A business intelligence program is a necessity, not a luxury

Share this content:

The business intelligence train is leaving the station. If you are not already implementing a BI solution, planning to implement one or have completed an implementation, you risk being left behind.

BI is something that you cannot afford to be without in the very near future. It crosses all industries and company sizes, but is it extremely important to companies in data-rich industries like financial services, retail or telecommunications.

Your competitors are implementing BI solutions right now, which they will use to take your market share. BI can be a competitive advantage for a company if it can better understand its business or industry better than the competition.

If properly used, it can help identify opportunities, such as cost savings, efficiencies or process changes that will improve your position. Smaller companies can benefit even more since they tend to be more nimble than their larger counterparts.

Late adopters of BI will be at a significant competitive disadvantage as BI is more widely used through various industries.

Your customers are expecting to experience the benefits of BI from the organizations they come in contact with. Loyal customers want to be treated based on their value and can get very upset when they are rewarded in one situation and treated poorly in another - by the same company.

This requires recognizing them in real-time when they call or shop with you. The intelligence to do this is locked inside your data systems. Your job is to utilize it effectively.

Your management is requiring more information about operations and is expecting to see a return on all the data your organization has been gathering.

A well-implemented BI program will help keep management informed of potential problems or upcoming challenges, which provides a headstart on minimizing their impact or eliminating them altogether.

Lastly, your stakeholders require information on the organization's performance soon after the month, quarter or annual close for the same reason management wants to know - to take action. Forget about month-end closings; most retailers had the preliminary sales figures for the holiday shopping season within days of it ending.

Good data is the foundation of an effective BI program. It's no longer about turning data into information, but transforming the organization through information and changing the way it operates. That's the real opportunity. Get your ticket and get onboard right away.


Next Article in Data/Analytics

Sign up to our newsletters

Company of the Week

We recently were named B2B Magazine's Direct Marketing Agency of the Year, and with good reason: We make real, measureable, positive change happen for our clients. A full-service agency founded in 1974, Bader Rutter expertly helps you get the right message to the right audience at the right time through the right channels. As we engage our clients' audiences along their journey, direct marketing (email, direct mail, phone, SMS) and behavioral marketing (SEM, retargeting, contextual) channels deliver information relevant to the needs of each stage. We are experts at implementing and leveraging marketing technologies such as CRM and marketing automation in order to synchronize sales and marketing communications. Our team of architects and activators plan, execute, measure and adjust in real time to ensure the strategy is working as needed and change things if it's not.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above