As with every year, the time has flown – it's nearly the end of the first quarter and many companies have already gotten into the swing of things in the new year. Numerous firms have released their first promotional campaigns of 2013, whether that be via social media, mobile, digital or other mediums. Those who are still riding on the coattails of their end-of-year success in 2012 might be easily getting left in the dust of their competitors.
One of the things successful companies have done so far is compiled large amounts of data related to customers, their preferences and what products are flying off the shelves. Optimizing business intelligence (BI) is something that retailers are increasingly doing to learn more about their patrons, provide them with a more personalized experience and, ultimately, see higher yields.
There are so many things we can learn about customers through mobile BI, because numerous people constantly have their smartphones on them and use brand applications to enter information – first, their name, if they are repeat patrons and have linked a loyalty card, even their hobbies and who they shop for, based on what merchandise they buy. Retailers that fail to see the potential in this information are likely going to lose out, because collecting data from phones is the wave of the future.
Used in a different manner
BI isn't really new to many enterprises – for years, administrators have been compiling indicators of consumer patterns to predict trends and focus their efforts on certain demographics, but the old way of doing this is rapidly going out the window. According to Smart Data Collective, BI software is quickly being phased out. That is not to say that BI is a thing of the past – rather, it's being replaced by things like real time mobile BI analytics and other advances.
BI provided in nearly any manner is crucial for a business, but the layout of such tools is also becoming more altered, the news source explained. For instance, many managers now seek BI layered with textual analyses, as opposed to a group of tables and charts – so leaders should be on the lookout for such reports in the near future or consider what reading the information in this manner could mean for their company.
BI remains marginally adopted
Despite the innumerable benefits of using BI to influence processes like app optimization, marketing campaign and other business elements, many people have not embraced the technology. According to the recently released "2012 Successful BI Survey: Best Practices in Business Intelligence for Greater Business Impact" released by BI Scorecard, only around 24 percent of a company's staff uses BI, Datamation reported. While this number increases the higher up in a business you go, with 50 percent of managers and 67 percent of business and financial analysts using the technology, the overall adoption is still extremely low.
However, this might mean great things for companies that are technology savvy – not only will they have working knowledge of the tools when it becomes more mainstream in the future, but they definitely have a competitive advantage now in terms of consumers focus and personalization.