What is ‘Business intelligence’?
According to Gartner, one of the leading research and advisory companies, “Business Intelligence is an umbrella term that includes applications, infrastructure and tools, and best practices that enable access to analysis of information to improve and optimize decisions and performance”. Marketers rely heavily on data to determine where to place their campaigns, who to target, and how to best use their resources. In order for these campaigns to be effective, they need to properly turn raw numbers into actionable insights that will enhance their strategies. That’s where business intelligence comes in. One benefit of BI tools is the capability to visualize data in different ways to produce more actionable results.
These are some ways a robust analytics software and BI tools can turn your prospects into customers.
Ask the right questions
Defining objectives and metrics to track them are vital components of planning a strategy. Business intelligence gives you the ability to sort through massive amounts of data and generate actionable insights from it. But in order to work optimally, it needs to ask the right questions of the data being produced. For this, the best marketing dashboards include the option to define a variety of KPI’s and other metrics. BI tools help expedite the analysis process while also refining it. This empowers companies to react quickly to industry changes and track their objectives more effectively
Better define and target your key demographics
BI helps marketing professionals to narrow down demographics to find the right audiences. The secret behind a successful campaign is sending the right message to the right people at the right time. One of the benefits of business intelligence is its capability to collect information from a variety of channels. It provides not just demographics information, but also engagement, ROI, and purchasing patterns. This information helps companies to build a complete view of their target customers.
Improve the quality and speed of reports
Better insights can give a company the ability to enhance strategies and also react faster to changing preferences and trends. That’s why is vital for marketing companies to collect as much data as possible. However, one of the downsides of collecting data from several sources is that it’s not always uniform, and it doesn’t exist a process to standardize it. For industries that marketing is around-the-clock spending days on reports instead of hours can mean losing customers. One of the biggest benefits from business analytics is that is programmed to capture and convert data into a clean stream for parsing and visualization. Cutting down the time it takes to standardize data allows for companies to react to an ever-changing market.