In the Brothers Grimm fairy tale “Rumpelstiltskin,” a poor miller’s daughter was able to spin ordinary straw into gold. In many ways, business data is similar in nature: a series of ordinary tables contain rows and columns of data representing business entities, objects, transactions, interactions, numbers, dates and other bits of information that can be transformed into something of value to your business.
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Your company invests in a Customer Relationship Management (CRM) system. It works diligently to have the system implemented and adopted across the entire company and ensure effective usage. However, if your team is not consistently keeping the Lead, Account, Contact, Opportunity and Service Ticket data clean for continued use, your firm is missing out on the benefits of CRM.
What if you had a secret weapon? A tool that could tell you if a decision was smart before it was made or pointed you in a positive direction? You wouldn’t leave home without it. It would not leave your side. That tool does exist for businesses, with the proper support and training. It is your company’s own data. Your company can hone in on what its data can reveal to not only help you understand your past but, more importantly, to shed some light on your future.
The foundation of any business is composed of three things: the products/services offered, the people who keep the company running and the data that demonstrates past decisions and supports future decisions. Data is the backbone of every business. It is filled with useful nuggets of information, detailing past business trends, successes (and failures) and opportunities for growth moving forward. The data can assist your business in many ways, including in the development of new offerings, boosting total revenue and better managing your company’s costs.
In the world of marketing, increased viewership could mean opening the door to more conversations. More conversations could lead to new clients, long-term relationships and new revenue. However, the debate continues: What type of content should your company be publishing to serve as seeds for those conversations?
A growing trend in the world of data is the topic of talent analytics. According to IDG’s 2015 Big Data and Analytics Survey, the number of companies implementing data-driven projects has grown by 125 percent. The power of business intelligence has been extended to the recruiting world to find top quality candidates and improve employee retention. Is this new trend going to benefit your company and their recruiting practices?
The sales and marketing data available can be overwhelming yet very powerful. But it's also useless if you don't know how to use it. Here is a list of the seven most common data use mistakes found in marketing operations:
A marketer’s dream is to get the right content in front of the target market prospect who is most likely to become a customer. Determining who fits into that subset is the question. As we enter 2016, marketers will be turning to Business Intelligence (BI) to help determine the answer. Those companies who utilize BI and big data to spot the marketing sweet spot will have the advantage in their marketing outreach.
In the world of Business Intelligence (BI), trends are not limited to a year timespan. Trends will evolve overtime as new technologies come to fruition. The past year has been a big year for BI and the upcoming year will likely be no different. The major focuses rolling over into the New Year are data security, storytelling and data engagement.
Effective business intelligence solutions are no longer only for big businesses. Huge companies that employ IT technicians to handle the installation and maintenance required for business intelligence no longer have the advantage over smaller businesses with the advent of Microsoft Power BI. Microsoft Power BI combines information from multiple different sources, giving a more holistic view of a business’s customer base through a single, centralized dashboard.