The world’s most popular cooking site and largest digital food brand use Business Intelligence (BI) to understand user preferences as they navigate through the site. User behavior is tracked based on various parameters like the kind of food pages visited, amount of time spent on a particular page, food categories preferred, the device used to navigate through the site, frequency of visit, etc. This allows them to personalize the experience, helping each user find relevant content faster and thus serving them better. Customer satisfaction shooting up added to the popularity of the site and generated more revenue. BI not only helped in running a successful marketing campaign but also in generating a good return on investment.
What is Business Intelligence (BI)?
Business Intelligence is a suite of software and services that convert raw data into important information that drives profitable business actions. Business Intelligence solutions perform data analysis to generate reports, summaries, dashboards, maps, graphs, and charts that provide users with meaningful insights about the business.
Workings of Business Intelligence
Current BI solutions analyze data from the warehouse to present information in the form of dashboards, which include graphs, charts, and pie-diagrams. The collection, extraction, and transformation of data to be loaded into the warehouse are time-consuming and costly processes. Moreover, understanding dashboard content not only requires a certain level of technical expertise but also there are chances that the interpretation is prone to human error and bias. Sophisticated BI tools that provide augmented analytics capabilities solve these problems by generating insightful dashboards using Natural Language Generation (NLG) to write data stories. These tools solve the issues posed by static dashboards created using Traditional BI tools and software. You can access dynamic dashboards that change each time a fresh dataset is ingested. Quick snapshots alert you to important insights, ensuring you make the most of opportunities with swift and well-informed decisions.
The image below aptly explains the process:
Image Credit: DTM Systems
Benefits of Business Intelligence
Business Intelligence solutions are extensively used to identify Key Performance Indicators (KPIs), understand market trends, and spot business problems. They benefit the organization in multiple ways described as follows:
1. Enhance productivity: With the process of data analysis and interpretation becoming faster and more efficient, business is understood better and reports are generated at the click of a mouse thus allowing employees to save enough time to focus on higher-value activities.
2. Understand market behavior in real-time: By analyzing current trends and spotting business opportunities at the right time, fact-based decisions can be made in favor of the business.
3. Improve ROI: By doing a comparative analysis of various business strategies, BI solutions help to identify the ones cutting the most cost and time, reducing the risk factor, and generating the highest profits for the firm.
4. Protection from online threats: Business Intelligence solutions equipped with powerful analytics and advanced security tools protect organizations from data breach and malware attacks.
5. Enhance marketing and sales intelligence: BI solutions help gain insights into consumer behavior, helping marketing professionals design strategies to target the right audience at the right time, and in the most appropriate way.
6. Optimize internal processes: Availability of relevant information to various teams within the organization speeds up various internal processes, improves operational efficiency, and ensures optimal resource utilization.
Adopting Business Intelligence
It is estimated that the Business Intelligence and Analytics market will grow to $20 billion by 2019. Executive Management, Operations, and Sales are the three primary roles driving Business Intelligence adoption in 2018. Making better decisions, improving organizational efficiency, growing revenues and increasing competitive advantage are the top four business intelligence objectives organizations have today. Additional goals include enhancing customer service and attaining greater degrees of compliance and risk management.
Modern BI solutions form the crux of organizations that aim to stay competitive and remain viable in this increasingly data-driven world.
Nisarg Bavishi is a founding member of vPhrase. He has significant experience and expertise in the area of Business Intelligence relevant across functions and industries due to his numerous collaborations with industry leaders. Nisarg is now on a mission to design, build, and deliver BI solutions to help organizations enforce data-driven decision making with ease. Through his writing, Nisarg aims to provide an insider's account and understanding of BI, Data Analytics, and AI Technologies.