The Intelligence behind Business Intelligence
Posted: December 1, 2009 | Amanda Fildes
The idea of leveraging business intelligence (BI) to reduce costs and improve processes is not a new one, so the fact that InformationWeek indicated 68% of consumer goods companies plan to make BI more available throughout their organization shouldn’t surprise you. I was surprised to learn that BI was only a priority for 37% of companies in other industries.
So what gives?
Perhaps consumer goods companies better understand the idea of getting the most out of your current customers rather than acquiring new ones. Using BI allows them to fine tune channel strategies and better position products. Consumer goods companies are accustomed to collecting and analyzing data about product performance, competitors, and consumer trends so it is logical to think that they would apply the same principles across the organization. It is also not surprising more consumer goods companies will next be seeking solutions that bridge their data capture mechanisms to provide real-time customer services – on the internet, through digital marketing, and at point of purchase. If done correctly, the outcome is that the customer is more likely to complete purchase as a result of a meaningful customer centric experience.
By leveraging BI you can more effectively anticipate and adapt to changes. Companies without a BI strategy risk being outpaced by their competitors. It is a risk that most companies can’t afford to take.
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