5 Reasons why your business needs BI to drive sales

“We are drowning in information and starving for knowledge” Edward Owen Wilson 

What is Business Intelligence (BI)? It consists in the use of data to improve business. The chance of success in the current fast-paced business landscape is reserved for the most competitive companies. As a company grows, so does the amount of data needed. This is where BI shines. Out of every bit of information related to your business, BI collects, organizes, analyses and presents the knowledge you need.

BI gathers valuable information and presents it to you as up-to-date and accurate knowledge, where insights and patterns clearly laid-out and easily understandable. All of this to save you time and effort in decision making. It is not a new resource per say, but the constant innovation in technology plus the advances in data processing and visualization turned BI into a consistent must-have, decade after decade.

The benefits of BI, when applied correctly to specific business functions, are tremendous. This is why today we want to focus on how the use of BI can improve your relationships with Public Bodies.

Let´s look at five innovative BI benefits that you can make use of to simplify and streamline your public purchasing processes:

Be the "Best Offer”. In a business landscape marked by competition, it is no wonder “cost efficiency” is the go to word. The criteria for selecting offers no longer depends on the lowest price, but as of now it is all about the best offer. Opportunities have a chance of flourishing, not only for Public Entities but for you too.

Through data, it´s possible to identify the most important variables to make faster and more informed decisions. You can get the most relevant information and plan your strategy accordingly. You can make sure the price is not the only variable speaking for the offer, but also the quality, innovation, and competence.

Save time. The right tools will always give you more time. Time for what? Analyzing, making proactive decisions, and acting. Accurate and real-time intelligence is directly linked to better decisions, and having this information available at hand whenever needed saves a lot of time for those critical decisions.

Deciding how to answer the buyer’s requirements, supplant the competition, offer creative solutions or even respond to your own shortcomings. Think of it like this: having information on the buyer and who they work with will allow you to understand your odds when submitting for a tender. You will understand clearly where to improve competitiveness.

And the best part of all of this is that most BI tools will be available at a touching distance, through the use of an app for example, cutting down not only the amount of time needed, but also the effort and number of people that need to be involved in the process. This was the driving force behind the creation of Armilar and the development of our solutions. We believe that relevant and personalized data aligned with the right technology can help you make the most of the knowledge hidden in the raw data.

Predict and act accordingly. This is one of the benefits most people familiar with BI recognize. This is because the ability to begin acting proactively, instead of just reacting, is a need that a lot of companies are well-acquainted with. The procurement data businesses worked with years ago consisted of visualizing what had been done before. The recent BI innovations have reduced procurement efforts by offering fundamental data in the development of clear proactive strategies and companies need to adapt and have access to the same knowledge This will help them compete, work proactively and in a consistent way.

The payoff here is simple. Being able to forecast future data can help you immensely just by identifying patterns and predicting future possibilities. Take Contracts Forecaster as an example. As companies are aware of public contracts that are about to expire, they can work on acquainting with potential customers before the tenders are actually published. This is the extra mile they need, that their competition is not aware of.

To sum up, this predictive analysis tool offers detailed information about previous contracts so companies can pinpoint their next “targets” and save time.

Keep track of the business. If you are only looking at your data, then the success chances won´t be that great.

The protagonists here are the benchmarking tools. Linking internal data with important information about the market, clients and competition is the best way to make full use of information. Benchmarking business and performance is not only extremely important, but for procurement functions this represents a great way of improving efficiency and effectiveness. Whereas Public entities can use this technology to analyze offers and their suppliers, suppliers can get a clear understanding of their business opportunities, keeping track of how the market moves and where it is moving to.

The best example of this would be our benchmarking solution, as it offers great solutions of market, competition and client analysis, as these have the biggest impact on procurement performance. You are offered the ability to plan, manage and advance your strategy any way you see fit. The knowledge is all there for the taking.

Increase Transparency. According to a report by Harvard Business Review Analytic Services for Basware, 60% of business leaders find the absence of transparency between procurement functions and suppliers is a risk to their business. Take Spain’s case for example, where a third of bidders who refuse to present their offers do it because they lack trust in the process, finding the tenders rigged as reported by the European Union.

As the calls for transparency in Public Procurement grows louder we identified important needs of information that unfortunately weren´t being answered. The Market Diligence mode, available in our Benchmark solution offers to the supplier the ability to understand in detail all the commercial relations any public entity has. For example, according to the business category, you can learn who their usual suppliers are or total awarding volume.

Market Diligence

The access to information is normally a difficult journey mostly because the information is not easily accessible. BI that guarantees analysis of the behavior of the market, as benchmarking or negotiations between businesses and their suppliers, offers essential intel to every company interested in negotiating with Public Administration, and they do it by leveraging the playing field for everyone.

Reliable benchmarks, for example, reduce informational asymmetries between all parties. Price Guru, another solution of Armilar, entails a promising pricing strategy benchmark. As we are starting to witness real time efforts for more cost-transparency, Price Guru is an example of the tools specialized in closing in the still present information gap between buyers and suppliers, and in a fair way. Tools like this can give you the control you need to develop your business with trust and safety.

Los avances positivos en la lucha contra la corrupción, como la creación del Portal de Transparencia (introducido en la Ley 19/2013 de Transparencia, Acceso a la Información y Buen Gobierno), han sido fundamentales para aumentar la confianza y la transparencia, pero herramientas como las que desarrolla Armilar pueden darte el control que necesitas para desarrollar tu negocio con confianza y seguridad.

The benefits speak for themselves, and we have only presented to you the tip of the iceberg. If you have noticed that there is room for improvement and new heights to be reached, then we hope this article has given you something to think about. Modern problems require modern solutions. Accurate and timely intelligence has helped companies to focus their attention where it is needed, while improving their competitiveness. It is your tun now.

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