that you could utilize to grow your business and prevent or resolve issues before they could negatively affect your bottom line.