Business Intelligence or BI is the strategy that makes the process of collecting and transforming data into clear and valuable information.
It enables reporting and predictive analysis to be done more quickly and in-depth, generating insights for the operation that help make decisions. Saying that data is the new gold of the market is not new. For this reason, laws such as the LGPD are in force around the world to make clear the forms of use by companies. But to transform the data into something precious, it is necessary to count on the work of Business Intelligence.
Business Intelligence software, tools and systems – or BI as it is better known – are prevalent and increasingly used by the public, especially in companies interested in working with analysis to make decisions and define their planning.
Here, you will better understand what Business Intelligence is, its role within companies, and how we can use this work in the Marketing area. Is focusing on BI the best way to improve performance and results? Check the content until the end, and you will find the answer to this and other questions.
What Is Business Intelligence, The Famous BI?
We can say that Business Intelligence is a set of strategies and techniques used by companies to analyze data and improve decision-making based on factual information. As its translation indicates, it is a way of providing business intelligence.
As defined by Gartner, “it is an umbrella term that includes the applications, infrastructure, tools, and best practices that enable access and analysis of information to improve and optimize decisions and performance.”
With this description, it is clear that this strategy solves a common challenge and question: how can companies analyze data quickly to discover actions and adjustments that provide a competitive advantage?
By providing this result, it is common for BI to be treated as a business area and finance, marketing, and HR. In other cases, each of these areas has professionals with the role of using the right tools to provide this layer of intelligence.
What Is The Purpose Of Using Business Intelligence?
Like other business areas with well-defined goals and deliverables, the BI area or professionals also have a clear objective, regardless of the market or type of company.
And to tell you more about the objective behind this area, we invited a Business Intelligence Analyst in the Marketing Operations team here at Resulted Digitals, and one of the people responsible for transforming the large volume of data generated by the Marketing into clear information and accurate dashboards.
In Practice, How Does The BI Process Work?
A BI analysis or a BI-based strategy is more than just a report. It is a change in your company’s culture, which starts to believe in data and its application. This should be something done constantly and not punctually.
You should first hire software that allows you to collect data from your business. An example is RD Station Marketing, which does this with all its Digital Marketing work. Another is Power BI, a Microsoft tool widely used for creating charts and dashboards.
Then, filter which data is essential for your company’s positioning and strategies and start cross-referencing them. Initially, this work can be pretty time-consuming. But over time, trends become more and more visible, and you get to know your business more deeply.
Practical Examples Of Business Intelligence Application
Want to be inspired by two compelling examples? Netflix has interesting BI cases. She would have taken her data analysis and preferences beyond the “recommended for you” basics and created an entire series based on that information.
It is speculated that Stranger Things, the big hit made available in July 2016, resulted from the perception and analysis of consumption by Netflix users, their tastes and the most accessed programs to create a series that would please the public. Big.
Another exciting use was made by the American department store Macy’s. With the help of data analysis software, the company began to process thousands of terabytes of information per day. They looked for data from conventional places like Sales CRM and Marketing Automation software and analyzed data from social networks like Twitter. In this way, Macy’s almost instantly achieved a 10% increase in the company’s sales by working more efficiently with campaigns and promotions.
In other words, working with Business Intelligence can be complex, but it allows expressive results for your business. And this doesn’t just happen in large companies like the ones in the examples above, but any size. The important thing is to analyze the data you can gather to validate processes and further optimize your actions.
Also Read: Digital Marketing For Growing Your Business