Blog Business Intelligence

The greatest advantages of business intelligence

In today’s economy, many businesses find themselves in competition with online retailers and large corporations that are able to offer reduced prices. In order for David to compete with Goliath, businesses must utilize every opportunity to gain an advantage.

To make better decisions, it requires a clear overview of your company’s operational and financial picture. Once you have one view of the facts, you are empowered to make strategic decisions on how to cut wasteful spending and increase operational efficiency. All of this can be accomplished with the implementation of Business Intelligence (BI) software. 

#1 Find more sales opportunities

Sales managers are able to quickly identify which customers are buying and, more importantly, what products are in decline.

With BI, you can quickly visualize customer spending trends by monitoring their purchases on a daily, weekly, monthly, or annual basis.

Identifying these trends highlights new sales opportunities. An important opportunity lies with cross-selling complementary products. For example, a store may sell washing machines and dryers. A customer may need to replace only their washing machine, but by bundling them together at a very attractive price point, you are offering an incentive to purchase the pair. If a distributor finds that they are only selling washing machines to a customer, it may be that the customer is getting a better deal on dryers from another supplier.

With this information, your reps can have a meeting with the customer to determine the reason and quickly provide a solution. With our new Shopping Basket launch in 2018, Phocas makes it even easier for wholesalers and retailers to identify winning product mixes, especially those that were previously unidentified.

#2 Decrease the number of customers you lose

With Phocas, you can monitor how much your customers have purchased on a daily, weekly, monthly or annual basis to identify their spending trends. Providing your sales team with access to customer data such as buying patterns, previous feedback and behavior, offers clear insights into what your customers truly want and the ability to quickly spot customers on the decline. Armed with this information, your sales team can reach out before it’s too late.

Most customers want to be heard. By having meaningful conversations with them, you demonstrate that you are listening. Feeling heard leads to customer satisfaction and retention. With access to Phocas from mobile devices, your reps can quickly respond to customers’ needs even when they are out of the office.

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Phocas Software - Business Intelligence Software and Data AnalyticsPhocas Software
Category: Business Intelligence Software Company about: Phocas Software is a leading business intelligence software firm created by Myles Glashier and Paul Magee in 1999. Phocas has built its model on exceeding customer expectations. We help our customers make data-driven business decisions, uncover new sales opportunities and improve business efficiency by offering an integrated data solution. Whether you are an IT Manager who would like to spend less time performing reports, a Finance professional looking for a quicker way to drill down on a P&am ...
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