Data has become a significant asset to different businesses around the world. At the moment, it is nearly impossible for companies to succeed without relying on data. The growth of big data technology has made an influential impact on the way that businesses are being run. It is rather amazing what big data technology has accomplished in a short period.
Businesses have changed how they operate and even ways they compete as a result of big data. Because of advances in technology, many people are using their mobile phones and other gadgets that access the internet. You can imagine the amount of data that all the people generate when they are online.
Collecting and analyzing information from data is not easy. A simple spreadsheet will not do the work. Business intelligence reporting has proven to be vital in helping enterprises to collect and utilize data. Resume parsing software is crucial when it comes to skimming through and analyzing data.
Through business intelligence reporting, different companies can create smart reports that have all the needed insights and information to help the company grow and achieve their goals. As many entrepreneurs have come to know, marketing is essential for any business to make a profit. Reaching customers and getting their attention is crucial for any marketing campaign to work.
Competition between different companies has become stiffer. Businesses are relying on what big data has to offer to have an edge on their competitors. Below is all you need to know about BI and some of the ways big data will help your business in marketing.
So, What Is Business Intelligence?
You have probably heard the term “Business Intelligence” or BI, but what does that mean? There are various definitions of the term BI, but it is simply all about delivering relevant and reliable information to the right people at the required time.
The main goal of business intelligence is to achieve better decisions faster. To achieve this, business intelligence requires methods and programs to collect data and convert it into information and later present it. Business intelligence reporting takes a large amount of data generated by businesses and presents it in a meaningful, actionable way.
Although BI may seem simple from the meaning, it is a large and complex field. It involves performance management, analytics, predictive modeling, data, and text mining. Below are the benefits of business intelligence reporting:
Workflow Speed
Business employees like managers are forced to wait a long time to get a business intelligence report. Business employees looking for information are forced to ask for experts from departments like IT to help them get the needed information. This, in return, takes a lot of time, especially if the information is from different sources of data.
In the long run, many business operations may be forced to stop as a result of waiting for the needed information. Smart business intelligence report enables everyone in the business to effortlessly get the information he or she needs. Things like data visualization ensure that everyone in the team can comprehend and understand each data. Accessing and sharing information is made efficient by smart business intelligence.
Implementation
Each business has its goals and ambitions. Getting everyone on the same page can be challenging, especially if it is a big company with many people employed. Smart BI reporting ensures that each team member can access information at any time. Because information is presented in a way that everyone can understand, each employee can know what is asked of him or her.
Sharing data and communication is made effective between different departments for analysis and feedback. Implementing things is easy as the information can be well understood, which is crucial in helping a company to reach its goals.
Enables Real-Time Analysis
It is challenging to turn large volumes of data into useful information by using conventional ways of reporting. Many find it hard to turn large volumes of data into a simple presentation, and that is where business intelligence reporting comes into play.
By using business intelligence tools, businesses can utilize real-time data, something that is nearly impossible when using traditional means of reporting. Real-time data analysis enables enterprises to be efficient and save money. On the other hand, online reporting tools enable businesses to generate and utilize historical data.
By utilizing business intelligence companies can know ways of turning data collected from different social media sites into valuable information. Business intelligence has been crucial in changing the way marketing is done by utilizing big data. Here are some of the ways marketing and advertising have changed as a result of big data.
Personalization
If you are keen enough, you will realize that many of the adverts you get are about things that you are interested in. Ever wonder why that is possible? Through big data, businesses are capable of personalizing their adverts.
Through the information they get from people’s online activities when using different social media platforms, businesses can know the interests of each person they send an advert to.
In the past, companies used to send adverts that were the same and predictable. This made people bored and annoyed to the point of disliking some brands. By sending personalized adverts, a business can get more customers, thus selling more products and services.
Targeting Customers
Many businesses spend a lot of money on marketing their products and services. Big data has been crucial in helping different companies reduce their expenditure on marketing yet getting more results. Some years back, before big data technology was developed, businesses used to find it challenging to reach specific people who may be interested in what they are selling.
Through big data, businesses can identify people who will be interested in their products and services. By learning more about their customers, they can know the demographic of people to target when marketing.
Social Media Influencers
Social media has done what many have been trying to do for a long time, and that is bringing everyone together. Most people are influenced by social media one way or another. Through different media platforms, people share their experiences when using products and the services provided by various businesses. What someone says about a company may either help it make more sales or create losses.
In this social media era, businesses are trying hard to have a significant social media presence. Many companies are using different social media influences like YouTubers to advertise their products and services. It is common to find a YouTuber informing their more than a million subscribers to try a product from a specific business. Many companies are doing most of their advertising on social media since that is where you can reach many people at once.
[See related post: Why Use Influencers? Social Marketing Trend You Cannot Ignore]
Strategizing
As of now, you probably know that big data is utilized by companies when making important decisions. The same goes for marketing strategies. Businesses can now see how their previous adverts performed on different social media platforms.
They can see the number of people who opened and read the advert and if they purchase something as a result of the advert. Through this, enterprises can plan on the ways to better their marketing on social media.
Conclusion
Business intelligence plays a significant role in the success of many businesses. Through business intelligence, businesses get much-needed information on ways to market their products and services through social media. It is high time you consider utilizing different business intelligence tools when running your business.
There are a lot of benefits that come with using BI reporting. They include enhanced data quality, analysis of customers, and increasing workflow speed.
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Caroline Whitaker is a data specialist who has worked in data companies for over seven years. Growing from data technician to data manager has given her valuable experience and knowledge. She hopes that everyone can learn from her insights and implement the ideal data management solutions. This article is just one of her many tips and guides published in different data-related blogs and magazines.