Organizations are flying blind if they only rely on intuition to make important business decisions. This is a problem that afflicts companies all the time, and for years the only data that could break this ignorance came after the fact in carefully prepared reports. However, business intelligence changes this paradigm and should be looked upon as a valuable contributor to the process of decision-making. Analytics can be fueled with internal or external information or, ideally, a mixture of these two possible sources. The upside for businesses is considerable. If they successfully transform their operations to suit BI, they stand to cure their reliance on guesswork.
Marketing becomes clear
One important use for BI is companies turning the lens back on themselves and observing the effects of their own programs. A recent Business 2 Community piece by contributor Ginger Shimp explained that there is sometimes a lack of evidence that marketing operations are pulling their weight. Faced with this conundrum, leaders may lose their belief in the whole process, damaging the chances of the department doing a good job. In this vacuum of proof, it can be hard to tell the good marketers from the pretenders. Enter BI, which can become an excellent gauge of how a company's programs are performing.
Shimp stated since her own organization has begun using BI to follow its marketing processes, even charting the course of each prospect through the sales pipeline with data has become easier. This means that there is real evidence of cause and effect in the marketing world. Campaigns and efforts can be tied to their results, each decision and investment given an accurate return. The difference is stark between guessing at which marketing tactics work and making the connection through data. Organizations may have their greatest BI triumphs when measuring facts and figures that originated within their own walls.
Selecting effective tech
The quest for good BI begins with selecting a product that can help. This may mean a solution such as Necto 14, which supports custom dashboards for employees with differing responsibilities. Business officials will have oversight of their own functions and be able to chart relevant content in a visually friendly format. This is a change from a model in which highly-trained tech personnel are the nexus of BI, and it means elements such as marketing fall under the jurisdiction of personnel who are mainly trained in those disciplines. Everyone is doing his or her own job with data to help facilitate these functions.