There are many such reasons, but in this article, we will touch on a few of the main ones. About 20 years ago, it was believed that only executives needed access to key performance indicators. And all the reports and data could only be seen by the CEO. This has always had a bad effect on the management of the enterprise. The action plan was based on commands from above. Ordinary employees did not understand the meaning of many decisions and could refuse to implement them or implement them incorrectly. This sabotaged the work of the firm.
New Format Solutions
The introduction of business intelligence technology into management processes has made it possible to bring them to a new level of efficiency. It’s not just that BI helps you collect more data and do it faster. The technology makes it possible to successfully analyze the collected information and predict future development scenarios. This approach allows you to plan your marketing strategy more efficiently. Also, access to data is open to ordinary employees. This helps them understand the validity of top management’s decisions. Moreover, each employee can separately collect the data he needs. This makes the work of each individual employee more efficient, and therefore the entire enterprise as a whole.
User Behavior Prediction System
It’s no secret that websites and social media collect information about their users. This includes the following data:
- A set of interests;
- Shopping and bookmarks;
- Likes and comments;
- Completed feedback forms.
Based on the data provided, you will be able to draw appropriate conclusions in order to offer potential buyers more relevant categories of goods and services, as well as an adequate replacement in the selected price range. Targeting ad settings are becoming more and more precise. This is one of the most striking examples of the combination of artificial self-learning intelligence and business intelligence technologies.
But this technique can be used not only in trading. By collecting data and analyzing events, you can plan the development of the enterprise and business strategy as a whole much more efficiently. It will also greatly help in optimizing the activities of companies that operate in several sectors of the economy at once. Data analysis and forecasting, allow you to more efficiently distribute finances between departments.
Launching a New Product on the Market
The process from concept to product or the development of new products is always in line with market requirements. Products built with this knowledge and a proactive approach carry fewer risks than traditional products. The collection and analytics in this case are based on the relevance of the offer, as in the display of targeted ads. But, nevertheless, there are some differences. For example, using BI, you can work simultaneously in two directions:
- Collect information about the interests and desires of the target audience;
- Warm up potential buyers by building trust with your brand.
Identifying Risks and Fraud During Audits
The next advantage of using BI stands out a bit. If earlier we discussed obtaining benefits, now we will talk about how to avoid negative consequences with good leadership.
Companies can use this technology for a variety of purposes:
- Reducing the massive churn of employees (can be significant for small and medium-sized companies);
- Preventing key employees from leaving for competitors;
- Identification of the risk of fraud from partners or customers;
- Predicting a decrease in the flow of customers and eliminating the reasons that led to this behavior.
The use of BI technology can have a critical impact on the development of a company and a brand. As well as the rejection of this technology. In today’s world, in order to compete successfully, it is necessary to react very quickly to market changes. It becomes impossible to do this without the implementation of IT solutions.
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