10 Greatest Reasons to Use Business Intelligence for Your Firm
It comes as no surprise that customer experience is one of the leading factors for companies to compete. No matter which era of customers we talk about- the radio, computer, cell phone, or the ones belonging to the digital era, they form the core of how businesses operate. A good number of modern businesses have been using tools from the digital age to enhance the growth of their business. Amongst those which have not yet, either lack awareness of the technology or the resources to be able to use the right tool. In order to provide a better experience to the end-users, a firm needs to make better decisions. While leaders may want to implement solutions they consider necessary for the firm, using a huge range of data to do so can be time-consuming and draining. This may lead to average decisions or confused teams, especially when the CX (customer experience) solutions don’t seem to work. What is BI? Business Intelligence or BI combines business analytics, data mining, data visualization, data tools, and infrastructure to help organizations make data-driven decisions. To cut it short, you equip your business with a comprehensive view of the organization’s data to use for making decisions. These decisions help the business grow by eliminating inefficiencies and quickly adapting to industry trends. How has BI evolved to help firms grow? Traditionally, business intelligence emerged in the 1960s as a then-modern way of sharing information in a cross-functional team set up, or across organizations. It further developed two decades later alongside computer models for decision-making and turning data into insights. In the mid-2000s, data segregation, using it to create visualizations, and eventually, decision-making became a special offering from IT-reliant service solutions. Modern-day BI solutions prioritize flexible self-service analysis empowering firms with accessibility and speed to aid their decision-making. Hence nowadays, opting for business intelligence services for their organizations is a common sight. Over the past few years, more processes and activities have been included for BI to evolve and provide better performance. Some of these processes include… – Data preparation: Extracting data from various resources, organizing them in a structured format, identifying dimensions and measures to prepare for data analysis. – Data mining: Using databases, statistics, and machine learning to discover trends in large datasets. – Querying: Asking data-specific questions in normal language and pulling answers from datasets. – Track analytics: Using data analysis to find out what happened in the past. – Diagnostic Analysis: Extracting results from tracked analytics, and exploring what caused the trend. – Monitoring performance: Analyzing data from current performance to historical data, to benchmark goals and increase productivity. – Creating and sharing reports: Sharing data analysis with those concerned so they can draw conclusions and decide. – Data visualization: Converting reports into visual representations that are interactive, such as charts, graphs, and histograms. – Visual Analysis: Exploring data through visual storytelling to communicate insights. For the firms or industries which have trouble understanding the way BI works, business intelligence consultants come to the rescue. How have firms accepted BI as an integral part of their business? Making use of modern-day technology, many disparate industries have adopted BI ahead of their curve; healthcare, information technology, and education. All organizations can use data to enhance operations and promote growth. In a case where businesses do not have a high-priority tech environment such as the airline, education or retail industry, business intelligence consulting services are utilized to help them in daily operations. Why Use Business Intelligence – 10 Vital Reasons 1. ROI In a world where digital transformation is driving the course of businesses, social media campaigns and consecutive analytics like PPC campaigns are an essential part of marketing. Business Intelligence can translate analytics reports where businesses can base decisions on concrete research, data, and facts rather than intuitions or assumptions. To have evidence on what’s working and what’s not in your favor is a good way to analyze the return on investment for any marketing activity. Hence, opting for business intelligence consulting services can help increase your ROI. 2. Get to know your customers better When you get accustomed to working with BI solutions, collecting and analyzing customer-experience data becomes easier. You get a knack for customer behavior by spotting patterns that wouldn’t have been possible earlier. It is imperative that businesses work hard to understand their customers better because you never know what your competition is using to get to know the customers. The buying experience today is way different from what it was a decade ago. Consumers are more resistant to being sold to since they can access all the information available online for a specific product. To be able to know who is your end-user, what drives their decisions, and the reason they go for some other product instead of yours is always an advantage. That is why understanding what drives revenue for your business is important, and BI helps you achieve that without much hassle. 3. Knowledgeable data More than half the data available online today was created in the past three years alone. In the coming years, this rate of data creation is only expected to increase. One of the major contributing factors for that is the exponential rise of social media channels and an increasing number of users. In order to derive meaningful insights from an iota of data, businesses have begun to implement business intelligence to handle and organize all that data floating around. This also helps in improving performance and building long-term relationships. For those companies which do not have an in-house BI expert to avail of this benefit, outsourcing it to a BI services firm is recommended. 4. Personalize sales strategies When it comes to sales, business intelligence understands more about the other business you may be trying to work with. Sales teams are often observed to use this information for research and get prepared for related objections specific to a company’s situation. It is particularly useful to know whether the firm you are
Read More