BI or popularly known as “Business intelligence.” It is a process of turning RAW data into useful business insights with the help of different applications, tools, and best data analysis practices to drive insights and optimize business strategies. This way the business won’t have to spend months in predicting and forecasting, rather can take proactive and practical decision on the basis of real-time and archival data.
Nowadays, from small and medium-sized businesses to large-scale enterprises everyone are using BI software. The main reason behind the popularity of Zoho Analytics’ BI software is, it has easy-to-use interference, deduction ability of reliable and effective data from raw reports, and cost-effective features.
One of the best BI software available in the market is Zoho Analytics. Its goal is to empower businesses to track performance by extracting and utilizing insights from raw data.
For Zoho Analytics implementation and integration you can consult Certified Zoho Analytics consultants at Techloyce.
Here in this article, we have discussed three different types of business intelligence need for by a business, and whys how businesses can utilize Zoho Analytics’ business intelligence.
BI are categorized into three types based on the needs of a business
1. Sales BI
Data play a significant role, especially for the sale department. One not only needs the matric to measure the progress of the sale pipeline but also needs metrics to close leads. As a result of implementing Sale BI, one can reduce task span from days to hours.
Besides, it helps the sales department in optimizing data by creating sale reports to track key sale indicators. Later these insights assist in identifying the sale pipeline process, track trends, and optimize the sale process.
Additionally, by integrating Zoho analytics with CRM, salesforce, Microsoft dynamic 365, the utility of Sale BI can be enhanced.
Read: Role of AI and ML in Zoho Customer Management
2. Marketing BI
The marketing department had to deal with a lot of stress from managing a campaign to measuring the performance of KPIs across the platform e.g. Google Ads & Analytics, email marketing, and social media platform.
Unlike in the past, the marketing department is heavily dependent on numbers, managing and analyzing report in a different format.
To reduce hassle required for data cleaning and sorting, Zoho Analytics’ Marketing BI is proven to be beneficial. This allows every department in a business to import report data either in the form of an excel sheet stored in local storage, cloud storage, local & cloud storage databases or to import data directly from business custom applications.
This further allows the marketing department to measure ROI, email campaign performance, and boost website traffic on the basis of KPIs data. Moreover, you can integrate Zoho Zia with analytics to get contextual answers in the form of graph and reports.
Learn More: Zoho Zia – AI-driven Sales Assistant for Your Business
3. Finance BI
For instance, you are running are a financial advisory business or manage dozens of products in-house, what will you do if you want to identify the bestselling item? Or simply want to predict the sale revenue? Well, relying on manual reports is not enough. You need concrete proof to prevent bankruptcy.
In such a situation, Zoho analytics’ Finance BI is a must-have solution.
The reason behind this is, it provides 360 view of business, a comprehensive overview of cash flow, and you can even set a contextual alert for certain metrics, to stay up-to-date with major financial statistics in real-time.
Such analytics also allows one to predict future strategies on the basis of current and past performance.
Moreover, you can integrate Zoho Analytics with Books, QuickBooks, Xero, Stripe, Subscription, and inventory, to blend data to create custom reports.
Read: Boost Sales with the Business Intelligence Powered by Zoho Analytics
5 Challenges Faced By The Businesses
Since the start of COVID in 2019, technological advancement and market uncertainty, the list of challenges faced by businesses increased tenfold. Now retain employees has become a major challenge. Moreover, leadership crises to employee performance, strategy implementation to execution, and future predictions are added to the list. Unlike in the past one cannot rely on manual data analysis and gut feeling alone to resolve these issues.
Here is an overview of major challenges that have arisen in the wake of the pandemic:
- The primary challenge faced by Businesses is to sort & clean data and to make it readable & understandable by key stakeholders. Doing so requires a lot of expertise and resources especially to collect & unify, sort, and organize archival data e.g. annual and monthly reports, purchase and order cancelation history, sale and marketing records.
- The second challenge for business is to drive trends from the plethora of raw information. And developing future strategies that complement the business growth.
- Since 2019, the business has faced a drastic decline in the business supply and demand. Thus, future prediction has become the third challenge faced by businesses.
- Now businesses need a competitive advantage and a unique position in the market to survive. One cannot be the master of all. This decision requires a lot of consideration. Again, this is dependent on the “data.”
- Lastly, identifying avenues for revenue Growth and spotting new trends from the archival data is the major challenge. This requires not only data analytics skills but also require access to archival data.
How Zoho Analytics resolve challenges and provide a quick solution?
Zoho Analytics provides a 3-Step-Solution to the 5 challenges that are mentioned above.
- First, it resolves the data collection and unification problem by allowing the import of data available of 5 locations, local file and storage, cloud storage, business application, custom applications, local and cloud databases.
- Secondly Visualization. After importing the data, the system preps the information and allows the user to customize data preparation by applying intelligence analysis. This answer the pressing question of what happened in the past, why and how the thing happened, and predict a future outcome with the help of data visualization
- The third and most crucial step is data sharing with team members either available in-house or spread worldwide. For this, Zoho Analytics provides a secure platform where users can customize permission and report formats.
To Conclude
In the 21st century, business success is highly dependent on analytics. Mainly because they offer a holistic view of past history. This help business in targeting areas and campaign that require attention rather wasting efforts aimlessly. To implement and integrate Zoho Analytics with CRM you can consult Techloyce. We have assisted dozens of clients from every industry with cost-efficient services.
