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Business intelligence gives you a deeper level of understanding your business by giving answers to business questions – what your data says, where you went wrong in the past, what customers need, where the problem is how to reduce costs and many other queries. To effectively use Business intelligence solutions, the only business skill you need to master is asking the right questions. Here are the questions you should be asking and the different ways a BI tool can answer them.
Is my data secured?
Security should be one of the main factors you weigh before deciding the best BI tools for your business. Data is continuously growing and a BI tool should be able to catch up. Usually, you will have a data warehouse where everything is stored. However, for most companies, this isn’t enough. More and more users are relying on cloud storage – a virtual storage space – to carry the volume burden. This cloud storage offers flexible, scalable and expandable room to house all information. Cloud is also less costly than traditional storage. However, a Gartner report shows that cloud storage offers security risks. Few of the things a BI tool must have to be secure are password-protected system, network firewall segmentation, updated security patches and reliable security management services.
What are your customers’ needs?
A BI tool reports and analyzes customer behavior – a wise guide in decision making and strategic planning. Today, technology continues to affect everything. The social media and smartphone hype has changed the game. With too much factors affecting people’s decisions, marketing needs a BI tool. The information you get from social media data tells a lot. For every Facebook post or tweet related to products and services, businesses get a glimpse of who their customer is – their gender, how old they are, what they do and how much they earn. Then a BI tool connects all this data to the dashboard elements such as financial reports and inventory.
What do I do with this customer information?
- Customer Demand – By studying patterns, you get to see the ups and downs of the sales. You know which items would be best to put on display this season and when to expect orders to drop.
- Marketing Campaign – A marketing campaign would be more effective if you plan it around business intelligence reports. A BI tool can analyze which methods of marketing have been the most successful. With an efficient plan, you can cut back on unnecessary marketing costs.
- Behavior Influence – If you already know what your customers need, you don’t have to tiptoe around the information. You can also plan strategies and campaigns to change it, tweak factors that influence them and get the odds in your favor.
Companies like Bilytica provides efficient, reliable and affordable business intelligence services and solutions for all kinds of businesses.