In today’s data-driven world, the ability to assess data and create new strategies from the key insights it supplies is more essential than ever before. Data is the driving force behind many strategic decisions made by modern businesses and is key to understanding your customers, driving engagement, and increasing conversion rates. But not everyone is a data analyst at heart. Often, data can be complicated and difficult to understand. Business intelligence tools make it much easier for those within the organization to understand exactly what’s happening and translate it in a meaningful way. Most organizations use some form of business intelligence tools to assess and understand their data. When some of these processes are automated, it makes it easier to understand the insights from a large amount of data while simultaneously building a better business. Here are just a few ways automating your business intelligence can help your business succeed.
Take Advantage of New Trends
Trends are the glue that keeps business together. At its most basic definition, a trend is a direction in which something changes. In business, this typically relates to consumer behavior. Depending on the parameters you set for the time period (anywhere from a few days to a week, a few months, or even a year), trend data can help you track how customers are responding to your products, their attitudes and behavior, your profit margins, what kind of losses you’re facing, and whether there are any potential new opportunities to explore for capitalizing on a particular trend. Automated software usually generates data stories that tell users what’s going on within the data stream and helps identify these trends so you can stay on top of what’s happening and use them to your business’s advantage.
Better Insights With Machine Learning
Artificial Intelligence and machine learning analyze large amounts of cloud data to find patterns, trends, and unexpected data points. Users can upload the data they want to be analyzed as well, but automated business analysis tools perform best when hunting for the proverbial needle in the digital haystack (or put another way, sifting through a ton of data to find hidden opportunities and usable insights). Here are just a few insights these tools excel at providing:
Relationships – a better way to grasp date relationships.
Spikes and drops – sudden changes in how ads perform, cash flows, or other performance vectors.
Funnels – when customers behave in strange or unexpected ways.
New Normal – a sudden, but major change that lasts long enough to be considered normal.
Milestones – the highest or lowest metric over time, used in conjunction with trend analysis.
Data analysis tools supply much more information than a human operator can handle, so when used in conjunction with a strong team of analysts, the insights become more than just numbers in a data stream; instead, they become an invaluable tool to help your business succeed for a long period of time.
Free Up Staff For Other Job Functions
Since the AI of the business intelligence platform does most of the difficult and extensive analysis, your analysts can work more efficiently. Instead of being bogged down with the tiniest details of disseminating every piece of data, your team can collaborate with each other to understand the automatically generated data stories while gleaning insights and making strategies for how to use the data. This can foster innovation among your team, create a better understanding of key performance indicators, and significantly speed up your data-based decisions. Combining the intelligence, work ethic, creativity, and swiftness of your team with automated insights leads to increased productivity, higher customers conversion rates, better profitability, and much more. There’s also the bonus of increased staff productivity and overall lower margins, so implementing ABA is in the best interest of everyone involved.
Learn Where To Cut Costs
Cutting costs and managing a budget are just as essential to running a business as profits and customer satisfaction. Data analytics can help here as well. They’re not just for analyzing customer behavior. In this case, that might mean examining and tracking inventory and spending data across the organization to find cost-cutting opportunities. On the other hand, data can reveal whether an ad is working or generating enough leads and subsequently offer suggestions for improvement and cost-cutting. If the ad isn’t working, you can save money by revamping it to better appeal to your target market or nix it entirely and focus your resources elsewhere. Cost reduction and revenue-generating opportunities can also come from insights you’ve learned from the software – typically through understanding and following the data stories your business intelligence tells you each day.
Improve Business Performance
At the end of the day, using business analysis tools can offer a competitive advantage through more efficient business performance. Think about those data “stories” and insights generated by automated business analysis platforms. Using those insights paves the way for creating and implementing new marketing strategies or promotions while addressing consumers’ needs. You can also use those insights to discover what variables impact your business and correct your course to mitigate damage from them, identify new segments of your target market, and maximize your revenue streams. By leveraging business data to your advantage and continuing to obtain insights from powerful business intelligence tools, you can optimize your operation and hopefully, increase your revenue, and mitigate any possible losses with ease and efficiency.