Exploring Types, Key Performance Indicators, and Benefits of Business Intelligence Reporting Software for Marketers
Revolutionizing Marketing with Business Intelligence Reporting Software
Today, reporting and attribution have revolutionized marketing in all industries. Fortunately, there are dozens of business intelligence reporting software to help collect data from sources.
Besides that, reporting software should make your job easier as a marketer. Then, it is able to create attractive, action-oriented and readable reports efficiently.
Types of Business Intelligence Reporting Software
Basically, there are two divisions of business intelligence tools and techniques. When it comes to the source of data, they include:
1. Marketing Intelligence
It involves data analysis for the needs of decision-making to determine market opportunities, market penetration strategies, and analysis of data for tracking market metrics.
It aims for a better market and customer orientation understanding, new opportunity identification through tracking trends, and early introduction to activities of competition.
In addition, it also aims to minimize investment risk, get better market positioning, as well as faster, cost-effective, and more efficient information collecting.
2. Internal Intelligence
On the other side, internal intelligence of a company provides information about its performance.
Key Performance Indicators of Business Intelligence Reporting Software
We use key performance indicators to set goals, monitor performance, make it visible, as well as provide notifications if performance doesn’t meet expectations.
Most important indicators of business intelligence reporting software include:
1. Return on Equity
It is an important measure of profitability of enterprise from the aspect of the owner as well as a profit planning’s basic measure.
2. Return on Assets
For your information, return of access means measurement and results planning.
3. Defensive Interval
It shows how many days a company is able to survive with its level of activity if there’s no sales cash out or from any other source.
4. Operating Cycle
Then, operating cycle shows the time from the inventories’ acquisition to the receivables’ realization.
5. Revenue Growth Rate
It shows how well the development of the business is.
6. Added Value
Lastly, added value is a part of the revenue coming from the activities of the company.
Benefits of Business Intelligence Reporting Software
The use of business intelligence tools offers a few benefits. First, it makes business decisions not based on guessing, but facts.
Besides that, it reviews and analyzes the business partners’ habits and characteristics. Then, it also timely answers to the business problems.
In addition, it identifies opportunities for improvement and expansion of business cooperation with partners.
Furthermore, it reviews key indicators of business and information when and where you need it. One more thing, business intelligence reporting software improves business efficiency.