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competitive analysis can be done by evaluating opportunities won and lost to competitors.
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Futuristic Analytics – 4 Benefits of Business Intelligence
competitive analysis can be done by evaluating opportunities won and lost to competitors. If your team captures all details of opportunities lost to competitors, it can be compared to your team’s “won opportunities” report. This way, you can see which areas you need to work on in order to improve your sales performance.
Business intelligence (BI) is the process of analyzing large data sets in order to gain insights that will help businesses make better decisions. Data mining, visualization, and analytics are all part of BI. BI gives organizations a clear 360 degree view of their data by collating and analyzing it. This helps businesses to identify trends, understand customer behavior, and make predictions about the future.
4 key benefits of BI Let’s look at eight top benefits of working with a business intelligence service provider:
1. Increases organizational efficiency, like ensuring less time is consumed creating reports and more time is spent on core activities. 1. View intuitive dashboards for faster analysis of large volumes of data processed quickly. Refresh reports for real time updates to data. 1. Business decisions become data-driven, like a clear view of inventory before a campaign kicks-off. 1. Enhanced customer experience with clarity on their preferences, geographies, and propensity to spend.
A final word Outsourcing work to vendors who specialize in risk management or business intelligence services is a cost- effective way to reduce the burden on your staff. By outsourcing this work, you can avoid having to collect reports from multiple silos and creating a single truth.
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