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Companies choosing to compete by continually learning and applying business intelligence, or analytics, to their business processes are able to make better business decisions. Increased business intelligence produces more effective marketing and increased revenue. In our network economy, there are ever-growing resources available to track every sales promotion offer, using a large variety of data sources. Whether it is determining the long-term ROI of a coupon strategy, or measuring the effect of a sales promotional event across the entire business enterprise, business intelligence helps organizations focus their efforts and better predict customer behavior
Determining if a promotion delivered on the marketing objective it set out to achieve, provides the learning needed to make informed decisions in planning future promotions. A small business that develops a coupon offer delivered from a smartphone, can receive demographic data related to the market segments redeeming the offer.
This data can be compared against pricing strategies, store locations, and the results of other promotions to determine the drivers that motivate different shopper segments to purchase. Small businesses have a greater shot at growth and expansion if they establish metrics for every promotional event. Measuring the results of a promotional ad or a coupon offer, is the first step toward gaining business intelligence. As companies become more sophisticated, analytics is used for competitive differentiation. Service providers are available with a wide array of technologies and processes that use data to understand and analyze sales promotion performance, as well as many other factors. The adage; If you can’t measure it, you can’t manage it, has never been truer as more access to data becomes available for all levels of users.
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Unfortunately, trying to correlate and interpret the ever expanding supply of data may cause your head to implode.
The network economy, defined as the interlinking of business processes and economic activity through the use of information technology, is available to make sense of it all. Many businesses have been capturing customer data and storing it in data warehouses to datamine and define customer segments for more effective, targeted promotional efforts. Enter the era of BIG DATA. Everything the consumer does is being tracked at some level. Combining customer transactional data with other information sources, such as social media activity reports, click stream data, mobile phone call records and data from a variety of sources, is being used to uncover hidden patterns, unknown correlations and other potentially useful marketing information. Big Data analytics are either being outsourced or companies are using open sourced software to compare large amounts of external information with their traditional warehoused data.
Become Intelligent Business Decision Makers
The opportunity to compile and analyze data effectively is unique to every company. Continuous innovation in software development is bringing external supplier costs down and making information available to businesses of all types and sizes.
Developing the team to decipher and integrate the lessons learned into the business process is an ongoing challenge. Business intelligence is an evolving process. Allow your use of analytics to evolve over time as you develop the internal expertise and external team of suppliers. Achieve greater strategic goals by developing your organizations human capital, business intelligence and being open to the science of analytics available at your fingertips, through the network economy.