“We are drowning in information but starved for knowledge” according to best selling author, John Naisbitt. Today’s businesses have the ability to collect an extraordinary amount of information on everything from customer buying patterns and feedback to supply chain management and marketing efforts. Are you drawing value from your data?Read more
Topics: Business Intelligence Basics
My fascination with the psychology of decision-making continues. My latest sage is Daniel Kahneman, a leading psychologist and winner of the Nobel Prize in economics for prospect theory. Kahneman has dedicated his life to researching human judgement – especially under uncertainty and whether people are susceptible to flawed intuition. His book, Thinking, fast and slow summarizes much of his research. The book explains why humans make errors of judgement, and the role of systematic bias. It has many examples of the way people ignore general facts if they conflict with personal experience.Read more
With ever increasing volumes of data, business intelligence (BI) software is becoming essential to help maximise sales opportunities. BI software helps managers report on their sales processes more accurately and gain insight into their customer's buying behaviours, to adapt better to the needs of the market. BI reports are of particular importance as they give decision makers actionable insights that will directly influence the business' strategic direction.Read more
Every company must have a strategy to price their goods. Your pricing strategy is a fundamental component to your marketing process as pricing can increase sales or send customers to your competitors. Because a variety of factors such as product life cycle, competition, and customer perception can affect pricing decisions, it’s important to consider these when determining the best pricing strategy for your company.
Business leaders want to make decisions faster and with more efficiency. Without visible data that is accessible and organized, it’s nearly impossible to make well-informed decisions. Liked driving a car on a foggy road at night, you will have difficulty identifying the best route or avoiding potential obstacles on the road. However, with data visibility, you have the clarity to make good decisions at the right time, as well as the flexibility to respond to potential challenges.
Management teams are no longer questioning whether or not to dig into the data; rather it’s which is the best tool to use for their businesses: an established, dedicated data analytics solution or software developed in-house. IT managers usually lead the project to find the best solution for the ERP and tech stack. Have you considered the resources, usability, scalability and cost associated with each path?Read more
While most executives understand that their data is an asset, many haven’t harnessed the valuable insights accessible with a data analytics solution. The immense amount of data you generate may seem impossible to understand, but data analytics will transform it into clear, actionable information. Another way at looking at data, if you closed your doors tomorrow, what would the new owner be most interested in? – the products on your shelves or the insights into your customers?Read more
In the course of daily operations, companies often generate a great deal of data that can be leveraged to gain a significant advantage over their competition. This data includes information about sales, marketing, inventory, financials, employees and more.Read more
A customer relationship management (CRM) system gathers and consolidates raw data from customer interactions into a single database. CRM systems then combine this raw and contextual data to evaluate and classify customers. Because a CRM system offers limited analysis, implementing a business intelligence (BI) solution along with your CRM creates a powerful tool for customer-centric companies. In this blog, we will discuss how combining a BI solution with a CRM delivers faster decision-making.Read more