The world’s most popular cooking site and largest digital food brand uses Business Intelligence (BI) to understand user preferences as they navigate through the site. The user’s behavior is tracked based on various parameters like the kind of food pages visited, amount of time spent on a particular page, food categories preferred, device used to navigate through the site, frequency of visit, etc. This allows them to personalize the experience, helping each user find relevant content faster and thus serving them better. Customer satisfaction shooting up added to the popularity of the site and generated more revenue. BI not only helped in running a successful marketing campaign, but also in generating a good return on investment.
Business Intelligence is a suite of software and services that convert raw data into important information that drives profitable business actions. Business Intelligence solutions perform data analysis to generate reports, summaries, dashboards, maps, graphs, and charts that provide users with meaningful insights about the business.
The image below aptly explains the process.
Image Credit: DTM Systems
Business Intelligence solutions are extensively used to identify Key Performance Indicators (KPIs), understand market trends and spot business problems. They benefit the organization in multiple ways described as follows:
- Enhance productivity: With the process of data analysis and interpretation becoming faster and more efficient, business is understood better and reports are generated at the click of a mouse thus allowing employees to save enough time to focus on higher value activities.
- Understand market behavior real-time: By analyzing current trends and spotting business opportunities at the right time, fact-based decisions can be made in favor of the business.
- Improve ROI: By doing a comparative analysis of various business strategies, BI solutions help to identify the ones cutting the most cost and time, reducing the risk factor and generating the highest profits for the firm.
- Protection from online threats: Business Intelligence solutions equipped with powerful analytics and advanced security tools protect organizations from data breach and malware attacks.
- Enhance marketing and sales intelligence: BI solutions help gain insights into consumer behavior, helping marketing professionals design strategies to target the right audience at the right time, and in the most appropriate way.
- Optimize internal processes: Availability of relevant information to various teams within the organization speeds up various internal processes, improves operational efficiency and ensures optimal resource utilization.
It is estimated that the Business Intelligence and Analytics market will grow to $20 billion by 2019. Executive Management, Operations, and Sales are the three primary roles driving Business Intelligence adoption in 2018. Making better decisions, improving organizational efficiency, growing revenues and increasing competitive advantage are the top four business intelligence objectives organizations have today. Additional goals include enhancing customer service and attaining greater degrees of compliance and risk management.
Current BI solutions analyze data from the warehouse to present information in the form of dashboards, which include graphs, charts and pie-diagrams. The collection, extraction and transformation of data to be loaded into the warehouse is a time-consuming and costly process. Moreover, understanding dashboard content not only requires a certain level of technical expertise, but also there are chances that the interpretation is prone to human error and bias. A more sophisticated yet low-cost business intelligence solution like EXPLORAZOR by vPhrase solves these problems by not only generating insightful dashboards but also writing stories to describe them. EXPLORAZOR, unlike other Business Intelligence platforms which create static dashboards, creates dynamic dashboards which change every time a fresh data set is ingested. EXPLORAZOR sees to it that you don’t miss out on any important insight. This ensures that opportunities aren’t lost and faster, well-informed decisions are made.
Modern BI solutions like EXPLORAZOR form the crux of organizations that aim to stay competitive and remain viable in this increasingly data-driven world.