How can a Business Intelligence Tool predict your future revenue?
What will you do if you can predict your future revenue?
You might think that it may not be possible?
As most business owners would focus on predicting their future revenue some might find ways to maximise it using the same ability. Business Intelligence software is one such tool that makes it possible to predict your future revenue by using your past business data and upcoming business environmental trends to provide you with the result.
Business Intelligence software is a tool that accesses your organisation’s data, analyses them and displays it in an interactive and simple way that helps you make important business decisions regarding the future.
How can a Business Intelligence Tool predict your future revenue?
1.) Predictive Analytics
With predictive analytics, you can easily predict potential future outcomes such as expected revenue, expected regional sales, the likelihood of customers returning for your brand, the future risk behaviour of customers. The combination of historical data, algorithms and machine learning allows you to run assumptions against the data available to validate & forecast multiple outcomes for your decisions and if it shows actionable results, the BI will predict your future revenue.
2.) Analysis of Business Data
It analyses your previously made business decisions and highlights which one of them is doing good and allows you to replicate the same for other major decisions. It keeps track of business performance through interactive dashboards like sales and SKU and helps you in comparing your performance according to month-on-month analysis, forecast trends and identify your best-selling products. All these indicators along with historical data allow you to predict and maximise the future revenue of your business.
3.) Identification of Upcoming Trends
The BI Tool keeps you updated about changes in your business domain and identifies all the upcoming trends and opportunities to make forecasts about how the data will look if the trend continues in the future. It tracks the ongoing and upcoming trends to recognise any threats & opportunities that help in predicting, saving and maximising your future revenue.
4.) Performing a What-if Analysis
Performing a What-if analysis is like taking the business decisions out for a test drive giving you a demo on what to expect from the outcomes made from your decisions. For example, if you increase the marketing expenditure for a specific region, then what will the likely outcome be? The system might predict outcomes with the results available from identical decisions made for other regions and combine them with the data available for this specific region. It ultimately predicts what your future revenue will be for any decisions taken regarding the business.
Prism by eWards is an advanced business intelligence tool that can predict your future revenue when provided with the correct input of data. It operates through smart dashboards powered by machine learning, predictive and AI-driven analytics that simplifies complex data into a stream of pictorial views, making it coherent to all types of people. It helps in identifying key business drivers, hidden trends and also allows users to access data patterns to provide accurate predictions based on historical trends.
For any queries and demos, contact us at prism.myewards.com
