What Is Enterprise Business Intelligence (BI)?
Enterprise Business Intelligence (BI) is a set of tools and processes for analyzing data from business operations for companies to gain a competitive advantage. Analyzing data in this way reveals opportunities to improve customer satisfaction, increase revenue, and raise profit margins. According to Tech Jury, 56% of organizations leveraged BI in 2020 and reported faster and more effective decision-making.
Enterprise Business Intelligence can help uncover hidden value by using historical information and predictive analytics to:
BI analytics leverages operational data from many areas throughout the company. For example:
This operational data encompasses transactional information (orders, bills, support tickets, etc.) and associated assets such as chat transcripts, images, videos, PDF documents, etc.
The data in these systems is helpful. However, in isolation, they only tell a partial story. BI combines information from these systems to permit holistic analysis and development of a unified perspective on particular customers, questions, issues, problems or theses. All of which ultimately drives decisions on how to improve your company by developing strategies to be a market leader, gaining a competitive edge or serving an unserved market.
In today’s digital-first world, gaining a competitive edge is more complex than it has historically been. BI uncovers opportunities to position your company as a market leader.
BI provides information that helps companies deliver personalized experiences that have significant customer impact. Today’s technology-aware customers are used to the “wow” factor. They want to interact with brands that prioritize using technology to deliver meaningful experiences. They expect personalized digital experiences that make them feel special and valued. A few examples are:
There are tremendous opportunities to innovate and provide new solutions to customers’ problems. Finding these opportunities is easier with information that reveals what matters most to them. It highlights areas where customers could benefit from new products. That’s why in a recent Forbes study, nearly 90% of R&D departments rate Cloud Business Intelligence as critical and important to current and new initiatives.
Innovation is what pushes a company to the front of the market. Without it, they are simply playing “catch up” to their competitors.
Sometimes improving an existing product has the biggest impact on sales. Analyzing customer information such as help desk tickets or the most commonly viewed FAQ section of the website provides valuable insight. The opportunity lies in taking that information and developing solutions to address those items. Customers are more likely to stay with a company that addresses their needs.
Marketing campaigns are only effective when they “speak to the customer.” The only way to improve the conversation is to communicate the information they find important. You can find out what’s important to them by analyzing your data. Using the insights from a BI tool, you’ll be able to:
Ultimately, the real value in BI is the opportunity to improve the bottom line. Analytics tools keep you from wasting money. It helps you make decisions based on accurate information. When you use this information to understand customer needs, you only spend money on things that can address real needs and deliver positive results. Improving customer satisfaction improves the chances current customers will remain loyal customers. It also improves the chances of referral to other prospective customers. These types of data-driven opportunities and decisions are difficult to spot and make without a comprehensive data-oriented view of your company.
There’s a wealth of value in your operations data. Enterprise Business Intelligence is the key to understanding it and using it to inform your business strategy and operations decision-making. Contact us to connect with an Aezion BI expert to discuss how to use your data to uncover hidden value in your business operations data and leverage it to drive growth.
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