5 Ways to Use Business Intelligence to Grow Your Business
Business intelligence can help small and midsize businesses make better decisions. Once reserved for big brands and corporations, the benefits of BI are now accessible to everyone. Today, ready-made solutions can streamline data analysis for small business owners. In the past, businesses had to manually pull data into spreadsheets and run custom calculations. Then they would export the data into graphs to analyze it. Only a few managers had the time or interest to do this work, and most small companies didn’t have data scientists on staff.
Asemblr offers a smarter way to plan events. Founded in early 2016, Asemblr was inspired by a need to simplify the process of planning corporate events. The intuitive, digital platform is designed to make event planning simple for busy professionals. Instead of calling different suppliers and scheduling events, busy professionals can easily book and manage events using the same system.
Artificial intelligence has become a crucial component of successful enterprises. It can help accelerate business growth and boost brand reputation. For instance, AI can help target ads to people based on their preferences. It can also suggest products to customers based on past browsing habits. Ultimately, AI can be used to benefit any type of business.
Using competitive intelligence can help businesses stay ahead of the competition. By taking advantage of big data, businesses can make informed decisions faster. These insights can help them improve their information management systems. The companies listed above offer competitive intelligence and consulting services to their clients. They can help their clients outperform their competitors and reduce the risks associated with strategic decisions.
As a small business, you can’t afford to ignore the impact of competition. Whether you’re competing in a niche or with larger companies, small businesses need to be aware of all relevant information about their customers and competitors. By harnessing the power of technology, more providers are enabling small businesses to access sophisticated market intelligence features. Some of these solutions even include big data, AI, and machine learning solutions. These solutions also include automated data feeds for up-to-date competitor intelligence.
While business intelligence tools do provide valuable insights, you need to make sense of them. It’s best to use the analytical skills of your employees to get the most out of the data. For instance, you could use ecommerce enhancements to suggest related products to a customer and upsell them based on what they’ve purchased in the past.
AI-powered analytics can streamline the process of monitoring competitors’ activities. AI can track competitors’ activities and analyze their performance in real time. This way, you can adjust your budget or campaigns as necessary. You can even track ROI with major TV advertisements. With these tools, your customers can see what’s working and which doesn’t.
