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Business intelligence (BI) and the technologies that support it are broad in scope. A generalization of the discipline might characterize BI as a series of advanced information manipulation tools that rely upon:
Pursuing opportunities in the marketplace involves weighing possibilities, probabilities and finding comfort areas that match one's business appropriately. The obvious opportunities have already been identified to some degree. So, realization that the quest must be geared to finding hidden or subtle items is critical. Also, experience indicates that such opportunities are frequently laced with informational uncertainty. These observations clearly demonstrate why sophisticated technological (read as, BI) tools must be employed.
How to proceed quickly comes to mind. A good start is to properly prepare the information resource query. What answers are desired will drive the search process. In marketing, some of the questions involve managing, measuring and calculating ROI (return on investment), inquiring as
Many executives can easily see the benefit of using business intelligence strategies in retail or manufacturing intensive industries. However, these business performance management software techniques apply to every enterprise and industry area. Take, for example, BI in a customer service critical marketplace, such as hospitality.
Jonathon Tisch, CEO of the Loews Hotel group, has recently written a book that looks at issues within the hospitality industry that may be solvable with enterprise business intelligence. Tisch stresses that creating a great customer experience takes more than just window dressing. His book title, “Chocolates on the Pillow Aren't Enough” aptly catches the crux of the matter. He is really saying that creating such an experience requires knowledge of the key performance indicators (KPI) that drive hospitality. KPIs are integral to any application of BI techniques and by association, any business function that has measurable indicators, can use BI techniques to enhance performance and profitability.
Marketing professionals using business intelligence techniques know well how important quantitative information is to enhancing marketing performance management. These benefits are embodied in real, hard numbers that equate various market metrics to factors such as, return on cost/investment/advertising and the like. What about those qualitative measures that drive marketing and business? Intuition, hunches, preferences and similar human perception characteristics can deliver similar levels of performance management and should be exploited. Consider whether your company is sophisticated enough to take advantage of it?
|Jennifer Mathes, Ph.D.|