Business intelligence has gained importance across several industries and geographies and becomes a heated topic of discussion. According to a report by IDC, by 2022, the worldwide revenues for Big data and Business Analytics will touch $260 billion. Additionally, the revenues are projected to touch $166 billion this year. So, why is business intelligence in demand? This is because it is a technology-oriented process to analyze business data and offer actionable intelligence that helps managers and executives make strategic business decisions. The information is easily assimilated using reports, dashboards, charts, and maps.
Companies can use business intelligence to enhance savings and productivity of the events team to drive top-line growth. Let’s explore the ways in which business intelligence can be applied at events.
Recognize areas for cost-cutting
Businesses want to generate revenue, but cost-savings is another financial objective that is of prime importance. Business intelligence software gives a comprehensive picture of the possible areas to curb expenditure such as inventory. There is always a possibility of having an excess in your inventory which leads to additional overhead.
Similarly, in the case of events, business intelligence can be used to understand if meeting rooms have been optimally utilized or not. Meeting rooms are valued at a high cost so it makes business sense to use Business intelligence. Also, it helps the events team to identify past purchases based on which investments on meeting rooms can be made in the future.
Reduce manual errors and curtail time on data entry
Manual data entries are susceptible to human errors whenever data is copied and pasted from one source to the other. Applying this to events where meetings are scheduled, manual data entry of meeting details on spreadsheets are prone to errors. According to reports, manual errors cause damage worth millions of dollars for companies.
A well-configured Business Intelligence system removes the time spent on data entry and reduces the time taken to generate insights. Business intelligence tools have the capacity to generate reports quickly coupled with data visualization that collates all the information in one place. This helps businesses make quick and profitable decisions.
Boost employee productivity
Business intelligence augments productivity. The tools help to monitor tasks, output, as well as assess the overall performance of the team. It gives fast answers to critical business questions. BI tools help to recognize the strengths and weaknesses of employees. Just with the click of a mouse, business reports can be generated.
All the points mentioned above can be beneficial at events where strategic meetings are held. For instance, the sales, marketing, and events teams will be able to identify the possible areas where more efforts are needed to influence maximum revenue.
To attract and retain new customers, it is important to be aware of customers’ buying patterns. This is where Business intelligence steps in. It helps to identify what customers really want, by analyzing buying patterns of customers. Applying this at events, Business intelligence software can be used to identify meeting participants from specific industries that influenced maximum revenue in the past.
These are a few benefits of using business intelligence in the events industry. With rapid changes in technology, implementing state-of-the-art Business Intelligence technology at events will help create worthwhile event experiences for all attendees. We are enthusiastic about the use of Business intelligence at events and feel that it will make a mark in the modern age of the events industry.