You’ve heard the old saying, “Knowledge is power.” But did you know that better business intelligence can actually improve your company’s ROI? Knowledge is indeed power, and greater intelligence from your business systems can lead to increased profits over time.
These three examples of how better information derived from your business systems can lead to increased ROI may intrigue you. At the end of this information, we present to you a free white paper from Sage Solutions called Conducting a Cost-Benefit Analysis for ERP. Download the paper to learn more about how enterprise software can improve your company’s ROI.
Better Business Intelligence, Greater Profits: Three Examples
Good business systems provide data that can be used to create new business models, understand current problems, and set new objectives. The following three examples of how better business systems and greater intelligence improve ROI may spark your thought processes on how you can use your ERP tools to greater advantage.
#1: Develop new business models.
When you look at the same data week in and week out, your mind becomes habituated to the picture it paints, and it’s hard to look beyond it to find something new. Often companies become entrenched in existing business models simply because no one has looked carefully at the data undergirding the assumptions behind the current models. Freshly generated data may paint a surprising picture, leading to new ideas and a new business model. These new business models may, in turn, boost profits and ROI.
#2: Find revenue drivers.
“Everybody knows that Widget XYZ is what sells the best!” It’s easy to fall into the habit of quoting institutional knowledge as if it were gospel. When you hear “everybody knows that”, it’s time to run a new report from your business systems and see if the data matches the assumptions.
Running reports using Sage Enterprise Intelligence may be an eye-opener. Instead of the assumptions driving decisions, data can now drive decisions. When you see the facts, you may find new revenue drivers or areas to exploit for add-on sales or additional revenue. The facts don’t lie. When you find something that’s selling well, you’ve found your revenue drivers.
So forget about everybody knowing everything. Let your Sage Enterprise Intelligence system provide you with the data that you need to find new revenue drivers and stay competitive.
#3: Understand your best customers
The customers who generate the most revenue for your business are more than your best customers. They’re also the model for future marketing and sales campaigns. By analyzing the features of your best customers such as the industry they’re in, their annual revenue, decision making process, problems your company solves and more, you’ll be able to derive a model for future marketing programs.
Customer relationship management (CRM) systems such as Sage CRM can provide you with customer data that’s invaluable for creating robust customer profiles. Good customer profiles can help you refine your targeting, improve marketing messages, and discover untapped markets.
But you can’t do it without good data. Greater business intelligence and accurate data are the foundation for customer profiles, which can in turn help you refine targets, decrease marketing costs and improve marketing results. Translation? Better ROI.
Learn More About the Cost-Benefits of Business Systems
Enterprise systems can be of great benefit for your business. A new white paper from Sage entitled Conducting a Cost-Benefit Analysis for ERP Systems demonstrates the many ways in which ERP solutions can boost revenues and decrease costs.
To get your free copy of the paper, download it today from IWI: Conducting a Cost-Benefit Analysis for ERP Systems.
IWI offers Sage Enterprise Intelligence, Sage CRM and other Sage enterprise software that improves business intelligence to enhance your company’s ERP systems ROI. If you’d like to learn more, please contact us: 1-866-916-3851.