Business Intelligence Processes
The term Business Intelligence (BI) can
be described as a set of techniques and tools that transforms raw date into
useful and meaningful data that can be used for business analysis purposes.
With practical application, business intelligence (BI) is a technology-driven
process for analyzing data and presenting actionable information to help
business executives, managers, and other end users make more informed business
decisions. BI encompasses a variety of applications, methodologies, and tools
that enable businesses to collect data from internal and external sources,
prepare it for analysis, run tests against the data, create reports, dashboards,
and data visualizations to make the analytical results available for decision
makers. The goal of BI is to allow businesses to have interpretations of large
volumes of data to identify new opportunities and provide a competitive market
advantage.
Using Predictive Technologies to Target Profitable Market Segments
BI
technologies can provide companies with historical, new data gathered from
source systems and predictive views of business operations inclusive of,
reporting, online analytical processing, analytics, data mining, process mining,
complex event processing, business performance management, benchmarking, text
mining, predictive analytics and prescriptive analytics. When combined, this
external and internal data can provide a complete business picture, creating
"intelligence" that could otherwise not be obtained from a single set of data,
that in turn forms the basis of useful and predictive insights into optimal
market segmentation.
Business Intelligence and Your Marketing Plan
Benefits of BI programs
for organizations and their marketing plans are significant and include:
1. Turning Data into Actionable Information.
A BI system can provide the
needed insight you require to make successful strategic marketing plans for an
organization. The BI system can identify key trends and patterns in the
information and connect areas of the business that would otherwise seem
unrelated. This type of all comprehensive information can aid companies to
identify suitable opportunities for the organization as a whole and plan for a
conversion optimizations.
2. Obtaining Insight into Consumer Behaviour.
One of the key advantages
of investing in business intelligence processes is that it such can improve the
ability to analyze current consumer buying trends. Once a company understands
why their customers are buying, this information can be used to develop
campaigns to match current and future consumption trends. By doing so, a
business will improve its profitability by attracting optimal customer
profiles.
3. Improving efficiencies.
Business intelligence systems can improve
the efficiency of marketing processes and by doing so, increase marketing ROI.
As well, business intelligence information can be shared across departments to
improve and saving time on the reporting process, analytics and campaign
implementations. Sharing of information can reduce duplication of
roles/processes within organizations, and provide better, more accurate data
that would otherwise be generated by various departments. Ultimately, sharing of
business information improves a company's marketing processes and position.
4. Gaining Competitive intelligence.
Business intelligence procedures
are powerful enough to be used to gain insight into what your competitors are
doing. In turn, a company will be able to make decisions and plan for the future
understanding the competitive landscape.
Obtain the benefits of an effective BI system and strategy for your business
through a Business Intelligence review by a skilled BI provider such as
Zipstripe. Zipstripe will ensure that the intelligence system chosen can analyze
the context and content of data, to provide the best possible analytical
efficiency for your business.
