How can a Customer Data Orchestration Platform help with Business Intelligence (BI)?    

There’s no point having all that business data if no one is gleaning actionable insights from it. A comprehensive Business Intelligence (BI) strategy will give your business leaders all the information they need to make informed decisions. Here’s how a Customer Data Orchestration Platform can help achieve your business goals.

What is Business Intelligence?

Business Intelligence is an overarching term covering the infrastructure and tools that enable brands to collect, store, and analyze data to enhance performance and decision-making. BI tools can ingest business data and visualize it in user-friendly dashboards, reports, or graphs to gain actionable insights. These insights are then used to inform decision-making, resolve issues, identify trends, and reveal new business opportunities.

Why is Business Intelligence important?

There is little point in collecting and storing business data if none of your employees know how to leverage it. Rather than relying on your gut, Business Intelligence is the act of transforming raw data into something that makes sense to decision-makers. As data-driven strategies become the norm, effective Business Intelligence strategies become increasingly important.

A key aim of business intelligence is to produce actionable insights with clearly defined goals. This process helps align marketing teams towards common targets, increasing organization and focus. Data visualizations, such as marketing metric dashboards and KPI trackers, keep teams aware of progress and encourage focus on tasks making the greatest impact on performance.

Essentially, BI helps businesses improve performance with a data-driven approach. It increases return on investment by improving resource allocation, improves understanding of customer behavior, and makes ongoing improvements to marketing campaigns. Business Intelligence is a key element in achieving sustainable business growth.

Key elements of Business Intelligence

As BI is more of an umbrella term than a specific action or task, different businesses will apply different processes to achieve their business intelligence goals. Here are five processes or actions that feed into many Business Intelligence strategies:

Data Visualization

Gleaning actionable insights out of raw data is one of the biggest challenges of a data-driven business approach. A key objective of a BI strategy is to make vast spreadsheets of information comprehensible, and often that means data visualization. For best practice, create customized dashboards for different departments or job titles offering a real-time view of solely relevant data in a user-friendly interface.

Statistical Analysis

The more a business understands its customers, the better service they can provide. Statistical analysis looks to identify and predict buying patterns and trends so businesses can accommodate current and future changes in demand. After collecting samples from current customers or population segments, there are various methods of compiling data to represent overall audience behavior.

Data Mining

Many organizations are sitting on big, historic datasets that can be used to identify trends and behavior patterns within their customer journeys. This can be used to better serve customers or predict what they will want or do next. Recent advances in machine learning are rapidly expanding the impact that data mining can have on business intelligence.

Data Preparation

Data mining can’t be effective if the data is not correctly prepared. In any business, data will be coming in through various sources in varying degrees of completion. This information will need to be accurate and consistent before it can be applied to predictive modeling and other data analysis techniques. Bringing all business data together in a central data warehouse that is updated in real-time can be a game changer for business decision-making.

Performance Benchmarking and Tracking

Setting clear, achievable goals is a key part of any effective business campaign. A BI strategy without a clear business objective will not deliver its true potential. The goal will shape the implementation and processes that are put into place. This should include the ability to track performance and benchmark it against historical data to know how effective your strategy is.

How a Customer Data Orchestration Platform can help

Essentially, a Customer Data Orchestration Platform can complete all the key elements of a Business Intelligence strategy and more. Each process will help businesses improve performance with a data-driven approach through each stage of the customer journey

Acquisition

A Customer Data Orchestration Platform will help brands target prospects who look just like their highest-value customers. Using advanced predictive modeling techniques, brands will understand which prospects grouping are expected to engage ahead of time. This process gives marketing teams a benchmark to measure success against and encourages the continual optimization of a campaign.

Activation

Customer Data Orchestration Platforms can implement early, personalized engagement between a new customer and a brand. Using customer intelligence from historical data, a Customer Data Orchestration Platform can tailor early-phase journeys depending on the customer segment. From there, it will predict future engagement and transaction behavior to benchmark success.

Retention

Retaining customers depends on delivering communication at the right time and in the right place. A Customer Data Orchestration Platform can help brands understand customers’ transaction behavior, preferred communication channels, and product and communication preferences. Pulling all these elements together will help optimize the journey for each customer segment.

Improve your Business Intelligence strategy with Allant

Allant utilizes the most sophisticated platforms available today: statistical analysis and predictive analytics machine-learning/AI (PAML) to deliver incomparable Business Intelligence. Our tools are technology-agnostic and integrate seamlessly with any existing martech stack. With Allant’s Customer Data Orchestration Platform and deep industry expertise, we’ll advance your Business Intelligence strategy and give you the competitive advantage. Contact US to discuss how.