Competition is one of the main elements for any business. However, effective business intelligence can help you stand apart from your competition.

These are the various ways businesses are using business intelligence in order to forecast the market and gain a competitive edge:

1. Know your customers

Business intelligence software provides enriched data resources to help you understand your customers easily and to put them in distinguished segments, such as customer preference, behavior need, and buying behavior. It depends on the experience and influence. Your business will see a benefit in the long run when it analyzes your customer base. Customer segmentation based on analysis can reduce the cost of acquisition of customers by up to 30%.

2. Predicting customer behavior

Be proactive with your customers with the help of business intelligence software. By employing predictive analysis you can understand the next move of your customer in terms to need and demand, and stock or promote accordingly.

3. Determine ROI

According to the Harvard Review, several organizations are able to promote the rates of conversion above 70% using business intelligence platforms by helping businesses appropriately monitor and measure business performance.

4. Identifies opportunities

The business intelligence software is able to analyze your total business market by industry to derive and identify potential opportunities for newer businesses as far as expansion and growth.

5. Reduces labor cost

One of the greatest benefits of business intelligence software is that it promotes minimum labor costs via data collection and generation of reports to find time and labor cost cuts. Furthermore, using a BI almost guarantees that your critical business data entered will be correct, timely, and error free.