With the internet revolution, businesses around the world have evolved. In fact, they are evolving on everyday basis. Does this sound funny? If yes, consider the following facts.
- Millions of sites are uploaded everyday on worldwide basis. In other words, millions of sites are coming live online offering products or services and some of them may be your competition in the niche markets.
- Gone are the days of monopoly business. It is almost non-existent since you may have a technical superiority of your product or service that will be copied by the competition in no time. As a matter of fact, the number of players offering the same products or services are increasing day by day.
- In research, it has been established that customers really don’t care about your product or service, if you do not offer some coveted benefits bespoke to their need. In short, you are NOT indispensable. It also connotes that customers will move to the next best possible alternate when you fail to live up to their aspirations.
All these put together indicates that your business needs an edge to sustain and grow over the time. There comes the solution of business intelligence (BI) that by definition means a collective techniques and tools for procuring and analyzing raw data and obtains insightful information for the business. Since your business generates a large volume of data on everyday basis, you need to analyze them vis-a-vis your TG (Target Group), marketing niche, price, and competition among others. Business intelligence solutions help you with that input.
Therefore, the scope of work for the business intelligence solutions is huge befitting the scale and stature of a business in any part of the world. Here is a list of key parameters of these solutions that you can look at for taking your business to the next level.
- Data collection from multiple sources and allocation: Data may come from the primary sources as well as the secondary sources. Primary sources like the data collected by the field staff may have several flaws such as the errors of omission and commission. Again, there is a secondary source of data too that is generated by online traffic and other unstructured sources.
- Real-time reporting and alerts: BI solutions usher to a real-time reporting and also create alerts that work in the best interest of your business before it’s too late. For instance, when customers slip from you, they by default land up with your competition and will not return to you soon.
- Grouping, tagging, and standardization of data: Data collected from different sources are grouped, tagged, and then standardized for the purpose of taking out the meaningful insights at the present and retained for future reference.
- Developing interactions with the unstructured data sources: Unstructured sources like multimedia content and text are developed for the purpose of generating another layer of data for your business to reflect a true picture.
- Control and process management: Knowing the insights alone doesn’t suffice the purpose of your business. As such, a BI solution implements control points and thus, helps to manage your business process.
However, the list isn’t anywhere near exclusive. A Business intelligence solutions, therefore, has a huge role to play for every business wherever there is a scale.