Technology evolves every day, simultaneously transforming the world around us. Many companies have made the shift to incorporating beginner elements like Google Analytics, but there are a lot of more advanced data tools out there. As a business owner, you can learn what defines business intelligence and the most effective ways it can be implemented into your marketing strategy.
What is Business Intelligence and Data-Driven Marketing?
Technology tends to inspire catchy buzzwords like “AI” or “Big Data” that sometimes make these concepts less approachable. In reality, these concepts are quite simple and intuitive. Business intelligence utilizes advanced technology to collect and analyze data, making it easier for businesses to make informed, rational decisions.
Learning from customer and industry data has proven extremely effective in optimizing marketing and overall business strategies. Data-driven marketing emphasizes the importance of these insights, driving improved decision making based on this new information. Together, business intelligence and data-driven marketing minimize effort and maximize overall value.
How Can Business Intelligence be Implemented in Your Marketing Strategy?
Business intelligence is a fairly broad term, encompassing many important tactics in a data-driven strategy. Here are some of the most common and effective ways to incorporate business intelligence into your business.
- Business Intelligence Tools
- Tableau: This BI resource is great for beginners, featuring a user-friendly solution that aims to connect internal data with external sources such as economic indicators, public health data, and government policies.
- SAP Business BI: SAP is a major player when it comes to offering advanced technology for business management solutions. This BI system focuses on valuable 24/7 accessibility that empowers businesses to make “faster, more informed decisions.”
- Microsoft Power BI: Similar to SAP, Microsoft emphasizes the importance of a data-driven culture that enables workers of all levels to make “confident decisions using up-to-the-minute analytics.”
What’s Next in Business Intelligence?
Once your business is set up with BI technology, the next step is analyzing this data to derive the insights needed for expert decision making. It can be difficult to find a data analyst who gets the job done efficiently with minimal errors, while staying within your budget. This is where augmented analytics have the opportunity to change the game in data-driven marketing.
This new technology combines business intelligence with artificial intelligence. Rather than just aggregating data and requiring a human to interpret it, augmented analytics works to continuously learn from prior data in order to include in-depth analysis and insights within its results, eliminating the need for a team of data scientists. While this technology is still in the early stages, it has already proven to be extremely successful. Whether you start out by implementing more common BI systems or jump right into augmented analytics, the future of automated business processes continues to evolve with promising opportunities to cut down costs and eliminate human error.
85% of business leaders say big data will dramatically change the way they do business in the future
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