Many company leaders use mobile business intelligence solutions to discover personal details about their patrons, which can then be used to influence various new elements, from marketing campaigns to entire product lines. For instance, by analyzing what merchandise patrons are purchasing via mobile applications, administrators can weed out what merchandise isn’t selling and focus on the items they are actually making money on.
This technology is readily available for use by retailers of all sizes. That said, many smaller organizations are not yet taking advantage of the tools, though the return on investment can be sky high. Many reports have revealed that the volume of data that can be collected from consumers is massive and is constantly streaming into businesses of all kinds.
Companies that don’t use these resources are risking being left in the dust by their competitors. Leaders might think that they’ve got more information about consumer trends, demographics and preferences than they know what to do with, but business intelligence can be mobilized to process and condense such information stores.
BI can help retailers become focused, organized
According to Gartner, when companies begin collecting data from their patrons, databases can grow rapidly. Information from mobile apps is always expanding – each purchase a customer makes can tell us a little more about their personality, values, preferences and home life. And if these elements of a consumer profile aren’t being used to inform business processes, the information can easily go to waste.
Gartner experts recommend that retailers keep their eyes to the future when dealing with the big data that comes from analyzing patron activities. For example, administrators should keep in mind that experts think that the interface on which factors are analyzed will soon incorporate spoken word commands, and both structured and unstructured data will become crucial to running a company and other elements are set to take the sector by storm.
Eyes on the prize
As industry veterans and other professionals mention that business intelligence is likely going to be changing and expanding at a rapid pace in coming years, it would probably be best if today’s leaders just keep track of the large volume of new info appearing each day. This way, stressing out and becoming overwhelmed is less likely.
The most lucrative idea when retailers realize just how much data intelligence projects can cultivate is to keep the focus on the endgame – the fact that a large percentage of revenue can be directly attributed to these efforts.
Mobile Commerce Daily reported that because 114 million Americans own smartphones as of July 2012, the potential for growth and unique mobile app adoption is nearly unconscionable. The source said that data amassed should be sorted by client so it can be used to offer a customized experience for each patron, because this almost always results in higher sales, more appreciation for the business and the addition of loyal customers.
Plus, the source explained that, particularly for smaller enterprises, info from each customer can be used to provide individuals with a better in-store experience as well. Leaders may want to look at past coupon use and previous purchases, which often goes a long way in this instance.