Big Data has become an unavoidable buzzword in recent years, but many businesses still haven’t figured out how to utilize the information provided by the revolutionary new technology.
Business Intelligence: How it Can Transform Your Business Strategy
Business Intelligence (also known as “descriptive analytics” or “BI” to those “in the know”) is an umbrella term for the use of various algorithms and software to analyze data. Without these tools, it’s difficult to turn data into actionable strategies and insights about your customers and target demographics.
BI tools not only analyze this data, they can create easy-to-read reports, tables, graphs, and other visualization tools to provide optimal understanding.
Analyzing Customer Needs and Opinions
There are more ways for consumers to interact with companies than ever before: websites, email, social media platforms, phone calls…the list goes on and on.
One of the primary goals of BI is to integrate and compile this information to provide a more complete overview of your customers. While previous data technologies only offered information about whether a product or marketing strategy was successful (or not), descriptive analysis provides valuable insights into why a given strategy succeeded or failed.
This deeper understanding of causation gets you into your customers’ and clients’ heads, and allows you to see yourself through their eyes.
Using BI to Improve Efficiency
Although technology has allowed businesses to reach customers like never before, it has also completely saturated the market; cyberspace is bustling with products, services, and content. BI allows owners and business executives to allocate their precious resources to the right areas of their business–building a solid infrastructure for future successes.
Through a greater understanding of market trends, BI can inspire bold new business techniques, methods, and even entirely novel business models.
Descriptive analysis is also a boon for your business’s bottom-line. By understanding more about your customers, you are gifted with a psychological profile of sorts–one that you can use to convert potential sales into repeat patronage. Not only does this provide a better return of investments, it gives you the insights you need to craft effective marketing campaigns in the future.
Pinpointing Potential Problems with Descriptive Analytics
Don’t get us wrong: balance sheets and profit/loss statements are still essential in diagnosing your business’s overall health. However, BI goes a step beyond by integrating this basic information with your company’s accounting software, thereby providing insight into trends that would otherwise remain hidden.
Descriptive analytics can help you track key performance indicators (KPIs), but it can also provide predictive forecasts to avoid problems relating to purchases and hiring. Through a thorough, multi-faceted analysis, BI provides information that older methods never could.
Gaining the Upper Hand in the Market With BI
These days, most companies utilize some big data insights–search engine analytics, information about trending topics in the industry, etc. However, Business Intelligence tools like Google BigQuery go a step further by providing relevant information not only about you, but about your competition as well.
Business Intelligence: Too Important to Ignore
Business intelligence tools are now so affordable and easy to use that every business should be utilizing them. Self-Service Business Intelligence tools (SSBIs) are a great way to go. While they can’t entirely predict the future, they present a truly astounding level of insight into past and present activities relating to your business.
Is your business using Business Intelligence to optimize revenue, customer insights, and to create more effective strategies? If not, or if this all sounds a little too daunting, you will benefit from the services of a team of data experts, or from upgrading to the latest, greatest descriptive analytic tools.
It’s an exciting new world out there for businesses in the 21st Century–don’t get left behind! Let us know if you have any questions about Business Intelligence in the comment section below, or feel free to message us directly. We wish you and your business the greatest of success!.
by: Dennis McKonkie