Four Crucial Business Intelligence Trends
Marketers need to plan as to how to use data and business intelligence (BI) reporting to create and manage client relationships.
FREMONT, CA: Spotting and leveraging a trend has always been the primary concern for the marketers. The impact of artificial intelligence (AI) and machine learning (ML) will still be critical in the near future, yet the trends won’t merely revolve around data acquisition, but also on how marketers plan to use the data and the use of Business intelligence (BI) reporting to create and manage client relationships. Based on the above considerations, here are the areas where the marketers should strongly focus on:
Focusing on Data Quality
Marketers must ensure that their systems are in place to manage the massive amounts of data their company is accountable for along with the accuracy and timeliness of the data.
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Pushing on the data that places a brand’s story on a positive light will be critical. Alternatively, getting associated with the wrong data can have drastic business impacts. Thus ensuring that the agency is laced with the right data should be at the core of the business while trying to steer its clients.
According to research by 3M, the human brain can process images 60,000 times faster than text. Naturally, it’s is easier to spot trends and insights with the help of visual elements than with the endless rows of raw data. Thus leveraging the visual methods to understand data patterns will be critical to the businesses.
Manifesting Data Narratives
The ability to transform data into a narrative that portrays a clear picture concerning the series of steps that needs to be followed can have unique advantages. Analogous to any good story, there must be a beginning, middle, and an end.
Initially, the existing environment and strategy need to be discussed, followed by the insights and visualizations that suggest the plan of action. Finally, summarizations of the findings determine the roadmap ahead.
Enhancing Data Literacy
A data-driven culture enables teams to design new campaigns, initiatives, and strategies. The manifestation of such a culture will provide immense value to the organization as well as to the clients. Further, there are enormous benefits for organizations that invest in a data-driven culture such as improved accountability, improved collaboration, informed decision-making, and the confidence to launch new products and services.