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Know Your Market and Yourself

What is Business Intelligence?

Integrating business intelligence resources Business intelligence refers to a multitude of different software used to analyze an organization's raw data. This software is designed for gathering, analyzing, storing, and providing access to data. By integrating data throughout the enterprise and providing end-users with automated reporting, BI software is able to increase the performance of an organization through the use of a number of analytics such as, statistics, data, text mining and predictive analytics to reveal consistencies or patterns in your consumer’s behavior.

 

Why is it Important to Know Your Consumer Behaviour?

consumer behavior research and studies When doing business, your key contributor to success is, actually doing business. Market research and the studying of consumer behavior can inform a company of the activities of their consumers and how to predict (then act on) fluctuations and future events. By understanding what the market and your consumers are doing, you are able to better serve your target audience. With BI, the ability to analyze and study all aspects of your business; production, product, selling, marketing, and social marketing, is paramount to the future success of your firm. With the resources available to analyze your company’s data, management can then allocate the business’ resources into their most optimal distribution.

 

Breaking it Down

More often than not, these systems display business intelligence in areas of business such as; customer support, customer profiling, market segmentation, market research, statistical analysis, product profitability, and inventory and distribution analysis. In order to break down what business intelligence is and what this software actually does. We can split our definition into 5 parts; reporting, analysis, data mining, data quality and interpretation, and predictive analysis.

 

Reporting

business intelligence reporting Reporting is the process of gathering data, formatting it and exporting it both inside and outside the business. Some of the capabilities of a reporting application is to set up automated alerts, schedule and deliver reports automatically, and much more. To read more on reporting click here.

 

Analysis

Business analytics Analyzing data generally assumes that your data has already been reported. By analyzing your data, you are identifying patterns and establishing connections within your set of data. Finding these patterns help empower your decision makers to make more informed decisions. To read more on analysis click here.

 

Data Mining

Data mining is the actual extraction of information from your company’s data. By utilizing a BI software, you are able to gather your information faster and more efficiently. Also, with data mining, you are able to analyze and compare your performance to your competitions in order to find ways how you can do better. To read more about data mining click here.

 

Predictive Analysis

A sub-branch of data mining, predictive analysis attempts to foresee and predict trends, patterns, and probabilities from our data. Predictive analysis integrates your data and information collected in real life situations and “what ifs” to foresee potential upcoming events or market changes. To read more about predictive analysis click here.

Suggested Readings

To learn more, follow one of the links below for additional articles, blogs, tips and tools about Business Intelligence.

To learn more about business intelligence, please click contact Clarity or fill out a quote request form.

 

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