How to Leverage Unified BI for Business Growth
5 mins read
Business intelligence is increasingly adding value to a business – small or big. More companies are now looking to leverage business intelligence for informed decision-making. Data pointers come from disparate sources like forms, marketing campaigns, sales, and demographics in this data-first world. In such cases, it is essential to keep what is important and necessary to drive business growth.
How to make that happen? A powerful technology that assimilates various data sources into actionable analytics and accurate representation is that of business intelligence. Gartner estimates that business intelligence in data and analytics will augment decisions and people to reach outcomes that are context-driven and data-focused.
What is Unified Business Intelligence?
Unified Business intelligence helps companies manage valuable data resources from disparate sources to make strategic decisions and achieve business results. You can optimise operational efficiency and get a complete view of customers and their needs with unified business intelligence. It lets you get a deep dive into customer preferences, market trends, habits, purchasing patterns, seller ideology, and more. All these powerful insights coming from various sources of data after a reliable analysis can be instrumental in increasing conversions, building brand loyalty, and ensuring retention with the brand. Unified BI can ensure the underlying strategy for any business is not fluff.
Why is Unified BI important
Data is complex and is often collected in silos with different regulatory and authorisation levels. This data keeps increasing by the year, leading to valuable points getting lost in the mixed muddle of information. There is a lack of knowledge not because it does not exist, but because it is not organised and unified.
Business intelligence platforms are important since they unify data from multiple sources, collate the information into understandable formats, and disperse it to relevant stakeholders. Unified Business intelligence platforms help you-
- Analyse customers and their buying trends
- Manage expectations around the product
- Enhance the product performance
- Improve ad targeting
- Identify areas of improvement across departments
- Scale sales and communication with a wealth of information
- Strategically drive high-performing initiatives based on business intelligence in big data
Data unification is helpful and equally challenging. There are aspects of raw data, data processing, evaluating predictions and data, forecasting data models, and finding the right notes.
Despite these challenges, companies can leverage business intelligence for reliable decision-making.
Top 5 Ways to leverage BI for growth
Now that we know why leveraging business intelligence is essential for growth, we come to the ‘how’ part of it.
There is a plethora of information and data about customers that companies have to be smart to utilize. Here are the top ways that information can be utilized for business intelligence systems.
Aren’t well-planned data charts helpful? With business intelligence insights, you can draw parallels and compare different aspects of performance. Teams can identify what elements need to be in the long-term strategy and which need to be short-term. Harness the power of predictive intelligence to arrive at the right strategies for the present.
For example: Imagine you are a tech SaaS company offering solutions for hospitals. You will know if the patient is satisfied with your services with their feedback survey. How do you tie this information into improving the overall patient experience? If you could gather, analyze, comprehend, and implement all patient data to see how they engage, react, and interact with your brand, it would solve the puzzle. This information in the form of easy-to-read charts, graphs, bars, and diagrams would make it easier for teams to read, understand and implement.
Make sense of complex data with simple visuals using the intuitive and self-service dashboarding capabilities by Lumenore.
Another way to channelise data and business intelligence is with segmentation. You can profile and communicate with your customers better. What if your B2C brand caters to 18-24 years old’s and your ad campaigns are targeted at CEOs and CIOs? Makes it redundant right?
Talk better with your audience and connect with them truly. Business intelligence can help segment your customers into groups based on common traits. Facets like geographic location, age group, and preferences will help improve marketing and targeting prospects.
Business intelligence can augment decision-making. It is possible to make data-driven decisions and blend AI for improved outcomes. Business intelligence platforms help you find data patterns, label them, and structure them to meet user queries. Data-driven business intelligence insights help make smarter and proactive decisions enhancing the overall efficiency and business performance. This even speeds up the decision-making process and reduces time wastage.
Multi-source Data Integration
Data is not a homogeneous set of information. It is complex, distributed, and dynamic. Data can come from different locations for a particular element. With business intelligence, you can improve this data analysis. By clubbing multi-source data, unified BI platforms allow you to design and build tools for users. Lumenore allows you to make better choices and reach enhanced outcomes by integrating data from multiple sources into a simple, readable, single structure.
Personalised Strategies and plans
Relevant personalisation is possible with unified business intelligence. You can deliver the right messages and content to users, helping them make faster decisions. This also engages users since they know the product focuses on delivering them the best benefits. Decision-making is improved with business intelligence and you can build relevant, honest messaging around the same. Encourage the onset of data-driven nuggets and unlock personalised plans and strategies for customers.
Lumenore: Unified Business Intelligence Platform for Reliable Decision Making
Kickstart the process of better outcomes, predictions, decisions, and insights with reliable technology. Lumenore empowers better decision-making, engagement, and performance across teams. With Lumenore, you can improve data-driven strategies and find action nuggets to scale your business remarkably. Accelerate augmented intelligence and personalisation for your customers and engage with them better to retain them till loyalty.
Simply put, Business intelligence platforms make it easy to fetch data from multiple sources, collate and make the information into easy-to-digest formats. This can help study the information and make smart business decisions. Use reliable data to face any challenge with the power of unified business intelligence.
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