It’s fair to say that we live in a very data driven world. Businesses need timely data to spot trends and to make effective decisions. As an example, Amazon uses BI to crunch the masses of data it collects to ascertain your buying habits, it’s customer demographics and much more.
This is a huge opportunity for Amazon – I mean, imagine knowing everything about your millions of customers. You know where they live, their age, gender and you know what they’ve bought before – which gives you a pretty decent idea of what their likes and dislikes are.
With all this information, you can target your marketing at people that fall within a specific customer segment. This should mean less wasted marketing efforts and should result in a higher success rate with each promotion.
The age old method of extracting, analysing and displaying data is through Microsoft Excel, but it’s incredibly inefficient.
Why is it inefficient? Well, it doesn’t allow for very quick trend analysis of large, dynamic data sets. A real MI tool can be configured provide alerting when a trend is spotted & will help you react to those trends by displaying the data you need in an easy to consume manner. There is often no time to sit and analyse the dataset for hours, as a good manager, you need to make the right decision – and you need to make it fast.
Using tools such as Qlikview, Zoho, PowerBI and Tableu you’ll be able to gather far more insight from your data – which could even lead to your next promotion. Each of these tools has integrates well with some of the services you know and love. For example, PowerBI integrates with Google Analytics with just a few clicks. So you could, for example, model how an increase in visitors from Spain impacts your sales figures.
You could also assess whether your current advertising campaigns are paying dividends by overlaying your pay per click Google strategy against your sales. This would help you to understand whether your Google campaign was really worth while.
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