Starting with brass tacks, what do each of these mean?
Business Intelligence (BI)
- A moderate amount of quality data relevant to your industry to support analytics
- The right analytics application to support your business needs
- An analytical approach to making decisions driven by data
Let’s understand these nuances with a real-world application of BI Dashboard, Data Analytics, and Business Analytics
- If the company opts for a BI dashboard, the brand manager will receive real-time updates and can monitor sales by value and volume as per - Product, Categories, Region, and Customer Segments. Budgeted v/s actual performance can also be tracked.
- Considering the company is selling online, it has access to a lot of web data which can be measured using Google Analytics. For instance number of visits, % of new unique visits, website traffic channels, bounce rate, page impressions, clicks. Now if a data analyst or scientist analyzes this data using statistical modeling without even understanding the baby care product business or domain expertise, s/he can help segment customers purely based on their website browsing and online purchase behavior. The focus is to uncover patterns and trends, identify outliers, and build buyer personas accordingly.
- To further support decision making, Business Analytics will help answer questions such as ‘how to price certain product categories’, or ‘what should be the marketing spend and ideal channel to target a specific customer segment’. These are everyday critical problems that a business user is required to solve and using analytics to explore such decisions will provide a competitive edge and a fact-based optimal approach as opposed to only an intuition-based one.
Are you ready to embrace Analytics, embark on a committed journey to explore the possibilities and reap the many benefits it has to offer?
Srishti Mittal leads Solutions at vPhrase and partners with top executives to deploy analytics that solve complex business problems and help gain competitive advantage with data-driven decisions. In addition to client work, her deep analytics expertise is applied across sectors to build a range of use cases, and create a unique analytical engine powered by built-in domain context to drive cutting edge management practices. Besides Analytics, her areas of expertise include Growth Strategy, Customer Strategy, Commercial Strategy, Sales and Marketing Strategy. Over the last 14 years, she has worked extensively with CXOs of Fortune 100 companies (Emerging Markets). She closely tracks innovations at the intersection of advanced analytics, artificial intelligence, machine learning, design thinking, and behavioral decision making. Through her writing, she wants to help business and technology leaders harness the power of analytics to derive value from data.