Business intelligence (BI) is a powerful tool that can help companies understand their audience, find trends in customer behavior, measure the effectiveness of marketing efforts across channels, and reveal information about competitors. BI provides the data-based information that companies need to guide the marketing process. It helps you analyze consumers' buying patterns to develop products and services that fit their consumer needs. It provides visibility in the market to evaluate the best-selling products, identify areas of improvement for the products that sell the least, and detect potential sales opportunities.
Predictive analytics helps companies create better marketing campaigns by forecasting trends. Boost product sales and develop customer relationships through tools such as Hubspot to improve shopper satisfaction and increase business productivity. Business intelligence can improve the speed and accuracy of sales forecasts after including information based on seasonal product demands, promotional campaigns, and other key factors. Social networks are perhaps the best platform for getting feedback from the audience in real time, giving companies the best opportunity to interact with customers, resolve their queries, and increase customer satisfaction.
Using business intelligence for marketing helps marketers gain detailed information about a customer's desires and attitude. On the other hand, it is a powerful reporting tool that can transform organizations of any size. Accurate sales forecasts continue to have great business value, with a number of benefits, such as order fulfillment, low inventory costs and increased profits. Business companies that rely on real-time data collected from a variety of sources need to generate actionable information in real time to derive value from the data.
Nowadays, with the evolution of business intelligence in sales and marketing disciplines, marketers are better able to use practical intelligence to track customer purchases, the best-selling (or least sold) products, and the marketing channels that generate the most conversions. Business intelligence is here to stay and companies are investing heavily in training end users in business intelligence tools, in order to encourage fact-based decision-making. Business intelligence software tools, such as Tableau and Microsoft Power BI, are not limited to being used by experts in data analysis, but by any non-technical user. Better business intelligence means more data and clearer information to inform your decisions and strategies.
Business Intelligence & Analytics allows you to extract data from a variety of platforms to align, analyze and discover connections and trends. Business intelligence provides companies with information about customers; this helps them segment customers to identify the most profitable customers. As an example of the value chain provided by business intelligence, the fitness equipment company Fitness-Mad can now generate sales forecast reports in less than 40 seconds to make more informed decisions.
