Published on Jun 7, 2016

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Do you know your cost of sale, your break-even point, and how much your business spends on your customers in real-time?

If you don’t use business intelligence tools to monitor your business performance, you might be part of the alarming 40 per cent of business that don’t have access to real-time data.

This is according to a survey by Smart Company JCurve SME Directions Survey that looked into how small and medium businesses will be able to adapt to the challenges of the future.

The types of software integration identified in the study enabling Australian businesses to monitor their real time performance included CRM (customer relationship management), accounting, sales management or point of sale systems. Information analytics and real time tracking supports businesses to:customer data

  • Provide better customer service
  • Generate customer loyalty
  • Generate greater return on investment
  • Enhance profitability
  • Increase efficiency
  • Reduce costs
  • Identify and prevent problems
  • Identify and capture opportunities for growth

Integrated software can even help your business to automate time consuming or burdensome tasks. For instance, integrating your systems can help you track you online and point of sale against inventory for stocktake.

Businesses are also adopting technology to gain greater insight into their performance. Some 35 percent of survey respondents said they do track their KPIs and performance in real time, which enables room for improvement.

Did you know?

Using business intelligence software can help you extract more value from existing customers through scheduling automated campaigns and communications, enhancing your ability to provide great customer service and personalise based on previous purchase behaviour.

More and more Australian businesses are attempting to grow loyalty and generate greater profit from their existing customer base, with 33 percent of respondents stating they intend to investigate CRM software for their business.

Does your business use intelligence tools?  Let us know in the comments.