With a lot of focus on digital transformation and building data-driven culture, enterprises have pressed the pedal on the adoption of business intelligence (BI) and analytics into their day to day operations. From analyzing the daily sales data to predicting attrition, BI is being used in myriad ways. Here’s a quick list of 5 ways in which you can utilize BI most effectively and efficiently in your enterprise.
One of the biggest challenges that an enterprise has is taming its vast volume of data. Enterprises run multiple applications that generate data in different formats, mostly unstructured. With business intelligence enterprises can collate all of this data in one place, analyze it and get; centralized reporting. BI tools can run machine learning algorithms on this data to identify patterns and bring out deep hidden insights, that can be extremely valuable to an enterprise.
Enterprises can use business intelligence tools to monitor their competitors and understand their market strategy. Basis of the insights, an enterprise can plan its product releases, pricing, promotional campaigns, and sales strategy at large. Enterprises can also leverage BI to analyze the larger industry data and identify critical information like who is their primary competitor for each segment, new competitors, etc.
Marketing is a cost function and every enterprise wants to get the best ROI from their marketing campaigns. Business intelligence can be applied to measure the effectiveness of marketing campaigns and optimize costs. By analyzing marketing data, a business can scientifically decide where to put money, what channel to focus on and which products to promote at what time. With business intelligence tools, enterprises can centralize analytics; on marketing data from multiple channels to get a cohesive view of all campaigns on one screen.
From analyzing the sales pipeline to predicting the next deal; business intelligence can make the sales function extremely data-driven and result-oriented. With a BI tool, top management can get a complete perspective of sales performance across different product segments, regions and channels. In once screen, they can get visibility on top performers and identify what is not working well. BI tools can also predict sales numbers for the coming weeks; months and years so that enterprises can plan their strategy for tomorrow.
Customer Behaviour Analysis
Customers are the key to the success of any business. Enterprises can leverage business intelligence very effectively to understand their customers and strategically plan their customer policies. With BI tools, enterprises can analyze data collated in their CRMs, call centers, etc. to get insights on how customers are engaging with their brand; what grievances they have and what is it that they like. In addition, enterprises can run real-time analytics on online platforms; like social media, e-commerce sites, etc. to understand the buying patterns. They can collaborate these cross channel insights and take immediate actions to address their customer demands.
Blog submitted by Intellicus
Intellicus is one of the world’s leading Business Intelligence and Analytics platforms. More than 60% of Fortune companies are using Intellicus to build powerful reports and dashboards with ease. Our interactive web and mobile platforms give users the power to access, view, and interact with corporate data anywhere. With over 50,000 installations worldwide, we are assisting organizations to make better-informed decisions.
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