Business intelligence is an umbrella term used to describe various methods of storing, capturing and analyzing data from operations in the business. The majority of this data sits and is largely unutilized. With the aid of BI companies can gain important insights from the mass of data.
• Businesses could benefit from the power of BI to gain insight into their customers is through customer segmentation.
• Segments can be used to provide the customer with a more personalized experience by offering custom-designed product deals or customized reminders, and other.
Companies that make use of business intelligence will enjoy better management of their processes. They will have a better understanding of what’s happening in the business. Being vigilant about the procedures and processes assists in resolving any errors quite quickly.
• The most important aspect to consider when making the business decisions is having sufficient information to support the decision.
• An instance of an actual number is the percentage of customers who leave their carts, rather than how many transactions.
•These are the metrics which actually allow the user to take decision, not simply a pleasant to hear the number.
•The proper business intelligence system in place increases efficiency of the whole business. This is in turn a positive impact on the overall revenues of the business.
•Data should be accessible to anyone and not restricted to only a select few teams.
