In any arena where there’s competition, there will always be rivals fighting tooth and nail as well as toiling behind the scenes to gain a competitive edge. From adjusting their business processes to adapt to spikes and lulls in demand and using business intelligence tools to spy on obscure data like the CIA of commerce, the best brands are maniacal about cornering their markets.
If you want to become or remain relevant in your industry, then it’s essential to incorporate business intelligence tactics and tools to gain all the insight you can. Continue reading to learn some of the many ways you can use business intelligence (BI) to grow your enterprise.
What is business intelligence?
If you’re a small business owner, then you’re probably asking yourself, “What is BI?” In short, business intelligence is your strategy for using the data you collect. It employs business analytics, data mining, data visualization, predictive analytics, and other data-driven functions with the goal of helping you to make well-informed and better decisions.
Enterprise-level business tools aren’t reserved for the big guys.
When it comes to tools for growing enterprises, many small business owners buy into the myth that enterprise infrastructure tools are only for large corporations. It may not be your goal to turn your company into a global corporation, but every large company was once a small business like yours. So, if you do want to play on the global scene, if have to start thinking like the head of a large corporation in the here and now.
The most important step you can take toward conquering your market and becoming a titan in your industry is prioritizing customer satisfaction. The issue is how to go about optimizing your customer service, and that’s where virtual contact centers come into play.
Outbound call center software helps your company go from a reactive to a proactive customer service strategy. By integrating customer relationship management (CRM) software into your outbound call center, you can create personalized email and ringless voicemail campaigns. With the ability to track customer interactions in real-time, you’ll never be caught off guard when customers come to you with problems because you’ll be waiting on them with solutions.
What is data mining?
For most people, raw data is just a boring set of numbers, that is until you turn it into actionable information, and that’s what data mining is all about. Businesses collect tons of raw data, but data mining is the act of scouring big data patches in search of specific trends and patterns and turning them into metrics.
Through the use of artificial intelligence, data mining software automates the process using algorithms to determine what raw data tells a story. Then it initiates data preparation to convert the raw data into easy to interpret metrics and graphs. To put it simply, data mining is where all business intelligence begins.
What is data visualization?
Could you imagine looking at raw data all day and trying to figure out what they imply about your companies operations? If you read that question to yourself in the movie trailer guy’s voice, it sounds like an advertisement for hell.
Data visualization is the process of making the results of a statistical analysis palatable for presentations and general use. During the visualization process, the data is converted into infographics that are much easier to interpret, which enables your team members to be quicker and better decision-makers.
Is predictive analytics real?
What if you had a crystal ball that could tell you what will happen with your business, consumers, and even your competitors? Predictive analytics may not be quite as pinpoint accurate as the crystal balls in Hollywood cinema are, but using historical facts and predictive modeling, it can forecast future trends and help your company stay ahead of the curve.
In business, they say, “Sometimes you’re the windshield, and sometimes you’re the bug.” Well, the goal of predictive analytics is to ensure that you’re never the bug.