Many companies are data-rich yet information-poor. Thus, the benefits of business intelligence (BI) stem from how quickly raw data can be converted into usable information. Automating BI systems and processes is one of the best ways to optimize this golden ratio of efficiency.
Let’s cut right to the chase. Here are 5 benefits of automated business intelligence.
5 Benefits of Business Intelligence That’s Automated
1. Optimize ROI in Marketing Efforts
One key decision enabled by quality BI could save or earn your company hundreds of thousands of dollars down the line. For example, BI that accurately measures the effectiveness of various marketing channels improves the return on every single dollar put into marketing in the foreseeable future.
Automated BI can take this one step further. For example, using Kloudio, a company can schedule an automated report of relevant marketing info to be pushed into Excel or Google Sheets daily. As time progresses, employees and their managers can see the effectiveness of varying marketing strategies in real-time as they are executed—all from within one spreadsheet.
2. Better Track Performance Against Competitors
There is no shortage of tools that provide firms with valuable data points on their competition, including:
- Google Alerts: See when a competitor is mentioned online
- Sprout Social: Look up your competitor’s tweets
- Google Keyword Planner: Find a competitor’s keywords
- SpyFu: Find the keywords your competition is targeting with their ad dollars
- Alexa: See the global rank, links, and traffic of your rivals
The problem is not the quantity or ease of acquiring data regarding competitors— it’s how you sort through this data for nuggets of information. BI can identify the key metrics that define the performance in your industry and help you find the data points that most accurately correlate to you and your competitors’ competency in these key metrics.
With automated BI systems, you can constantly keep track of your position amongst your competition in various key metrics, and view in real-time as the margin of your competitive advantages increases or decreases by the month, week, day, or even hour.
3. Help Your Employees Love Data (and Discover New Ways for Them to Work)
When your employees love data, they are more productive because they focus on objective metrics. Data is not only for the marketing or analytics team—it can and should power every department.
A good example is Counsyl. Their billing department, not traditionally a “data-driven” department at any company, fell in love with the use of data through their innovative and easy-to-use BI platform. This allowed for optimizations across the board in how they did their work.
4. Boost Data Visibility in Your Organization
Silos are a dangerous thing in business. Just ask Sony. The successful Japanese conglomerate had a prestigious hardware department, which contributed products like the Sony Walkman. They also had a media department that held their music licenses. These two organizations didn’t share information. They even competed against each other and, because of this, cannibalized their own company.
The iPod revolutionized the music business. At the turn of the century, Sony was in a better position than Apple to make a game-changing product. They release digital players in 1999, yet they were doomed out of the gate. The media side of their business was worried about piracy and hampered their hardware side. Apple filled the hole in the market, and they’ve gone on to become the most valuable brand in the world.
Disharmony in organizations isn’t exclusive to Sony. Data silos are a problem in many large organizations. Different departments act in self-interest at the expense of the company as a whole. Therefore, sharing information between groups is often not done. This is especially true when sharing is inefficient, or worse—not wanted by individual managers.
Automated business intelligence can force and streamline data communication between departments, breaking down silos and allowing information to flow freely that wouldn’t otherwise, due to human resistance or negligence.
5. Save Time Pulling Data for Presentations, Meetings, and Pitches
It’s not a question that employees across a variety of functional departments waste a lot of time looking for and compiling data. Therefore, your business is losing money if your data is unorganized or difficult to pull. Automated business intelligence can save you and your employees thousands of hours because of automatically created reports with the necessary information for weekly meetings, presentations, etc.
For example, Kloudio can be used to pull relevant BI data into end-user tools like Google Sheets or Excel on a scheduled basis, and because of this, there’s no need for manual querying (or worse, asking IT for a custom report). This is what Netflix product managers use Kloudio for, and it saves them 10,000 business hours annually.
Over to You
The above benefits of business intelligence may depend on what kind of company you work at (or run). Regardless, the same overall message holds true—BI is a critical component of nearly every functional area of a business, and when it can be automated, there are even more benefits.
Learn how to better utilize your data for automated monthly marketing attribution.