Finding the Most Reliable Business Insights
Every company in every industry has its own set of problems that they perceive as the worst possible. Whether it’s manufacturing glitches, supply chain management inconsistencies, or aged inventory, we all have that one pressing thorn in our side. It’s that day to day struggle to stay on top that keeps us focused on differentiating our business from our competitors. At the end of the day, those things are only relevant if there are enough sales to support our vision. Companies are always looking for ways of improving customer acquisition processes. The question is how best to accomplish this daunting task. There are so many business models that are effective, but how do they translate to your business? The first step is finding the most reliable business insights that can be utilized to help drive sales. In this new era of Big Data, you need your data that is useful now and in the future.
Innovative Business Intelligence Providers
This, of course, probably sounds like an oxymoron, but innovative business intelligence providers do exist. Weeding through the endless field of unintelligent business intelligence companies can be exasperating. So many companies offer recycled, historical data, slyly wrapped in credit scoring models, but do not offer predictive analytics. They’ll tell you that you can predict the future by understanding the past, but let’s remember this is 2016. All you have to do to understand this is look at the printed information industry. Fifteen years ago businesses needed to advertise in the Yellow Pages in order to survive. Advertising costs were exorbitant because there wasn’t an adequate second option. For years Yellow Pages publishers gouged their customers because they had the advantage of being a monopoly. Newspaper and magazine advertisements were likewise the creative advertising avenues that used their medium to gouge customers as well. But as the digital revolution came into existence over the last ten years, those companies continued their overcharging business practices. And we watched as those industries crumbled and were reduced to afterthoughts. Instead of adjusting to the needs of their customers and the fast-growing technology, they continued to overcharge. And they became dinosaurs.
How to Choose a Business Intelligence Solution Provider
Your needs are many. The information you require is varied. You need to know the financial health of your customers. Maybe you wish you had a way of getting your hands on very specific data to refine your marketing and sales strategies. Finding a good business intelligence solution provider comes down to understanding that they are all not the same. There are specialists that focus on bits and pieces of certain areas of your business. And there are companies that simply provide commercial credit reports that are limited to historical payment histories. Ultimately you want a company that is committed to the technology that drives better, more useful data. Aside from the traditional payment history reports, you should have access to leading indicators such as purchase behavior. When you can see who your customers buy from, how much, and how it’s changing, the big picture becomes clearer.
Innovation plus Flexibility Equals Smarter Decisions
Technology alone doesn’t mean that you’ve got the most up-to-date information. You may have the most up-to-date delivery system that is ultimately hampered by very limited, historical data. Paying through the nose for some technologically advanced system that leaves you exposed to getting burned is not the answer. For those that require an automated workflow platform for granting credit and collecting A/R, there are a few choices. Now imagine you can add monitoring portfolio risk with access to multiple credit bureaus and scores. Add to that analysis tools and connectivity to the most domestic and global information sources in the world. That is precisely the kind of business intelligence software provider you need to help you make the most informed decisions.
How This Translates to Better Opportunities in
Improving Customer Acquisition Processes
Having the right tools, better insight, and most accurate data equips you with exactly what is needed to make the most important business decisions. Improving customer acquisition processes starts by identifying your target audience. Knowing your customer is your biggest asset. Having the kind of insights that provide a window into your customer’s payment and purchase behavior can create opportunities. Your sales and marketing departments can take advantage of growth indicators that can lead to lucrative deals and improved relations. Superior data, more insightful information, innovative technology and flexibility are the key differentiators in striking fast and maintaining an edge. Utilizing credit and risk monitoring reports and tools is about as close as you can get to having a crystal ball. By monitoring a customer’s purchase behavior you can see trends that present a Birdseye view of their operation. Once again, you are armed with real time, predictive data that puts you first in line to seize an opportunity.
To get more information on this topic, schedule a time to speak with a Cortera representative.