Last year was a great year for Business Intelligence (BI) , particularly with the increase in machine learning ( Machine learning ) and artificial intelligence and will undoubtedly continue to play a much more important role for marketing specialists in this 2020.
This year it will not revolve around having the data or how to acquire it, but if in how the marketing specialists choose to do with the information and how they use the BI reports to create and effectively manage customer relationships and decision making within the company.
It is for this reason that I have decided to write about these 3 trends in business intelligence that they should seriously consider in their strategy of analyzing data with business intelligence.
Data quality management.
It is vital that marketing specialists ensure that your company has systems to successfully manage the massive amounts of data for which your company is responsible, particularly the accuracy, completeness and / or timeliness of the data.
The old saying, “quality over quantity” is true. Come to the table with data, but bring the right kind, particularly any data that supports a brand’s history in an impressive and personalized way.
Being armed with the wrong data is like trying to build a house with scissors and a punch, it lacks a solid foundation.
Ensuring that an agency is armed with the correct data is the heart of the strategic and tactical direction of its clients or its business.
Create a data-based culture
Excessive data can inspire and guide teams to design new initiatives, campaigns and strategies. A data-based company where this type of culture exists and is encouraged will become an immensely valuable and irreplaceable partner for its customers.
In addition, there are four immense benefits for companies that invest in becoming a data-based culture:
- Greater collaboration
- Better accountability
- The confidence to launch new products / services
- And informed decision making.
According to a 2019 survey, “58% of respondents say their companies base at least half of their usual business decisions on intuition or experience rather than being driven by data and information.”
Companies that can adapt to industry changes in competitive environments are the ones that will survive, so it is essential to base decisions on data rather than instincts.
Establish a data director or data teams
Assign the title that makes the most sense, but have a dedicated person or team whose sole objective is to become a necessity in 2020. Your focus should be on the healing, processing, organization, analysis and compilation of data, in addition to monitoring the technology . behind data collection.
Closing the gap between a vendor’s technology and business can help advance a company’s overall data management strategy.
As the digital marketing landscape becomes increasingly competitive, agencies are challenged to improve efficiency and profitability. Focusing on these areas of BI can reveal valuable information that helps agencies scale campaigns, improve productivity and drive better results for customers.