Business intelligence plays a vital role in continuing businesses as it extracts the information deemed necessary to the company. It uses BI systems to turn data into meaningful information that companies use for the managerial decision support.
Organizations that understand business intelligence tools and systems can develop an analytical approach to turn raw data into valid, actionable insights. Using these ideas, knowledge into decision making and other factors, such as an increase in the number of diverse internal and external data sources, and the sheer volume of data generated can be derived. The use of business intelligence systems has increased in recent years as an approach to collect and analyze data.
Business Intelligence (BI) is a term for all the tools, technologies, applications and practices that businesses use to gather, integrate, and present an organization’s raw data in the structured form to develop insights. BI as a technology-driven process includes several related activities that are:
- Data mining
- Online analytical processing
- Operational Changes
Many businesses have become highly efficient and profitable due to Business intelligence. BI is a dynamic tool that cannot be used with insufficient data. The success of any BI project depends on the amount and the quality of data available within an organization. If you are planning to undertake a business intelligence project then you need to perform some changes in your regular operations, such as upgrading the traditional reporting techniques to advanced ones, setting a standard for reporting and data storage across your business, and locating the specific areas in which you need BI.
Hadoop is an open-source software framework. It is used for storing data and running various applications on the commodity hardware. It offers massive storage to store any data with high processing power and empowers a system to handle virtually seamless concurrent tasks. You can earn an in depth understanding of the components of Hadoop ecosystem with a Hadoop training and implement it in real life projects banking, insurance, healthcare, etc.
Efficiency of marketing campaigns
Traditional marketing efforts are daunting and cumbersome. Organizations implement their strategy and wait for a long time to check if their efforts pay off. If the ROI increases, it’s assumed the approach has worked. If it is not, the strategy is scrapped to develop a new plan-of-action.
BI guides you to design, track, and analyze the success of your promotional campaigns by providing real-time insight into how customers are responding to their services. As you get to know which campaigns are getting the best responses, you can reshape your marketing budget and assign funds to generate better ROI. In case your campaign does not make a positive response, you can reorganize the promotion and customize the campaign message as required.
Critical decisions are made by a team when you can weigh one option against another. During your discussion period, make sure you have data that support each argument. During your discussion period, make sure you have data that support each argument. If decision makers are discussing something to change that may profoundly impact the company, the result should not depend on subjective experience, or on a single event. Instead, make critical decisions based on data that keeps everyone focused on the reality of the end goal of business, not just the perspective of executives.
Business intelligence tools regularly keep a check on large amounts of data generated by a business and carefully analyze it to measure several performance metrics, for instance, efficiency, sales figures and marketing costs as per business – in real time. This keeps top management informed about the performance and status of various critical components within the company and the collaboration among different business units. Moreover, business executives can detect market opportunities and can take advantage of them at the right time.
Reduced Time to Decisions
BI users get access to a bulk of processed data in the form of organized and readable reports that allow them to present information interactively within a short time. You don’t need to sift through loads of data and to print various reports.
To gain sales intelligence
A person from a sale department and marketing always like to keep track of customers using a Customer Relationship Management. A CRM platform gathers the data about your customers and makes sense of it, and presents it in the form of various tables and charts. The data may include the whole sales cycle, from winning customers, to tracking and servicing present customers, to providing multiple post-sales services.
Sales executives depend on the right information at the right moment. Providing your executives with potentially old data may result in their wastage of time as they have had to hunt for current facts and figures. This might result in lost sales opportunities.
Empowered with up-to-date, relevant access to data, your executives can engage in more meaningful conversations that present real value to your customers. With data on customer behavior patterns, customer feedbacks, customer preferences, and buying habits, your salespeople will know what your customers look for and have the potential to demonstrate the real value of your product to them.
When you show concern, your prospects are likely to incline and become loyal and satisfied customers. A quality BI tool is accessible from all mobile devices ensuring your executives have access to relevant data even when they are out of site.
Author Danish Wadwha is a digital marketing specialist and IT professional.