Businesses in today’s world have surely more on their plate than they can imagine. Right from customers to curated experiences the world of contemporary business is budding with opportunities. But, if you dig down to understand what puts organizations in such advantageous positions, it all comes down to data.
Data is the one factor responsible for the unpreceded growth of businesses and opportunities in the market. It is also the reason why some companies are able to provide a distinguished level of customer satisfaction to their customers. While technologies like ETL services and artificial intelligence take over, it is important to understand that it also becomes fundamental for businesses to become intelligent in the true sense.
Providing a Distinguished Experience
This means, no longer being a robot for your customer. There is a thin line that differentiates between good and bad customer experience. While the customers understand that since they are purchasing from a digital interface their experience will not be the same as talking to a salesman in a store. But, the difference that you can create at this level of a digital interface is all that matters.
Have you ever thought, why businesses like Amazon outshine others? Why do customers love shopping from Amazon to an extent that it has now become their go to place? It’s all in the way that the business has evolved itself intelligently. They prioritize the demands of their customers and make them feel like an in store experience only with much more ease.
Business intelligence lies at the core of it. When organizations perform data analytics and use the insights to make decisions for their business, they are in a strong position. They understand what to do and why it is the right thing to do. It helps them-
- Create personalized experiences for their customer
- Make customers feel like a salesman is walking them through the products
- Provide them with useful product recommendations
- Curate offers customized for every customer
- Bring convenience to online shopping
- Understand and forecast customer demands
- Prepare your business for an influx of demand or seasonal changes
- Create a storytelling experience for your customers and more…
There are a lot more things that you can do with business intelligence. But the first step of this lies in building a robust strategy and deploying a data warehouse for your business. With all the data pouring in and creating such an experience, it might become difficult for you to maintain your databases.
Moreover, it is not even a reliable way to manage and perform computations on the data. Therefore, switch to a more robust and flexible cloud-based architecture and start leveraging business intelligence right away. Check out the top trends below-
More than 500 gigabytes of data will be purely generated by 71 million households across the nation. Similarly, the data generated from mobile phones will also rise. And this goes beyond saying that all of this will have more than a profound impact on businesses. This data when analyzed by businesses will present an opportunity and understanding of the market like never before.
The aim of businesses will remain to improve the quality of data management services. If the cycle time of data management on the operational side is reduced, there are more than a few things that businesses will be able to accomplish. This will help team members out their faith back in IT teams for a task to get quickly done. Moreover, it will increase the overall value of the data chain in the organization.
While a lot of organizations are still using on-premise systems for data storage, the migration towards business intelligence will mark a switch to hybrid enterprises. While switching entirely to cloud would be much advantageous for organizations, the hybrid switch will be the beginning.
Business intelligence revolves around storytelling, whether you choose to believe it or not. But, the new dynamics of evolving data analytics will change everything- it will redefine the way businesses interact with customers.
Agile methodologies in data can help speed up the entire pipeline effortlessly. In this world when organizations have to make decisions rapidly, it becomes crucial for companies to reduce the cost of ownership as well as deploy fast princesses. Therefore, a flexible architecture will be adopted and agile data strategies will be put to use for scaling businesses.
Data can help organizations take the giant leap forward. This is what drives business innovation and pushes organizations to achieve more. A step towards data based decision making is a step towards business intelligence.