How To Predict Trends With Business Intelligence
by Christian Ofori-Boateng on Feb 14, 2017 8:30:00 AM
Nothing gives you the same decision making confidence as Business Intelligence. With the right system, you can use BI reports to build a comprehensive picture of a market, department, or product. By examining past and current data as it’s created, you can get ahead of the competition and keep pace with customers’ changing demands. In the business world, knowledge really is power.
Predicting Internal Trends with BI
Business Intelligence software doesn’t just take consumer-related data. It can process and translate data from essentially any system, including the systems you and your employees use as part of everyday business. This applies to functions like email, internal search engines, feedback records, and more. By gathering this data, you can see production standards over the course of hours, days, and even years. BI allows you to generate reports from the data.
Once you’ve transformed all the raw numbers into actionable information, you can look for patterns. By creating a complete picture of employee activity, you can see when they are most productive. You can also see what features detract from positive growth. Linking causes to effects is much easier when you aren’t operating in a vacuum. By mapping established patterns and past trends, you can get to work predicting the future.
Future trends will invariably grow out of existing factors. By looking at the development of the present, you can predict with a solid degree of accuracy the direction those trends will take. Unless they are interrupted by an external factor, trends usually advance as they’ve progressed in the recent past. This foreknowledge gives you an advantage when you develop new action plans and employee programs.
Predicting Consumer Trends with BI
Profit depends on consumers, and consumers tend to be a very fickle mob. In order to stay ahead of the pack, you have to predict your customer’s interests. Keeping pace with current trends is essential. Getting ahead of those trends is divine.
BI turns the vast world of big data into actionable insights. These reports show you consumers’ habits and desires. Armed with this information, you can plot the trajectory of the latest trends and even predict what might follow. This makes everything from marketing to managing consumer credit easier. The information you gather informs many key decisions. It helps you formulate entirely new plans, too. Since you can target your marketing more effectively, you may be able to trim your budget. At the very least, you can rest assured that your money is going toward the future and not just chasing the popularity of fading fads.
Business Intelligence solution isn’t a magic wand that will give you tomorrow’s lottery numbers, but it can help you predict trends. BI systems process more information at far more rapid pace than any human tech could manage, and these facts give a clear picture to help you link cause and effect throughout your business. If you want to improve employee productivity, trim costs, or understand what your customers may want tomorrow, then you should invest in BI. A single system can provide a suite of benefits.
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