What is BI?
Every business always strives for a faster decision making process, operational efficiency, driving new revenue, gaining competitive advantages, among other great improvements. The tool to make this all happen is Business Intelligence or as it’s well known, the core of every business. Gathering useful information and taking the time to analyze your metrics can really help your company get ahead and also save lots of money. There is no such thing as a thriving business without BI and there are so many aspects that can be closely looked at to have a better understanding of how to improve your daily operations.
"Business Intelligence is the core of every business"
Of course, Business Intelligence is such a broad topic, so let’s break it down into more tangible parts that can be closely analyzed.
So we constantly build based on our customers’ needs, but what exactly do we know about our customers? Understanding their basic pain points can help build insights for future developments or upgrades. Many large companies are now using artificial intelligence to be able to predict and monitor customer’s behaviors- we see this technology all around us nowadays. But let’s translate this into the floral industry and more importantly, how can Komet help?
From our BI platform, which is accessible from all summary screens and from our dashboards, you are able to pull reports based on your customer’s transactions, most purchased products, etc. These reports are customizable and allow you to cross variables according to what you want to analyze, giving you a better understanding of your customers and therefore a greater management.
We’ve said it before and we’ll most likely continue saying it, the market is constantly changing due to so many factors. Technology gaining more importance in the decision making process of our customers, companies getting more competitive and improving their processes, driving new revenue is all part of the market research that every company must give relevance to. To be able to compete and get ahead, you first must know what your competitive advantages are and how they add value to the market’s needs. By analyzing possible trends in your BI reports, you’re able to forecast your sales and/or purchasing needs, giving you a much greater control and traceability in your company’s growth. You definitely want to take advantage of this tool in special holidays to make even bigger bucks.
This is the most important metric of your company’s success. Most companies assign a budget to special projects and hope for a high ROI (Return Over your Investment), but what if this result can be a little more precise? By gathering important aspects in consumer and marketing insights, your team is able to prioritize the projects and also analyze the growth rate by measuring the forecast (or budgeted gain) vs the real number obtained. Giving you a much greater control over your financial operations.
Translating this a little bit into the floral industry, with BI you’re able to detect pain points or high peaks that help explain profit loss or growth. One clear example is being able to have a better understanding of how your inventory is rotating in order to decide whether or not to continue purchasing a product.
As you can see, BI is the most important tool for an efficient business management. Being able to understand your customers and adapt your competitive advantages to fulfill the market’s needs can give your company a much greater financial result. Take advantage of our BI platform and start getting ahead today.