How can Business Intelligence improve operations?
I want to start this post off by asking two questions —
- Are you managing a business?
- Do you know the power of business intelligence?
If you said yes to number one, and no to number two…that’s about to change!
Here’s how we can use business intelligence, specifically a program called Synopsis:
An example of a case study showing one of the many uses of Synopsis was with a subscription-based app. With Synopsis, we were able to pull data from the app store, payment data from Stripe, and marketing data from FaceBook. When we combine these sources, it allows us to track the customer’s journey from when they downloaded the app, to when they started their free trial, to when they bought a subscription, to when they actually used the features on the app. This allows the business to get a more in-depth journey of the customer’s usage. With Synopsis, this data will be presented and summarized on one screen. Not only will this save the business owner’s time, but it also serves as a way for investors to keep track of performance and milestones.
Not only can the Synopsis data be used on its own, it can be overlayed and cross referenced with other data. An example of this could be the data from marketing sources ie. FaceBook, LinkedIn, and Instagram. This allows us to understand how consumers were converted to customers and how different ads can trigger different actions within the app.
What is Synopsis?
Synopsis is a cloud-based system that pulls data from various sources and consolidates it into a consumable, understandable format. This data can come from social media pages, HR systems, accounting operations, inventory, etc. GrowthLab works with engineers to provide you a desktop, as well as mobile, version of the dashboard, capturing your company’s raw data. With this being said, you now have access to metrics, data, and numbers that you previously wouldn’t have been able to pull from each platform alone.
What’s the point?
Sure, you can pull data for example from finance, sales, or manufacturing on their own, but how are you going to tie them together. That’s where Synopsis comes in; it allows you to pull the information and “connect the dots.” It allows business owners to have access to the information and numbers they need with the touch of a button. Previously the business owner would have to pull reports OR create their own dashboard…these take time to do & a business owner is extremely busy. After all, as a business owner, you want to be working ON the business, not IN it. Just to sum it up, Synopsis eliminates the fumbling of numbers and by simply pressing a link, the specific metrics you’re looking for are right in front of you.
We love geeking out to business intelligence, if you want to talk shop…give us a call!
Let’s grow together!
