This is part 1 of 2, Click here to read part 2.
It’s easy to get caught up in the day to day of your business. Sometimes you need to step back to get a fresh perspective, see how you’re doing and how you can improve. Scroll down to take the Business Intelligence Quiz.
Business intelligence (see definition below) can take you to the next level. Beyond accurate reporting, we compile key information from multiple sources to show you a roadmap to the future.
HOW IS YOUR BUSINESS DOING? BUSINESS INTELLIGENCE QUIZ
Think about your business right now, and consider if you can confidently answer these questions:
- Are you able to name the top 5 revenue generating customers or clients
- Do you know how much revenue do they generate?
- Do you know if any customers stopped purchasing from you in the last 90 days?
- Do you know how much revenue you lost when they left?
- If you request reports from each department, will the reports match up?
If you answer no to more than half, then you’re stuck… even if it doesn’t always feel that way. It might feel like you’ve got control of your day to day, but your perspective is hiding some truth from you.
Business Intelligence: Finding the Solution to Fix Your Perspective
The questions above are mostly to do with your revenue, and when it comes to your bottom-line you want the clearest picture about how your business is operating. If you don’t have easy access to accurate reporting and true business intelligence, it can feel like you’re guessing your way through important decisions.
You probably have great instincts, otherwise growth would have never occurred. But you can do better.Access to accurate reporting and key information can be like a a fresh perspective on your revenue and billing. It can show you how to operate more efficiently, where you’re losing money, and point you in the right direction to improve retention and more.
Definitions : BI or Business Intelligence
Every company seems to have a different definition of business intelligence, so let’s talk about the basics, and then how we think of it here at Milestone.
BI is a term used for analyzing and reporting on data from multiple sources.
Milestone Definition: Business Reporting is the rear view mirror, it tells you about what’s happening today and yesterday.
Milestone Definition: Business Intelligence tells you about more than what’s happening in your business today, it tells you about the future.