Business intelligence systems are designed to collect data in the areas of customer service, market research, competitive intelligence, product performance, and other statistical analysis.
Business intelligence
is an emerging field of study that uses big data to identify trends, patterns, and formulate strategies for companies. This action plan may be aimed at growth or expansion, or at introducing new products and services, or even at taking advantage of potential markets and discovering new market segments. Business analytics and intelligence have become the basis for decision-making in a modern business corporation with operations in multiple countries and markets spread around the world.Business intelligence and market research are closely intertwined, as both are forms of empirical studies based on historical data. Business intelligence can be defined as the set of tools and methods that aim to provide relevant information to company managers. Its goal is to help them understand their environment and support them in making strategic decisions. Data derived from business intelligence and market research is often presented in the form of visual elements such as graphs, tables, and diagrams. Data obtained from live sources such as interviews and focus groups conducted as part of market studies is more complex and takes longer to process.
E-commerce has simplified the market by adding suppliers and customers to online portals, websites, and mobile applications. Business intelligence from analysis and market research culminates the efforts of e-commerce providers and online aggregators to learn more about the buying habits of end customers. They stand for “Social, Mobile, Analytics and Cloud” (SMAC) and it's jargon that describes the importance of social networks and analytics in the online market today. This shift in the storage and replenishment model comes from analyzing online and offline market research data from selected groups of buyers. The market has moved to a digital front where buying and selling are done online and payments are made without cash.
Modern businesses and markets have been revolutionized by e-commerce and cashless transactions. Market research is often the first step that precedes the four P's of combining marketing: product, price, place, and promotion. Visualization and other business intelligence techniques help analyze collected data more quickly. Strategies range from small-scale market segmentation to larger-scale strategies such as geographical expansion, mergers and joint ventures, business flow plans, etc. Data derived from business intelligence market studies, if analyzed effectively, can help management compare important parameters with other online competitors.
This is a first step in ultra-personalizing marketing without having to implement an artificial intelligence solution. Sellers are often looking for ways to reduce costs, improve visibility, increase market share while maintaining a constant flow of profitability.
