Business Intelligence is something that all businesses possess. It is lurking in their CRM systems, social media channels, and CMS. It can be found in procedural manuals and in HR protocols. It’s acquired through client studies, competitor analysis, and SWOT analysis.
Technically business intelligence is all around us all of the time.
One of the challenges that most businesses face is that they are either:
- Unaware of the intelligence that surrounds them every day
- Overwhelmed with data and unable to break through the clutter, or
- A little bit of both
Data can be a wonderful thing if you know how to use it. However, Business Intelligence is not just data gathering. When you are looking at your business intelligence you are looking at:
The reason to get a handle on business intelligence is that all of this information can help an executive make smarter business decisions. Who wouldn’t want to analyze their marketing or management processes to improve retention rates, customer engagement rates and validate content?
Think of the money that could be saved and the revenues returned just by adjusting the information gathering and decision-making process.
How this works:
For example, suppose Company X is spending $5million a year on marketing. They have a team in place that is running campaigns and generating content.
Now, they have one piece of content which has been hyped as “cornerstone.” This particular piece has generated 5,000 views in the past six months.
This piece is being touted on their website and social media channels. Company X executives are speaking about it at conferences and tradeshows. Everyone is extremely proud of this piece of content.
However, the CEO knows something isn’t right. On the surface the engagement rates are fantastic, but behind the scenes, sales are lagging. The CEO concurs that all is not right in Whoville.
The CEO decides to bring in a consultant that just happens to be a Business Intelligence Specialist.
A business intelligence specialist’s job is to dig, uncover and provide recommendations and solutions to help their clients overcome business challenges.
Upon review of this piece of content, it is discovered that of those 5,000 views only five of them could be classified as actually being clients or prospects.
This CEO just found out that his customer engagement rate is a tenth of 1 percent.
Engineering better decisions:
They say that knowledge is power. Company X just discovered that the content it produces (which is both time-consuming and expensive) is not being validated by its audience.
They now have the option to change and make better decisions.
This data can be used to engage in a client study. They can take the time and spend the money upfront to really get to know their clients’ wants and needs. They can then use that information to create communications that are valuable and that their audience wants and is willing to receive.
By properly targeting an audience, one can significantly reduce wasteful spending. The more targeted the campaign, the better revenues returned.
There are opportunities in everyday business situations and with the right leverage, you can totally improve the functionality and communications of your business.
Sometimes an outside perspective is just what you need to get where you want to go. Better results and better revenues are possible.
Angela M. Insalaco is the Founder and Managing Director of Strategic Tactics Consulting Group, LLC. She is the creator of the Insalaco Process a proprietary methodology that helps executives leverage business intelligence to make better decisions in their enterprises.