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Strong Business Intelligence Could Increase Your Bottom Line By $500,000

The Wise Marketer reported on how business intelligence systems are not meeting expectations for Fortune 500 in the US and UK. As a result of unsatisfactory business intelligence systems, there is an estimated loss revenue of $478,686. This figure was extrapolated across the market by Dynamic Markets, to an estimated combined total loss of $250 million each year.

Two hundred and eighteen operational executives were interviewed by Dynamic Markets and the key findings showed that the problem is getting timely information to make decision or project future business opportunities. There is too little information for executives when a decision needs to be made, 76% executives reported they have to make a decision before they have all the information they need.

That said, it is acknowledged that the problem is with the tools. Almost all (90%) agreed that with greater intelligence, there would be significant benefits including: more efficient processes, better customer service, increased revenues and profitability and less risk to the business.

Given this research, it became apparent to Vision Critical that these Fortune 500 companies could use a customer advisory panel to gather strong business intelligence. A customer advisory panel is a group of people that organizations can access at a moment’s notice. The panel provides organizations with a solution to the two missing elements mentioned above, timely information and detailed insights from data collected over time. If you would like to learn more, contact Julie Romas at julie.romas@visioncritical.com or call 604.647.3557.

Posted on October 31, 2007
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