Consider where you can use business intelligence (BI) systems and analytics to gain better knowledge and insight into your business, customers and market in which you operate. Knowledge is key to unlocking opportunities and converting leads, and modern data mining techniques can open up markets you would never have considered.
In simple terms, BI is about making your business more intelligent so that you can take better business decisions. This is done by analysing the knowledge you gain through information gathered about your previous and current actions and their results. Business intelligence solutions allow you to examine every part of your company and every activity. You can monitor the effectiveness of your marketing, sales or operations. Most importantly of all, BI allows you to gain knowledge about your customers to target your interactions with them more effectively.
All business create data, you may be unaware of that data or you may not see it as having value, but all data sources can be used in BI to give you useful information to move your business ahead of your competitors. Sales trends, correlating sales to other external factors such as the time of the year or weather. Production plants can be monitored, optical sensors can monitor items on a conveyor or you can simply count numbers of people through the door.
With BI you can get into some very deep and interesting analytics, supermarkets are currently trailing putting sensors into shopping carts allowing them to see the paths that customers take around their store, they can see where customers linger and where they don’t visit. This in conjunction with information about the store layout allows them to pinpoint where special offers should be placed.
RFID Systems can also be used along with mobile apps to track what your customers do with your product after sale. All this information can be brought together in business intelligence systems to give you statistical patterns.
Software and Data in Harmony
To make the most of all that data, you need the right cloud software platform so you can analyse it and look for patterns, trends and opportunities. Too many businesses invest in data collection or software in isolation: only by using the two in harmony can you truly unlock the potential of your business data. Business intelligence is not just for the big players: no business is too small to gather and use data, and it is a key opportunity to gain a competitive advantage by using the power of technology to learn about your business – and your competitors.
Digitalquill: Experts in Business Intelligence
We make our systems easy to use and easy to understand. We work for a number of small and medium businesses in Hull, East Yorkshire and North Lincolnshire and help them to maximise the use of their business data. This increases sales, improves customer retention and drives up average transaction values. For more information call us on 01482 424402 or email firstname.lastname@example.org.