Business Intelligence, The Importance Of Evaluating Data

The analysis and evaluation of data are fundamental processes for those involved in marketing, and a tool that is increasingly used to perform this type of operation is business intelligence.

It is an evolution of classic data analysis and allows access to more complete elements than those offered by more ancient techniques.

You may wonder why data analytics is important and how it can help those running a business. The answers to these questions will be adequately identified in this article.

Data analysis, a necessary step

Speaking of business intelligence, it will be essential to start from what is the “matter” that it is responsible for analyzing and using, that is, from data.

They are essential for all who want to implement a marketing or communication strategy.

Precisely to create projects, as can happen for content marketing activities, it will be necessary both to determine the objectives and to connect the different types of data that will be able to serve this purpose.

These data are essential to be able to profile users but also to be able to offer them a service that may interest them and that can solve their problems.

Once upon a time, simple web analytics tools were used, which have been replaced by digital analytics, and, finally, by the use of business intelligence systems, which are more complex but also capable of creating a clearer picture of one’s potential customers.

What is considered in business intelligence?

Different sources of data and information may be considered to monitor users and their preferences.

Among these, we can mention:

• I sit web?
• The different social channels;
• Advertising campaigns created on the web;
• The behavior held in the use of the apps;

In most cases, different sources of data and information are considered at the same time to be able to create a complete system for evaluating user preferences.

Analysis and business intelligence

In many cases, those involved in creating web and advertising campaigns can define web analytics. However, instead, in many situations, it isn’t easy to understand the difference between this and business intelligence.

The latter can be identified as composed of three different elements :

• The initial part that allows you to collect data and analyze them;
• The system thanks to which it will be possible to analyze the data and carry out all the intermediate processes;
• The information that is obtained thanks to the analysis processes;

Still, concerning business intelligence, the so-called Big Data is often considered, i.e., very extensive data in terms of volume and variety. These, to be analyzed through big data analytics techniques, will require specific technologies and software that can lead to a usable result in marketing.

Also, as you consider business intelligence, you may come across terms that you need to know the meaning of.

Among these, the following can certainly be mentioned:

• Reporting: it consists of the analysis of what are the results compared to what has already occurred;
• Spreadsheet: it will be the document that will collect all the sorted results of the analysis;
• Monitoring: in this case, unlike reporting, we will evaluate the data in real-time;
• Kpi: is the key performance indicator, i.e., the set of performance indicators;

Business intelligence in practice

After having seen what business intelligence is and how it is expressed on a theoretical level, it will also be possible to evaluate this system of analysis in practice.

In fact, to start applying business intelligence techniques, you will have to start from the data, which will have to be collected and structured. These, subsequently, will have to be organized and can be shared.

After acquiring all the necessary information, it will be possible to use the Business intelligence tools, which will allow for the carrying out of analyses and also real and proper forecasts.

Based on the results of this phase, it will be possible to make concrete decisions: for example, it will be possible to adapt the behavior to be followed towards certain types of customers, or it will be possible to offer a certain product in a specific way.

The benefits of business intelligence

Therefore, business intelligence is preferred to other data analysis and organization systems for its benefits.

Among these, the following can certainly be mentioned:

• Ability to easily access information;
• Ability to analyze data in real-time;
• Opportunity to get to know your business in depth;
• Help in carrying out decision-making processes;

For your Business Intelligence, rely on Next Engineering, made up of a highly qualified team able to solve all your problems.

Also Read : 4 Compelling Reasons To Stop Using Excel For Data Reports And Dashboards