Do you ever find yourself in a situation where you have mountains of data and no idea how to make sense of it? Do you feel like you're swimming in a sea of possibilities with no way to decide which direction to take?
Data is powerful, and with the right business intelligence (BI) solution, you can take control of your data and use it to increase revenue. Better Buys reports that businesses using business intelligence are five times more likely to reach faster decisions than those that don’t.
With effective data analytics, you can make decisions for your business that are rooted in evidence-based facts and that increase revenue. You don’t have to make assumptions that could cost you millions of dollars and jeopardize your business’s future. With the latest advancements in business intelligence technology, you can use data to make smarter decisions, save time and resources, and stay ahead of your competition.
What is Business Intelligence (BI)?
Business intelligence (BI) is an umbrella term for a technology-driven process that enables data preparation, data mining, data management, and data visualization to deliver actionable information. BI involves the use of data analytics to provide those insights.
What is Data Analytics?
Data analytics is the process of analyzing data to answer questions, identify trends and patterns, and make predictions. It involves applying advanced statistical and mathematical techniques to uncover insights from large datasets.
The Benefits of Data Analytics
Suppose the data analytics processes within your organization are well maintained and used to their optimal potential. You will then be able to see what’s working, what’s not working, market trends, customer preferences, and much more. Those insights allow you to make smarter decisions and increase revenue for your business.
Data analytics gives you the ammunition to act confidently and increase revenue while remaining flexible enough to withstand challenges. In addition, data analytics enables you to approach risk management, product development, and customer experience strategically.
Data analytics allows you to:
Understand your customers’ behaviors.
Save time and effort by collating data patterns.
Monitor business performance.
Streamline your internal operations.
Forecast success.
Stay ahead of your competition by identifying new market trends.
Recognise problems before they become devastating.
Identify new ways to increase revenue.
The Best BI Solution to Increase Revenue
The SEDGE DashPro platform is the ideal BI solution for effective data analytics and ultimately increasing revenue. It provides a cloud-based AI and machine learning platform that allows users to choose from several technological capabilities such as data, text, image and video analytics as well as forecasting and optical character recognition.
With SEDGE DashPro, you’ll be able to process and analyze vast amounts of data from various sources without feeling overwhelmed, and receive a comprehensive view of all your business operations.
SEDGE DashPro offers the following features to make data analytics less time-consuming and stressful for your company:
An intuitive and interactive user experience.
Flexibility and security.
Effective data governance.
Straightforward big data analytics.
Easy scheduling and reliable notifications.
Third-party integration.
Centralized data from multiple sources.
Extensive resources and support.
The Benefits of SEDGE DashPro for Data Analytics
SEDGE DashPro is designed for your company’s BI needs and can help you increase revenue and streamline your data analytics processes in no time. SEDGE DashPro makes an otherwise confusing and overwhelming process straightforward.
The benefits of SEDGE DashPro include the following:
Easy Data Extraction. SEDGE DashPro has over 30 charts, which makes extracting data insights easy and adaptable.
Clear View of Data. With the capability to create dashboards for multiple data files, it is simple for you to centralize your data. Visuals are also adjustable, so you can format the axis and titles, change the font family and size, and alter the chart theme and background color. With powerful visualizations and reporting tools, you can present your findings in an easy-to-understand format that can be used to inform decision-making and drive business strategy.
Effortless Customisation. Functional formatting options allow you to quickly sort and limit data, enable and disable factor values, add a trendline, and even export the file when necessary - for example, when you need to present your findings. SEDGE DashPro accommodates complex graphs, with specific options to create charts as date variable groupings based on various categories. To simplify the visual portrayal of complex datasets, the color of a color column remains consistent across all charts. The DashPro engine also creates a set of automatic charts using set rules, which can be edited and saved - or “favorited” - by the user.
Real-Time Updates. With the dashboard refresh option, you can easily update your dashboard display to display new records from the database whenever you choose.
Increase Revenue With The Latest Advancements in BI Technology
In today’s age, where companies are constantly looking for new ways to leverage data and turn it into actionable insights that can increase revenue, the demand for powerful, effective business intelligence technology has never been greater.
Companies utilize BI technology to analyze data more accurately and painlessly. When you harness the capabilities of the latest BI technology, your business can adapt to trends, changes, and challenges. BI technology makes it easier for businesses to pivot, boost their competitiveness, and increase revenue.
Here are the top three advancements in BI technology to watch in 2023:
Machine Learning. Technology equipped with advanced algorithms and machine learning capabilities enables faster and more accurate analysis of large amounts of data.
Cloud Computing. Cloud computation can be a private, public or hybrid service designed to allow applications and components to operate with each other across boundaries. Cloud computing platforms assist with dynamic workloads, can process big data, and lower a company’s operational costs. Cloud-based data warehouses provide companies with a more comprehensive view of their operations and customers, allowing them to make strategic choices and increase revenue.
Quantum Computing. Processing massive amounts of data can be resource-intensive and time-consuming. You might as well search for a needle in a haystack. Quantum computing offers an alternative: it uses less bandwidth to process big data and provides top-quality security and data privacy. Consider, too, that the latest advancements in edge computing can solve a problem in less than 200 seconds.
How to Increase Revenue Through BI And Data Analytics
One of the ways BI technology and data analytics can help you increase revenue is to identify areas of inefficiencies in a business. For example, you might be spending an obscene amount of money on product distribution, but are you actually generating more sales? Are you even using the best methods for distribution?
Sophisticated BI software and platforms can help you determine the effectiveness of your efforts.
Here are several ways to use BI and data analytics to reduce business costs and increase revenue:
Identify customer preferences and behavior to inform product development and distribution.
Optimize operations to reduce costs and increase efficiency.
Predict future trends to inform decision-making and investment strategies
Improve the customer experience to increase customer satisfaction and loyalty.
Identify and explore new business opportunities through market research.
Personalize pricing strategies to maximize revenue for each customer.
Monitor and improve supply chain management to minimize waste and increase profits.
Contact SEDGE to learn what DashPro can do for your company and how it can help you increase revenue. Consult us directly for custom solutions to your business's complex challenges, or learn more about how real-time data can help CEOs make the right decisions.