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Many businesses have taken advantage of the business intelligence (BI) tools to find immense growth opportunities, improve their return on investment (ROI), develop a competitive advantage based on insights found, and to also spot inefficient business processes. 

Business intelligence has enabled many small, medium and large enterprises to retrieve, analyze, and transform big data into useful business insights that are intuitive and easy-to-read such as charts, graphs, and dashboards. BI tools pull in data from multiple sources and empower non-technical users to build narrative without never having to learn code.

But a business owner must understand that the core of BI is reporting, not process management.

BI offers a way to examine data to understand trends and derive insights. It involves streamlining the effort necessary to make sound business decisions. Thus, their BI tools are only as good as their business data. 

Forward-thinking organizations have recognized that data has great value, even if they do not yet know how to extract that value. The challenge is leveraging that data to gain valuable insights for the business. Not only is the volume of data growing, but the velocity of incoming data is increasing as well. 

Most organizations these days realize that they’re sitting on a ‘gold mine’ of data – customer interactions, their behavior online as well as offline, financial transactions, and even human capital data. There’s almost limitless information that can be used to give decision makers a better picture of what’s happening in and around their business. They can use the data at their disposal to help make better fact-based business decisions. 

Enter Relationship Intelligence

Businesses might be operating in a digitally driven ecosystem, but relationships and networks still drive sales or the probability of winning a deal. BI tools are not designed to help identify key decision makers, but AI-driven relationship intelligence platforms can help organizations take their data to the next level, expand their network and access key decision makers to drive success.

Further, the accuracy of the data driving BI tools relies on regular updates from various departments, and more often the same pool is repeatedly used for business development activities. Businesses can integrate their BI tools with relationship intelligence platforms to enrich their data and unlock value from their organization’s collective network. 

To learn more about relationship intelligence, read our previously published blogs and also take advantage of our relationship intelligence platform to manage your relationship capital, and also to reveal referrals and opportunities for your next big deal.

Relationship Intelligence or Business Intelligence — Which one to choose?

It might be helpful to understand the differences between relationship intelligence and business intelligence, but it can be more helpful to understand how they work hand in hand. 

With BI, businesses can keep up with industry changes, monitor seasonal changes in the market, see the best possible time to enter and exit the market and position itself strategically, and anticipate customer needs. With Relationship Intelligence, businesses can identify the strongest path to a decision maker and be more competitive with the ever-changing market landscape.

While BI is based on the processing of large volumes of data in order to provide concise insights to help with strategic decisions, Relationship Intelligence can optimize business relationships. In short, they are two powerful solutions for any company and instead of choosing one over the other, it would be smarter to take advantage of the business intelligence coupled with your Relationship Intelligence.

  1. Better data means better BI:
    Once your relationship intelligence platform is synced with the BI solution, you can extract insights to aid your decision making.
  2. Evaluate what you need:
    Focus on what supports your business and what impacts your customers. With Relationship Intelligence data, you can gain a lot of ‘behavioral’ intelligence and come up with personalized marketing tactics to improve cross-selling and upselling of your products.
  3. Plan and grow:
    Relationship Intelligence and BI system integration needs to be well-thought of in order to work seamlessly and deliver expected outcomes. A rushed implementation can’t yield the results you are expecting. Hence the integration needs to be well-planned. 

Ultimately, it comes down to selecting the right solution provider to get the insights you are looking for. Are you ready to get started with relationship intelligence? Get in touch with us.