How Business Intelligence Can Help Your Business to Grow
By Data-Core Systems | 01/18/2019
Today, businesses, small and large, have access to a universe of customer data. Using Business Intelligence to form marketing strategies and make business decisions has become vital.
Marketers worldwide use customer data
to improve and protect brands’ reputations, increase operational efficiency, and improve cost savings.
The processes of Business Intelligence and analytics are technology-driven; businesses use a variety of technology tools and apply different methodologies to make insight-backed decisions and gain a competitive edge.
Here are some of the real-world examples of how businesses worldwide (and across all industries) are using Business Intelligence. You can follow the footpaths and create a data-driven culture in your company to stand out from the competition.
1) Amazon - product recommendation personalization, product pricing, and supply chain management (logistics)
Amazon has built a fantastic revenue growth over the years by using data science to personalize product recommendations for their customers. The online retail giant, in 2016, introduced the DSSTNE
(Deep Scalable Sparse Tensor Neural Engine) to train neural networks and generate recommendations on its website and devices.
Another key area where Amazon uses data science is product pricing. The data-savvy online retailer changes product prices over 2.5 million times a day
. By analyzing competitors’ prices, customers’ shopping pattern, inventory, profit margins, and other factors, Amazon discounts best-selling products while increasing prices for uncommon products. As such, customers get the best deals on Amazon.
Also, Amazon predicts what products customers are likely to buy and start the shipping process through a model known as anticipatory shipping
. Doing this helps Amazon cut down shipping time and gain a competitive advantage.
2) American Express - customer retention
American Express (AmEx) has redefined traditional banking
. The banking firm excels in the customer retention territory by providing customized offers. AmEx does this by analyzing information on cardholder spending.
AmEx also uses this information to match merchants with the right customers using targeted marketing. The company has the capability to recognize accounts that are likely to close and take steps to retain those customers.
3) General Electric - manufacturing/product design
General Electric has raised the bar high in their production line. Using data, the company can re-create the exact conditions that yielded better-performing products. The company uses its in-house software platform, Predix, to improve their production processes
Predix uses data generated through sensors on production machines to derive insights and send them to human operators. The operations team can then predict whether the products will pass initial tests to avoid expensive fixes later in the production stages.
4) Domino’s using data:
Domino’s has become more of a data-driven online e-commerce operation rather than a traditional quick service restaurant. Domino’s offers personalized coupons and product offers to both individual customers and families within a household by assessing their buying patterns.
The online pizza giant does this by capturing data through various channels, including Twitter, Amazon Echo, Android, and Pebble. It also captures geo code and demographic information. Domino’s then uses its Information Management Framework
to create a unified view of its customers.
Implement a business intelligence system into your daily business plan and gain a competitive edge
Consumer/customer data has now become a vital resource for businesses to guide their marketing strategies. Modern-day consumers/customers have plenty of options and keep high expectations
for the brands they choose.
Regardless of how large or small, your business is or the industry it is based in, harnessing the power of data is essential to cater to the changing behavior of customers.