How BI Tools Assist Businesses Thrive Online Effectively
Use Case Study By Terasol Technologies
Moving from intuitive to data-driven decision-making has now become essential for businesses to thrive in a modern competitive marketplace. However, in order to ensure that you’re getting exact insights on KPIs for business transformation figuring out the right tools to assist your business operations is essential.
BI tools have recently emerged as an irreplaceable aid for enterprise solutions to make data-driven business decisions. According to Statista, more than 46% of SMBs use BI tools as a core element of their business expansion strategy. With reliable BI tools, you can easily enhance your operational efficiency, gain insights into user behavior, and align your solution with business goals.
What is BI & its Benefits
Business Intelligence tools assist enterprise businesses to streamline raw business data in order to gain in-depth insights into key performance indicators. In the long run, these insights assist enterprises to align their expansion journey with user needs making it business growth a tangible reality.
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Informed Decision Makings
BI tools help you process real-time data to gain insights on current performance and roadblocks which helps in making informed decisions regarding business expansion.
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Enhance Operational Efficiency
With reliable BI insights, the reporting process becomes faster and more accurate. As a result, the overall accuracy and operation efficiency increase exponentially.
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Improves Marketing Process
Business Intelligence software helps businesses track the progress of sales and marketing efforts and identify loopholes for consistent business growth.
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Assists in Strategic Planning
BI software helps businesses visualize the progress of their business strategy and its effects which makes aligning the business expansion strategy with immediate business needs easier for merchants.
How do BI Tools Add Value for Scaling Businesses?
Business Intelligence tools help businesses analyze multiple business aspects and gain data-driven insights for business expansion. BI tools add essential insights from raw data to aid growth and overall expansion.
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Descriptive Analysis
BI tools offer in-depth and real-time data insights in the form of charts and graphs which helps businesses identify the problem areas in their business and cater to them.
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Prescriptive Analysis
By integrating BI software you can further generate data-driven and automated suggestions for solving your current business roadblocks effectively.
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Predictive Analysis
BI tools that use data mining can help you predict business roadmap outcomes effectively in order to ensure you reach your current business goals with ease.
How BI is Implemented in Different Industries
The BI tools find their way into multiple growing industries. Be it a marketing firm or insurance company, integrating BI makes it easier for organizations to pave the way for easier growth and expansion. Here’s how some of the major industries use BI software:
Data Science:
In data science, BI is used to process raw data for generating in-depth business insights that assist organizations to identify and move past major business roadblocks.
Marketing:
BI tools help marketers track their marketing campaign's overall performance and identify responsible channels for drawing in more conversion and leads.
Finance:
BI tools help businesses track KPIs and their overall ROI to identify the areas where they can profitably invest for further business expansion.
Operations:
BI can also track and generate insights on your business operations which you can use further to enhance your business’s operational efficiency.
How Top Industry Leaders Use BI
BI software finds its place amongst core components in enterprise business for accelerating growth and expansion. Here’s how some of the industry leaders are using BI tools to move past their business roadblocks and accelerate sales.
Lotte
Lotte is a leading online shopping platform in Korea with 13 million dedicated customers. However, despite its popularity, the brand experiences an unusual amount of abandoned carts. To move past this, they had to understand their user’s behavior and identify loopholes leading to abandoned carts. For this, they integrated an online behavioral analysis system that provides in-depth insights into user behavior which they can use for improving their ecosystem and making it more conversion-centric.
Expedia
Expedia is a travel company with a number of sub-brands under its label. However, as the brand started growing exponentially the brand accumulated heaps of raw data in its system which if left unprocessed could clutter its database. The brand integrated BI tools to arrange and generate useful business insights for enhancing their offerings and improving their KPIs by using data-driven decision makings.
American Express:
American Express is a credit card and service company that facilitates secure online payments and transactions. The company wanted to improve its user’s experience in the Australian market for this they needed insights into user’s behavior. The brand uses BI-powered user analytics tools to predict and monitor users’ behavior in order to identify loopholes and fix them.
Coca-Cola:
Coca-cola needs no introduction with millions of fans across the globe this beverage brand has achieved world dominance. Recently, to collect user data via social media coca-cola integrated AI-based BI tools which use image recognition to identify users, demographics, etc for creating in-depth business insights.
Organizational Challenges in BI Software & ways To Overcome Them
Although BI is one of the essential parts of core business operations implementing it comes with multiple challenges. These roadblocks must be handled beforehand to ensure the smooth integration of BI tools for growth and expansion.
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Data Management:
Managing data coming from multiple streams in order to get accurate business insights can be a hassle for legacy businesses keeping unstructured data. To overcome this, managing the data warehouse and creating a well-structured hierarchy for data storage is vital.
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Data Quality:
When your business collects user data that isn’t monitored regularly, maintaining the quality of data can become a hassle in the long run. In order to ensure that your business has relevant data creating a well-thought-out data architecture strategy is essential.
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User Adaptation:
Integrating BI tools with daily business operations can be challenging if your staff is not ready for shifting the process. Hence training your staff beforehand regarding the BI tools being used is important for easy onboarding.
Future Trends in BI
BI helps businesses to move from intuitive to data-driven decision-making effectively. However, the trend is still in its infancy, consistent evolution of BI tools by integrating modern technologies as discussed above can assist businesses to break through their major roadblocks effectively.
