Organisations of all shapes and sizes are struggling to make sense of their data.
Data is growing faster than ever, sitting in multiple systems across different areas of the business or companies. Many are struggling with the question, ‘what is happening’ in my business because they cannot see ‘the big picture’ and track KPIs in real-time to enable them to make decisions when it counts. In this blog you’ll discover how BI tools such as Pan Intelligence make it possible to gain a holistic view of all aspects of your operations.
1. Get a bird’s-eye view of your business
One of the biggest challenges for growing businesses is often getting that top-level view of your total business performance across multiple data sources, systems and companies. Business owners wanting to grow revenue need that aerial view of their business, so they can quickly look at overall performance and evaluate which areas of the business are steaming ahead and which need attention.
2. Get everybody singing from the same hymn sheet
To grow your business, you need your teams to be aligned with the key business objectives and all singing from the same hymn sheet. Yet all too often, key business metrics and sales objectives are not easily shared. Tracking of your sales objectives, individual sales staff or different areas of your business is buried in a plethora of time-consuming spreadsheets, which are quickly out of date, and represent a data security risk to your business.
3. Pick your low-hanging fruit
To grow, it’s important to take advantage of quick wins as well as to plan for future business development. Being able to spot trends in your data and identify sales opportunities supports your growth objectives. This is because it’s generally easier to get your existing customer base to buy from you than it is to secure new customers. Yet, many businesses struggle to identify those opportunities.
4. Don’t take a leaky bucket to the well
You need to retain loyal customers by giving great customer service and protect your recurring revenue while you tackle the lengthier process of winning new customers. Most businesses can spot the unhappy customer who is demanding your attention and they can then resolve their problems. However, they often fail to spot customers who are showing the subtler signs of going to buy elsewhere. There are also those who have gone quiet, who are not re-ordering or ordering less frequently and those who are still not buying complementary products or services.
5. Oiling your business wheels to fast-track growth
Ensuring your business is running smoothly and there are no bottlenecks holding up new sales means your business can respond quickly to new opportunities. Too often the sole focus is on driving sales but understanding who is paying their bills and where stock availability is poor can make the difference between profitable growth and growth at the expense of profit.