Business

Why Data is the Key to Building Business Intelligence in 2020?

You must have heard people say that we live in a modern world. Keeping the opinions and open-mindedness aside, it makes us think about what living in the modern world actually means. While it refers to several things including inclusiveness and acceptance, for businesses it is all about the data.

Data is the driving force of the modern world and has changed businesses in several ways. It has helped several people look at the market from a different perspective and find opportunities that didn’t exist earlier. While all of this has been very beneficial for the business, there have also been remarkable changes at the end of customers.

 

Changing Customer Demands

Customer demands have strikingly changed in the past few years and revamped the entire market scenario. Most customers want everything in one place with a distinguished level of customer service. And if your brand doesn’t live up to their expectations, they move onto some other business. Because let’s accept that if there’s one thing that the market is exceptionally good at- it is the competition.

The point is that customers are already looking forward to buying your products, all businesses have to do is be present with their products and services in the right places. Be it offline or online, a business must be where the customers are.

And while all these sources generate data, it also becomes of prime importance that one pays attention to these at the right time. Data when harnessed in the right manner can bring about drastic changes in your business. It can elevate your business and take it to unprecedented heights. At the same time, if you’re neglecting the unprecedentedly flowing data, you’re making a huge mistake.

Let’s understand better with the example of Amazon- a company that has evolved the ecommerce market and grown to become one of the biggest players in the niche. In fact, it wouldn’t be incorrect to say that we all are living in an Amazonian era.

 

Amazon- An Example

When we talk of Amazon, one of the first things that come to mind is its distinguished level of customer experience. Why are customers so reluctant to shop from Amazon? Anyday, most customers would choose Amazon over any other business in the market. More to this, they are also able to find the A to Z of products they are looking for under one roof. For us it is important to wonder, what is it that makes Amazon an intelligent business?

There are several factors, to begin with. For example, Amazon takes note of every action that a customer is performing on the website, the products they are browsing, the amount of time they are spending on each page, and the kinds of products they are buying and when they are buying.

All this collected data is not out to vain. The company carefully analyzes and brings them together to create larger than life experiences for the customer. This is in the form of product recommendations, personalizations on the home screen, customized offers, and robust chat support that goes a long way in building customer experience.

Therefore, when a customer actually lands on the website of Amazon, they find an amazing collection of curated experiences that are just for them. So, if you’ve been eyeing books for a long time, you will be updated on any offers and new releases on the homepage itself.

Even Amazon’s logo sends a subliminally intelligent message to its users. It directly tells them that the store has A to Z of products from their needs and that it will be a happy experience to shop from them, which is true in this case. Amazon’s customer first policy is also a reason, it has grown to become a global brand and has lured customers from all walks of life.

 

The Age of Business Intelligence

This tells us how data can change the entire outlook of a business and take them to unprecedented heights. The key is to start as early as possible. However, most businesses struggle in making the most of their data because they don’t have a data warehouse in place.

Having a cloud data warehouse is the first step toward business intelligence. Not only is it cost-effective but also an amazing option for businesses to get out in the market and channelize all the data for sustainable growth.

Then comes the need for a business intelligence tool. These tools bring data from multiple sources into one platform and help organizations excel by creating visualizations as per their needs. The last thing a business wants is their data scattered and having to do a lot of manual tasks every day.

ETL data warehousing and data analytics provides a way out of these and along with business intelligence it sorts your entire data pipeline. While data management becomes a task that is full of hassles, businesses don’t even get the opportunity to dive down into the nuances. All they keep focusing on is managing their data platform.

With business intelligence in the picture, the entire data pipeline is smoothened out. Organizations get to finally focus on what’s important for them- the decision making process.

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