What is Business Intelligence?
In layman terms, Business Intelligence (BI) is a varied set of processes, technologies, and methodologies that convert raw data to meaningful and important information. This in turn drives profitable business actions. BI is a collection of Business Intelligence Services and software that transform data to practical knowledge and actionable intelligence.
Business Intelligence directly influences an organization’s strategic and operation business decisions. Business Intelligence tools perform data analysis and create summaries, reports maps, charts, and dashboards to provide detailed intelligence about the business’s nature.
The Use of Business Intelligence Services
Detailed Consumer Analysis
Today, customers interact with business in several ways. For instance, these include websites, emails, social media, chatbots, direct calls and many more. Hence, they gather data from various sources. What Business Intelligence does is to integrate this data from a variety of sources to gain a holistic view of the consumer. Basic data analysis only gives you insight about what is happening (which strategies worked and which do not). BI goes one-step ahead and assesses likely reasons why a particular strategy worked or failed to do so. Moreover, this helps to establish a cause and effect relationship for a more thorough analysis of consumer preferences and behavior.
Identify Core Areas Where You Can Slash Costs
Business Intelligence software allows you to identify which areas of your business you can save money on such as marketing and inventory. You might have excess inventory that translates into redundant costs in terms of acquisition and maintenance. After you have identified the areas where you can slash costs and boost productivity, you can take the necessary steps/actions to enhance your savings.
Business Intelligence in eCommerce
Accurately and timely available data is the primary factor that determines the success of an eCommerce business venture. Several Business Intelligence service providers develop Business Intelligence in eCommerce to present data that can facilitate decision-making. For example, some of the useful information/data includes:
- Trending product analysis
- Inventory, sales and marketing reports
- Leading performers ( Most profitable customers, advertising campaigns etc)
- Margin Analysis (cost and profitability of products)
- Trend analysis
Safeguarding Your Business from Online Threats
Malware attacks and data breaches are some of the most common but dangerous online threats to businesses. So, this is precisely why it is critical to invest in retail business Intelligence Services and solutions that come equipped with advanced security tools and powerful analytics. Cutting edge Business Intelligence software safeguards your organization from malicious attacks and hackers.
Conclusion
Organization small and big alike can benefit tremendously from the use of Business Intelligence solutions in all areas of their business- from customer relations to budgeting.
If you need Business Intelligence Consulting services, be sure to reach out to Vserve. We are a reputed IT enabled service provider based in India and excel in providing eCommerce business Intelligence Services that include but are not limited to Data Intelligence, Data Marketing, Digital Marketing, Customer Support, and Product data Management.
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