Are you also tempted to change your pricing strategy for 2024? Did you know that your business can work wonders in today’s data-driven market with the help of business intelligence? Yes. Business Intelligence (BI) can be a real game changer in the coming year.
Today, in this blog, we will talk about Business Intelligence Platforms, and their various tools, services and strategies.
What is Business Intelligence?
With AI revolutionizing almost every single aspect of the eCommerce world, Business Intelligence (BI) is not just a buzzword anymore but has become an integral strategic imperative. This ultimately means that the need for business intelligence platforms like WebDataGuru has more prominence in today’s tech world scenario. Basically, it is nothing but an organized system which converts millions of raw data extracted from any business intelligence tool into an organized and comprehensive format. This can be in the form of meaningful results and analytics, or better insights that help organizations to make informed decisions. And not to forget that at the heart of effective Business Intelligence lies a concrete Business Intelligence Platform.
Let us explain with an illustration. Netflix used to face the big challenge of delivering personalized content recommendations to its worldwide audience. Seems like a joke, right? Well, then they embraced a Business intelligence strategy and harnessed the power of data to provide the best and unparalleled user experience we have today.
They incorporated business intelligence tools like advanced analytics, data warehousing, and better recommendations depending on the user’s data usage.
That’s how business Intelligence tools can become beneficial. The end result is giving your consumers what they want in the most hassle-free manner. Now, you think you know what is business intelligence. No, there’s more.
Types of Business Intelligence
Every company is different and so is their operations. That means their business decisions will also be very diverse. Having said that, let us tell you that business intelligence has given a boost to many BI platforms catering to different kinds of business. Let us have a look.
1. BI for Non-Technical
We all know that not everything can be known by everyone. You might have a basic knowledge but the expertise is not with you. So, this kind of BI is useful for such non-technical users. They can generate insights independently with fewer and simpler inputs. According to a survey, 70% of reporting done in an organization saw increased user satisfaction by using this kind of business intelligence platform. That’s fruitful AI for you.
2. BI using Mobile
As smartphones have become a second skin to our bodies and businesses, BI also plays a major role in that. BI service through mobile phones has seen a whopping 45% increase over the past few years. You can see many applications and better business communications though various BI platforms easily accessible on your mobile devices.
3. Cloud Based BI Platform
Storage and data go hand in hand. The data available freely to everyone needs some place to be stored. This kind of huge storage is done on cloud based BI platforms. Cloud based BI platforms enable remote access and scalability through the smooth infrastructure. WebDataGuru is one such leading platform with many user interfaces and types tailor made according to the customer needs.
Business Intelligence Strategy
Everything is gone for a toss if the business intelligence strategy is not in place. A very concrete BI strategy is significantly important to harness the full power of BI platforms like WebDataGuru. Let us understand more.
1. Precise Objectives
The basic rule for any business is to have clear objectives. As to what is the end result you are aiming for. Likewise, you need to define clear objectives for your BI goals to be aligned with the organization’s priorities. For example, insights on, do you want to increase your sales, or want to retain employees, enhance the customer experience and the like. A Business Intelligence Platform can work wonders with clear and set objectives for your business.
2. User Adoption of BI
Business strategy to get more users onboard is the first step towards getting the best out of a BI tool. You need to foster a data-driven culture by investing in training programs and promoting better user adoption of the technology. AI is simple and complicated at the same time. You need to get your team to understand the difference and make the best out of it. Only that can ensure a successful implementation of a BI platform in your company.
Benefits of Business Intelligence
1. Informed and Precise Decision Making
Real time data and accurate results are the outcomes of a well-performing Business intelligence platform. Decisions will be based on precise information and unbiased data. Wherever decisions with a human intervention is there, it is bound to have some kind of bias. And running a company needs more precise information to take actions that work for your company, customers and also your team.
2. Better Operational Efficiency
Reduced costs mean better profitability. And improving your operational efficiency means enhanced profits. A BI platform like WebDataGuru is what you need here. With the help of a BI tool, you can streamline your processes and thereby reduce operational costs. This can ensure better productivity and also give a good boost to your sales. As the costs go down you can focus on giving some great offers to your customers thereby garnering customer loyalty for the long run.
3. Amplified Consumer Experience
As the above example of Netflix suggests, the consumer experience is everything. Customers have diverse preferences and likes. Catering to your target audience is not enough in 2024. If you want to step into 2024, then the BI platform is the only way to serve your consumers in the right manner. Let us elaborate. A BI tool enables a deeper understanding of consumer likes and dislikes, facilitating better and personalized interactions and content recommendation. After all, increased customer experience always leads to higher satisfaction and a long-term consumer life cycle.
4. Employee Productivity and Participation
To keep employees motivated is a tedious task. Sometimes adoption of something new like a BI tool can make all the difference. Involving your employees in the process can be beneficial for productivity and also many times in retaining good employees. Efficient allocation and smart strategies are all it takes. Simply put, an efficient tool like WebDataGuru enables you to make the cross-department communication smother and which ensures better executions. At the end of the day a good work environment is the b biggest motivator to retain employees and enhance their productivity. So, to maintain a good work culture, you need an efficient BI strategy and tool in place.
5. Measurable ROI
Business Intelligence tool enables measurable ROIs for your company. KPIs are significant in many ways to analyse how you get the best out of your investment. And BI helps in tracking those KPIs which allows measurable assessment of the investment. BI tools are very efficient when it comes to ROIs. In-depth analysis and insights are necessary to generate measurable data. BI can make that possible in just a few clicks. You can get insights like product sales in a particular location, key aspects like free shipping or bundle purchases and many more. BI can help you make such decisions and that way you can have a scalable business.
Use of Business Intelligence
As our nervous system is necessary for proper body functionality, an efficient BI platform is prominent for a data-driven decision-making process. The best use of BI tools is to seamlessly integrate data from various sources and then accumulate that data for the relevant use of every business. This is how a process-driven company can adapt BI in the best possible way.
Embark on a Data-Driven Future with Business Intelligence
Unlock unprecedented insights and optimize operations with BI services and tools. If you still are struggling with many challenges in your business, then it is time to formulate a good BI strategy. And if you still can’t figure it out; we are here for you! Contact us to elevate your organizational growth with data-driven business decisions.
Revolutionize your business in 2024 with Business Intelligence. Contact us to unlock insights and elevate your growth through data-driven decisions!