You said Business Intelligence, how BI is it?
Business Intelligence (BI) is the ability to transform raw data into decision-making tools using technology. Most often, this takes the form of interactive dashboards, reports and personalised data visualisation.
Currently, only 23% of managers who have a BI tool in their company believe that these tools are used to analyse data to improve products and services, and 21% to improve sales.
In the face of this scepticism or lack of operational vision, it is important to clarify the advantages that a BI tool represents for marketing and sales professionals.
Exponential growth worldwide!
First of all, Business Intelligence (BI) technologies will represent a global market of $33 billion by 2024. Projections to 2029 predict sales of more than $60 billion, representing growth of more than 10% per year.
This craze can be explained by the fact that, on average, companies around the world use 3.9 Business Intelligence solutions. In fact, the majority of companies are obliged to use several BI solutions to achieve their overall objectives.
Why a Business Intelligence tool for marketing and sales professionals?
With technological developments, both in the Cloud and in the integration of Artificial Intelligence, and given the sheer volume of heterogeneous data involved, marketing and sales professionals are increasingly looking for solutions that can be adapted as far as possible to their specific needs and contexts.
The objectives are to establish corporate strategies to make data as accessible as possible to all departments and to spread a data culture.
The benefits of BI for marketing
Business Intelligence is a real asset for marketing teams, enabling them to succeed in their missions. It will enable marketing teams to bring together data that is often heterogeneous (behavioural, intentional, purchasing, etc.) to gain a better understanding of prospects and customers. Segmentation will be improved by the integration of new variables, market research by a wider choice of analysis axes or by layers of geomarketing. The indicators or KPIs will be more precise, developed specifically to measure the effectiveness of communication campaigns, monitor the competition, anticipate customer demand and analyse e-commerce in real time in order to adapt their strategy.
MARKETING TEAMS
Define your ABM marketing strategies
Identify your marketing campaigns
Identify your most successful campaigns
Define your marketing campaigns
Conduct market studies
Conduct site studies
Client/prospect profiling
Segmentation of your market(s)
Visualization of your data
Create target accounts
The benefits of Business Intelligence for the retail sector
In sales departments, it is vital to know your customers and use their data wisely, to define routes for optimising appointments through geomarketing, and to know and identify your prospects. What's more, with e-commerce and physical sales outlets, sales teams and their managers often find themselves with multi-source data that can be complicated to aggregate.
BI tools enable a detailed analysis of sales by product, by region or by acquisition and distribution channels, which has the advantage of producing more accurate sales forecasts and optimising the sales approach.
COMMERCIAL MANAGERS
Map your commercial risks
Commercial reporting by industry/geographic sectors
Identify new prospects
Manage prospecting areas
Manage your client portfolio
Assist in making business decisions
Facilitate data understanding through visualization
Have dashboards available
Shared benefits for marketing and sales departments
Everyone can contribute to the decision-making chain by sharing information that is validated and known to everyone thanks to these technologies. They will enable marketing and sales to work together to make better decisions, establish KPIs, know the return on investment (ROI) of actions, achieve common strategic objectives and monitor actions collaboratively. BI is the essential tool for using data to drive business performance and stand out from the competition.
Written by Nicolas Vacheret
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