Why use business intelligence software?
Selling wine online not only helps to increase overall sales but it's a great vehicle to learn about your customers' online behavior. Coupled with the data from your tasting room, you have access to mountains of information about your customers. Using this information is a great tool to improve sales and bolster wine club subscriptions. Business intelligence software can make the gathering and analysis of this data much easier.
Sorting everything out
Business intelligence software is defined by software site TechTarget as a set of data analysis tools that provide a clear picture of certain business processes. The purpose of this system is to compile information that can then be used to make business decisions. They can be basic applications, Web dashboards or even processes that read and calculate large amounts of input to determine a specific result. These results can then be projected in different ways, such as chart visualizations, reports and other mechanisms. If properly set up, all of this data can be compiled and processed automatically.
There is a good reason to see this software as useful. For most businesses, the way to record and report sales, revenue and expenses is through the use of spreadsheet programs. It's so common in business, that many company owners still use it to make business decisions. The problem is that spreadsheets can be riddled with mistakes. The incorrect numbers may have been used as input, the wrong formulations calculated junk answers, some data failed to carry every over and data may have not been properly updated to reflect new information. In fact, MarketWatch reports that 88% of all spreadsheets have errors in them. All of this information leads to bad business decisions that can adversely affect the bottom line.
Eliminate the guesswork
There are many benefits to the use of business intelligence. Enterprise Apps Today suggests that you can eliminate a lot of guesswork . Given that many decisions are based on a combination of data analysis and gut instinct, having bad data supporting or countering your best guess can often result in bad decisions. With data analytics at hand, you can have a better idea of what’s actually occurring, and can make a sound judgment as a result. The information can also provide you with answers to important questions related to your operations.
In addition to all this, a nice benefit to using business intelligence is that you mitigate a lot of the manual data entry that is required to create reports. The software automates processes and the benefits are two-fold: First you'll minimize the amount of mistakes that appear in your data because you aren't doing repetitive, tedious input. Second, you reduce the amount of time spent actually creating reports. That gives you the opportunity to focus on what is really important, selling more wine.