With humans as walking data centers, plugged into our mobile devices, notebooks, and laptops we’re constantly surrounded by information. This information is accessible to companies to gather and utilize for consumption, interactions, and behaviors of humans. A necessary component of product development. In the recent years, data is what makes-up the fibers for companies to optimize on quick and actionable business decisions in real-time.
Why is business intelligence important?
In a nutshell, business intelligence is important because it involves components of delivery, using the integration of relevant information to access and use inside an organization. In a recent study, UBS in Asia spent millions of dollars for a game changing innovation to assist wealthy clients. Their solution: artificial intelligence. Using artificial intelligence will allow UBS to manage insights on their clients’ using big data analytics. It is featured to extract the most relevant information of data and tailor it to their clients’ mobile devices on daily patterns.
Business intelligence for an individual and/or company allows a business to control, identify, adapt, and monitor consumer behavior trends on the changing market. Increasing the overall traction of the marketing strategy in place and improving on the visibility of the company. The result is the reduction of poor performance and increase of revenue.
Oversaturated Markets: The problem and use of current strategies
Companies today face the growing challenge of how to reach their customers every day using their current strategies implemented. More companies seek to supplement their marketing, print advertising, direct mail, and e-mail marketing campaigns. Every day companies are turning to Business intelligence (B.I) to increase consumer engagement for efficient and effective strategies and tactics. Understanding B.I. companies are able to decrease cost and increase variables for production of products and services while keeping quality, reaching customers for results, and gaining a competitive edge on competition.
Companies caught-up in data management to find target markets
BI is user-friendly, easy to read, and turns data into actionable data for all levels of management to understand. The solutions to aggregate information and provide companies access to reports, clear analysis, planning, and ability to make quick business decisions wherever he/she is.
Companies are maximizing the business intelligence solutions options using MicroStrategy for incoming data from multiple channels and solidify it to their target demographics; whether its retail, healthcare, technology, manufacturing, and/or local boutique shops.
“…to effectively diversify their sales channels, retailers must integrate many internal systems and develop a unified operational infrastructure. This requires information systems that operate across the retail enterprise.” –MicroStrategy