The use of advanced data analytics has become a common business intelligence solution for retailers in the 21st century, as more and more businesses rely on this resource to predict outcomes and drive decisions. This isn’t a new issue – businesses have always been looking for new and improved ways to organize and make use of the data they continue to accumulate. For retailers, customer interactions provide valuable data, but there are so many of them that it becomes difficult to keep track of these interactions or gain any valuable information from them. Advanced analytics do put more power in the consumers’ hands, but they also provide the kind of enterprise business intelligence that managers need to make more strategic business decisions. If your retail business isn’t utilizing advanced analytics, maybe it’s about time you did.
The History of Business Intelligence Solutions
Whether you’re talking about local or global business intelligence, the concepts are the same. Business intelligence is defined as the architectures, methods, processes, technologies and theories that are used to turn data into significant, helpful and practical information in a business setting. The term was first introduced in a 1958 article by IBM researcher Hans Peter Luhn. He used the term to describe a simple concept of being able to capture and assess the ways in which our accessible facts and pieces of data relate to one another in order to bring about an actionable goal. Although most businesses did not use computers back in 1958, this IBM researcher was onto something. The business intelligence technology that is available today provides businesses at all levels and in all industries with new ways to gather and analyze information about their customer interactions in order to gain insight and a jump on the competition.
Utilizing Consumer Data for Big Results
Advanced data analytics are a powerful tool for retailers, as mentioned earlier, because there is so much consumer data right at a retail business’ fingertips based on the interactions they have with customers every day. Many retailers don’t understand the best ways to analyze and utilize the business data they have, though, because they are too busy doing what they do best – selling. This is why many of the larger retailers choose to bring business intelligence consultants on board to help them use the information they have accumulated to innovate within the marketplace. There are a number of interface tools that a consultant can help set up within an organization, which managers can quickly access to make more strategic decisions.
Handling the Demands of Big Data
The problem with advanced data analytics for many businesses and organizations is the sheer amount of data they have to sift through. This is not only a problem for retailers, but also for industries such as banking, healthcare and telecommunications. The market is set up now so the businesses with more useful information at their fingertips will succeed. But with volumes of data such as adverse events, clinical studies, consumer reports, drug statistics, emails, product reports, social networks, texts and other forms of information, how does one process all this information? The best business intelligence solution for many businesses in many industries is consultancy. Business intelligence consultants can show organizations how to identify sources of information, unlock their stores of information, classify different types of useful information, process multiple streams of data simultaneously and analyze that data for big results.
While the advanced data analytics seem to put more power in the hands of consumers, and in many ways this is the case, making use of enterprise business intelligence also puts more power in the hands of managers who drive the business decisions of today.