Organizations today are constantly bombarding their customers with marketing messages. Competition is intensely fierce across all sectors of business today, and organizations need to make every marketing dollar count, and BI is the optimal way to achieve this
FREMONT, CA: Since the advent of digitalization across all forms of business, organizations have started generating massive amounts of data. While this presents organizations with a new task of managing this data, which can often be overwhelming, it also provides them an opportunity to harness this data with the use of advanced analytics. Advanced analytics can help organizations function more efficiently and increase turnover. Studies have shown that nearly 70,000 Google transactions and 4 million Google searches take place every minute. Leveraging big data analytics to generate actionable business intelligence is turning out to be the future of business. Business Intelligence (BI) gives organizations a competitive edge over their competitors and needs to be leveraged in the right manner to reap its benefits.
Here are a few ways in which organizations can leverage BI to stay competitive in the forthcoming shopping season.
Customized, Location-based Strategizing
Business tactics are often site-specific. What may work in one place may not be applicable in another. While operating over multiple locations, organizations can leverage BI to identify the best ways to make use of assets such as real estate and inventory. BI helps aggregate data from all areas and identifies unique strategies that are best suited for each location. Also, BI can help set up benchmarks for performance based on the work at each business site. Having actionable and relevant insights to each location helps an organization to utilize all its resources optimally.
Experience and instincts are essential to any organization. However, marketing strategies based on guesswork can often cost years in lost revenue. Meanwhile, data-driven decision-makers help turn these data into profit. This is applicable with BI as it makes decisions based on facts, rather than experience and instincts. Understanding real factors that have contributed to the past success of an organization offers a competitive edge. By analyzing the characteristics of all the physical assets along with the digital assets, organizations can avoid making costly marketing mistakes.
Business Model Optimization
Organizations today are constantly bombarding their customers with marketing messages. Competition is intensely fierce across all sectors of business today, and organizations need to make every marketing dollar count, and BI is the optimal way to achieve this. Implementing data analytics software is essential to make sense of information gathered manually from disparate sources. Business intelligence tools can help organizations corral all of its consumer data into a single display to get a full and concise picture of how the organization performs.
Consumer Behavior Analysis
Big data systems and BI can help organizations to identify the ideal customer and go after more of the same kind. Understanding the persona of a loyal customer can help organizations to focus on marketing strategies where they count the most. Besides, BI is also helpful in strategizing how to extend the lifecycle of customer relationships. Extending the consumer lifecycle is essential as it costs much more to service a repeat customer than it does to acquire a new one. Real-time consumer data can help organizations to assess the needs of customers and create a satisfying buying experience for every transaction, and in turn, lengthen its relationships with buyers.