How Business Intelligence Improves Your Sales & Increases Revenue
Learn how your organization can supercharge its sales with BI
Business intelligence (BI) is the act of collecting, storing, and analyzing data to optimize performance and is critical for a business as it helps make sense of their data and provides actionable insights to drive business growth. BI solutions like Microsoft Power BI can offer many benefits – from enhanced financial visibility, improved reporting to better business decisions. BI also has a significant impact on sales and can help a company increase its revenue and gain an edge over other competitors.
A BI tool like Microsoft Power BI can make your sales team’s job of understanding their customer base a lot easier and enable them to collect, unify, and visualize their data all in one place. If you are considering BI to empower your sales team, here are some ways your team will benefit.
Improves customer retention
It’s common knowledge that acquiring a new customer can cost 7x more than selling your services or products to an existing customer. A BI solution can help an organization’s sales team understand what motivates existing customers and what they are purchasing, track demand trends, and identify opportunities to cross-sell, which can be used to tailor sales campaigns around.
Reduce reporting times
Your sales team likely spends time manually creating, analyzing, and sorting through spreadsheets and datasets to get insights, understand performance, and produce sales reports. A BI tool can eliminate difficult and time-consuming manual reports. Pipeline reports and sales trends can be generated quickly, leaving your team more time to strategize.
Share sales analytics easily across departments
With a BI tool, you can easily create dashboards that provide insights into the sales team’s key metrics and interactive reports that can be shared across other departments. Your marketing team will be able to tell which campaigns are driving sales, while the operations team will be able to plan and forecast product demand. Plus, management will be able to make more accurate business decisions based on sales activity.
More accurate sales forecasts and quotas
Companies that forecast future trends and performance have a competitive advantage as it helps you stay agile. A BI solution consolidates all your data in one place and simplifies it, and gives you the most accurate, up-to-date information. Having access to all your historical sales patterns in one place makes it easier to project future revenue and sales accurately. By eliminating the difficulty of gathering historical and current data in one place, your team can also set more realistic quotas – something that can be challenging if your sales success depends on variables such as month, customer segments, etc.
Easily track important metrics
Business intelligence solutions like Power BI make it easier to track important metrics like win rates, revenue, discounts, and YTD revenue maps through interactive dashboards that are easy to set up. The dashboards are refreshed with the latest data automatically, which means you’ll always have access to the most up-to-date information when you need it.
Using business intelligence efficiently will help your company improve its customer retention rates, generate higher revenues from sales campaigns, and help keep your sales analytics current. As sales drive business growth, a BI tool such as Power BI can be one of the most critical investments you make. Whether for a large enterprise or a small business, business intelligence can give your sales team the competitive edge it needs to get ahead.
Talk to a Power BI Partner
If you’re interested in learning more about how a BI solution like Microsoft Power BI can help your organization, reach out to the Kwixand Solutions team. We are a Microsoft Power BI Partner and can help you get started with Power BI. In the meanwhile, here are some resources to help you learn more about Power BI.