Generally, in today’s competitive landscape, businesses are consuming and churning out loads of data alike. This capacious data needs to be processed enabling analysts to derive intuitive insights and hence shore up businesses to make smarter decisions.
Acquiring timely insights majorly depends on the level of comprehending data. Data visualization helps the organization to do this accurately. Data projected as interactive visualization breeds critical thinking and returns improved value. Business Intelligence is known to quantify real-time data serving organizations to deliver more than the intended results.
Gartner defines Business Intelligence as an able amalgamation of applications, infrastructure & tools, best practices which enable access and analysis of information along with improving and optimizing performance.
What kind of results are we referring to customer experience?
A culminated, interactive view of data dovetailed with the cognizance of Business Intelligence accounts to a well-knit customer base and a deeper understanding of their behavior and traits.
How do Business Intelligence reports help?
- Most importantly, they help businesses grow and flex based on customer requirements. These reports give a multi-dimensional view of customer behavior in numerous instances and provide critical insights which help organizations better understand the pulse of their customer base.
- Business Intelligence and data visualization is a brilliant combo for businesses to manage a structured pool of data. Again, this data pool can affirmatively pave the way for a much informed and mutually beneficial journey for both the customers and the organization i.e. in terms of best deals, product prices and higher conversion rates respectively.
Understanding the impact of Business Intelligence with a few three real-time examples:
- Learn how Business Intelligence helped a popular cooking site to understand their customer behavior and thus improved the quality of their customer experience.
This cooking site received 1.5 billion visits annually. It required a granular perceptive about their customer interests. The content they were actually interested in, kind of information their viewers were keen about and so on.
How did BI help?
After adoption of a visualization tool,
- They could deliver content based on the demands of their customer base.
- They could generate reports on the fly and identify product demands
- The tools helped marketers in obtaining information about the device used by their customers, features, and tools that were mostly looked for and web pages which attracted maximum traffic.
With the unparalleled potentiality of Tableau and BI, thus this website was able to develop content based on real-time metrics provided by these comprehensive reporting tools.
- Read on to know how retail affiliated company overcame its concern of handling billions of transactions.
A retail affiliate marketing company had to manage a huge customer base. The marketers had a tough time analyzing loads of transactions each day.
How did BI help?
- The company was able to generate reports for 200 million customer transactions across 500+store locations.
- This tool proved to be highly scalable with a friendly interface which allowed the organization to adopt the solution for its complete database.
With this adoption, the company was able to spike up customer satisfaction, identify and improve on key products and also reduce its churn rate.
- Know how a baby clothing store used BI to overcome quality and data accuracy issues.
This organization faced challenges over managing development issues, accuracy and also the quality of products.
How did BI help?
With visualization tools,
- They were able to inculcate a high-end performance tracking system by centralizing sales data.
- They were able to strike a productive balance between corporate management and overall performance of the organization.
- The tool with its friendly interface, fast projections, and simple reporting features was able to place the organization on the path of informed success.
After using BI, the company was able to efficiently handle transactions and stocks. They were able to identify products on demand and customer interests for bringing in improvisations.
With the perspective that customer experience is the fuel to throttle ahead businesses, let us delve into the nuances of customer experience analysis.
What is Customer Experience Analysis?
It is the evaluation of the customer-brand association which in turn depends on the quality of people and also processes in the organization.
The three aspects of customer experience analysis:
This is the most common type of customer experience analysis which targets the KPIs to identify critical changes that will boost the performance of a product/ service or the business as a whole. Thus it is accomplished through customer feedback data and understanding the need of your customers.
Campaign centric analysis:
Campaign centric analysis revolves around a particular event which is going to take place in the organization. They are sensitive campaigns as it helps business owners to understand their customers with regard to major changes proposed to happen in the business strategy.
This is a detailed study to acquire valuable insights from the customer feedback data obtained. However, Based on this analysis, businesses may make crucial decisions of product improvisations and also changes to maintain a pleased customer base.
The contribution of Elite Site Optimizer:
Elite site optimizer, a game-changing
The Benefits of Business Intelligence:
You Can Understand Your Customers More Effectively
The first benefit of business intelligence we will address here is the relationship with the customers. Renowned email marketing guru Andre Chaperon says that “the business that succeeds the most is the one that understands its customers the best”. This case study about Verastel, a German telecom provider, shows the truth of this statement and how they reaped big benefits of business analytics.
Versatile was doing well in their market but was facing growing competition and price pressures that caused senior management to look for new ways to reduce customer churn rates. After all, it’s a lot easier to keep selling your services to an existing customer than it is to get an entirely new one.
After digging into the issue, Versatel found that they needed to understand their customers’ needs and preferences more thoroughly in order to get more renewals. They had already been using manual methods to do so, but they needed to upgrade their execution. That’s where business analytics came in.