Business Intelligence of 2020: a tool that helps organizations to boost their competition
Following the path of digital transformation, most companies are not thinking of innovation as a way to empower themselves for a long time.
Legacy software remove, change to digital routines, data collection, adding AI, cloud, and other things are, in most cases, done to be in trend, but not to become more competitive.
Business intelligence is aimed to change the way you are implementing changes, allowing us to get actionable insights before the change happened. World giants like Amazon and Google are using business intelligence as a part of their day-to-day business routine. And you, as a business owner, can follow the same approach.
So, here are ways BI is used by companies that have implemented it into their operations.
Enchanted strategy planning
Business intelligence tools are a must-have for the business who have multiple physical locations. The primary power of BI is that it allows identifying strategies that would be relevant for the place. As a result, the company may allocate only appropriate resources with minimal costs. Moreover, BI data can be beneficial for online and offline advertising planning.
The use of BI tools allows businesses to automate the work of their marketing departments. Selective business analytics gives companies the ability to understand their customers and behaviors. As a result, to deliver their message at the right moment and using the right tools. SEO, social media, PPC, content marketing, and other pieces of your marketing mix are not about guesswork – they are about data.
Supply, storage, and delivery are three primary points that always caused headaches of online and offline business owners. Inventory management and business intelligence can work together to solve most issues your business might experience. Purchase history, delivery pitfalls, customer expectations, competition, and other factors with right BI tools can be tracked and analyzed. As a result, business owners might predict and oversee all possible issues during definite periods.
Customer behavior analysis
In the modern world, business intelligence is part and parcel of customer behavior analysis. Starting from a unique buyer persona creation, buying behaviors, and ending with setting up and delivery of sales pitches and offers at the right time to the right person. Moreover, BI can allow you to build customer-oriented flow by analyzing a massive volume of data you already have about your consumers. Business intelligence is a powerful tool allowing to boost sales and beat the competition.
Business intelligence barriers
Unfortunately, business intelligence is not a standalone process. To implement BI to their operations, organizations need allocating qualified resources. Proper understanding of Big Data, AI, and Machine Learning is a must for BI integration. So, it’s not only analytical and marketing thing – you need to get more technical staff on board.
Nevertheless, if you are looking for a nearshore team to take care of this aspect of a business, you can always contact Efisco regarding this. The best data science and machine learning specialists are available in both Ukraine and Poland, and you can employ them with our help!