Business intelligence has essentially always been a part of good business development practice. However, by taking business intelligence online, you pave the way for many new opportunities. Whether you’re looking to improve your customer retention, build a better product line, or simply understand the demands of the current market, pairing the Internet with business intelligence is a way to reveal unexpected results.
The Internet: Home of Big Data
Big data comes from many places. It’s a mistake to assume you can only collect big data through online applications and processes. The Internet is home to vast quantities of readily available data. It’s an endless pool of information, and it’s a prime opportunity to unleash your BI products.
The Internet can be viewed on a large or relatively small scale. Simply analyzing data from your own web applications can give your business a significant boost. Analyzing larger trends takes a little more time and effort, but the beauty of BI is that fairly little of that time and effort comes from you and your employees. You can watch everything from trending tags on Twitter to Google search patterns. All of this goes without mentioning your broader web presence through platforms like Facebook and Instagram, which give you significant insight into your most enthusiastic consumer base.
Applications of Business Intelligence Online
The first and most common use of business intelligence online is reaching new customers. BI gives businesses the tools to evaluate their own marketing schemes, examine customer shopping habits, and even appraise the functionality of the competition’s methodology. It’s a potent mix, and more and more consumers are using the Internet to not only find a new business but to make final purchases. Understanding and accessing this pool of revenue may be the most important part of marketing for a competitive modern business.
Never underestimate BI’s versatility, especially when paired with the Internet. Understanding how and why products do or do not sell well is best examined with the aid of the World Wide Web. Observing how a product performs in your own store or sales app is like seeing how a shark behaves in a small pond. This limited range of data can be easily corrupted by other considerations, like marketing efficiency and overall ability to move product. If you want to learn how your product ought to be performing, you have to look at its performance on a grander scale. First, examine local shops. Are they are heavily featuring the product in question? Use this information to look for signs of an over-saturated market. Next, look at national, international, and general online sales. If these figures do not match regional or customer-oriented searches, you’re probably looking at a product that simply doesn’t do well in your area. The more aspects of this scenario you consider, the more accurate your final conclusion will be. That’s the advantage of the big data available online, and the power of BI.
The more data BI accesses, the more actionable information it provides. Nothing provides the volume and speed of data the Internet can offer. Big data changed the industry forever, and taking advantages of business intelligence online is necessary for businesses of any size.