May 22, 2023
Access to accurate and timely data is vital for businesses to stay competitive and make informed decisions. Business intelligence (BI) tools provide this data, enabling businesses to gain insights and drive growth.
Qondor BI is a tool ideal for MICE agencies (Meetings, incentives, conferences and exhibitions), providing valuable dashboards for decision-making and forecasting. Managers get greater control and insight, thus can secure income for the business.
Here are 9 ways how Qondor BI can help you as a manager unleash the full potential of your team.
Business Intelligence provides insights so you can learn from the top performers and generate best practices to apply across the organization to align teams and ensure success.
For instance, managers can identify project managers with higher hit rates and those receiving more confirmed proposals than others. Using this information, managers can look further into how these results have been achieved. For example, is a particular destination frequently chosen for events or company kick-offs over others?
Locating top performers who can share their experiences is very valuable.
The finances of an organization require continual control and attention but are complex and time-consuming to analyze without a BI system. Keeping control of financial data is much easier with Qondor BI. Managers secure income for the business as they can easily see if everything has been invoiced in a project. Qondor BI can also be used to identify any differences in expected sales and revenue vs real sales and revenue.
This way, you can keep track and make accurate financial forecasts based on the data collected and ensure that the sales and revenue goals and budgets are being met.
Qondor BI provides data on the number of projects, activities, and proposals produced. Project managers can use this data to identify areas where they may be falling behind or where they can improve their efficiency.
For example, say the project manager has a goal to achieve x amount of confirmed business within a time period. Being able to see how many proposals they have confirmed within that period instantly allows them to keep track and act. The project manager can identify patterns as to why, in one year or month they have been performing better than the other years/months. Could it be due to a repeat customer, the season, or is it that the project manager is spending a lot of time on producing proposals with the same content? In this case, project templates can be set up in Qondor to save time.
By tracking data over time, project managers can monitor their progress to see if they are on track to meet their sales goals and budgets. They can also compare data from previous periods or the same period within the previous year to see if they are improving. Business intelligence empowers individual team members to track their own progress.
Example of a Project manager's view in Qondor BI
Project managers get an overview of projects or meeting requests and their status. Being able to see at a glance which are most profitable allows project managers to know which to follow up on and focus on. Project managers can view estimated sales and revenue, which is a good indicator of which projects will contribute in helping them to meet their goals.
Team leaders get access to data on the performance of individual team members and the team. It allows them to identify areas where they can provide additional support or training to improve their performance.
Areas could, for example, include how to convert more requests into confirmed offers or how to upsell products and services – both to increase competence, morale and, as a result, revenue.
By having insights on revenue and profits, meetings and events managers can determine areas where they can increase revenue and profits.
In Qondor, team leaders can set up project categories to understand what type of requests and business are coming in and being sold. Project categories are tailored to your business; examples could be a conference, event, meeting, incentive or package tour. This ensures more informed reporting, and with the ability to see in Qondor BI which types bring in more revenue, organizations can use these insights to make strategic decisions and better allocate resources.
Project managers can use data on customer interactions and performance to identify which customers are most important and to improve relationships with those customers.
Having access to these insights and being able to understand which customers are most profitable will maximize customer retention. As selling to existing customers is often easier and more cost-effective than acquiring new customers.
Qondor BI lets you unlock valuable insights into customer interactions and performance, and you can keep selling meetings, group travels, and events by targeting returning customers. Thus, strengthen relationships with existing customers and maximize ROI.
By having access to data on suppliers, project managers can monitor which suppliers are performing well, providing the best services and having the best cost/benefit for the business.
Using this information, managers are better informed. In Qondor, they can assign the following statuses to suppliers: “preferred”, “normal”, and “do not use”. Project managers will then understand which suppliers they should include in sales proposals.
For instance, a particular hotel in a destination could be a preferred supplier because the supplier is reliable, recommended, and cost-effective. Knowing which suppliers are best to use will provide a better service for the customer and bring repeat business to, in this example, the hotel.
Managers can also gather information for industry relations reporting, and they can report on, and track spend per supplier, brand and chain for optimized agreements and to strengthen supplier relationships.
With data on products, locations, suppliers and customer categories, project managers can make strategic decisions to optimize their performance and increase their revenue.
Knowing, for example, which products and services are selling most, and which may need a push, will allow project managers to keep this in mind when creating sales proposals and interacting with customers. Customer categories can also be set up in Qondor as per the industries you are targeting for informed reporting. These allow your organization to identify which industries you are selling to, and which are most in demand for your products and services. Managers can then make decisions based on this data. After all, data-driven decisions rather than going off assumptions, are the decisions that will drive growth and success.
In conclusion, a business intelligence tool gives managers valuable data-driven insights to make informed decisions, thus improving their operations and driving growth. With Qondor BI's tailored dashboards and reports, your organization gains key insights to optimize performance and increase revenue. Qondor offers 9 ways to improve your operations with BI, and so incorporating such a tool into MICE agencies' processes can help your team stay ahead of the game and achieve business goals.