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Weekly Round-up: A Storyboard on the Benefits of Customer Intelligence Solutions

 

LONDON: Infiniti Research, a leading customer intelligence solutions provider, has announced the completion of their downloadable resources series on the benefits of customer intelligence solutions. These free resources, which are available for free download, provide comprehensive insights into how organizations can better engage with customers and optimize the customer journey with the help of customer intelligence solutions.

The era of customer empowerment demands new tools to learn what customers want. In order to compete today, companies must look beyond data, using customer intelligence to arrive at actionable business insight. So, organizations are turning to customer intelligence to better understand their customers, drive sales, and optimize the customer journey. Infiniti’s customer intelligence solutions make it easy for businesses to indulge in strategic decision-making, enhance their brand strategy, and improve customer experience.

Ever wondered why you should spend time and resources enhancing customer experience? Well, most successful companies leverage customer insights to outpace the global competition. Learn more about Infiniti’s business intelligence solution.

#1: Tapping into Market Opportunities with Customer Intelligence: Understanding customers’ needs and preferences have become an important factor in determining business success. Today, many businesses offer products and services that are very similar in terms of features, quality, and price.  Have you ever wondered why some companies succeed while others fail?, This is primarily because, in this completely digitalized world, businesses are defined by what the customers say about their brand. Therefore, building a strong relationship with customers is imperative for organizations. Download our FREE resource to know why customer intelligence is inevitable for your business.

#2: Driving Business Value Through Customer Intelligence: No matter where your company currently stands, there are three fundamental steps that drive business success – knowing the customers, developing strategic insights, and acting on the developed insights. Customer intelligence can help organizations find new market trends along with new avenues and tools for customer relationship management. Download our FREE supplement to find out the key steps to master customer intelligence.

Most companies often find difficulties in understanding their customers' needs and preferences. Are you finding it challenging too?

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#3: How to Master Customer Intelligence and Drive Business Growth – A 5-Step Guide: Successful customer relationships are based on listening, appreciating, and acting upon customers’ needs and preferences. But gathering target customer data and conducting customer satisfaction surveys don’t help always. This is where customer intelligence comes into play. This is the process of segmenting customers according to their needs and preferences and taking initiatives to target individual customer groups based on their needs. This 5-step guide will help you build customer loyalty, gain a competitive advantage in the market, and improve bottom-line result.

We help organizations to identify the most profitable customer segments, measure the effectiveness of a marketing campaign, assess changes in customer expectations, and devise value maximization strategies to enhance their shares.

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Top 3 Reasons Why Healthcare Needs Business Intelligence

The constantly growing number of data sources and complexities associated with the generation of data within the healthcare organizations have resulted in the need for better decision-making capabilities. Here, the importance of business intelligence tools comes into play. Hospitals and other healthcare organizations need these tools to gain better insights into labor distribution, patient care and satisfaction, clinical operations, administration and management, and daily practices of physician and nurses. Today, in this era of technology, the use of business intelligence in healthcare has become a prime necessity not only for the better utilization of patients’ datContact USa but for offering the best healthcare services. In this article, we have listed out a few important reasons that highlight the importance of business intelligence in healthcare. (more…)

Think You Know All About What’s Trending in Professional Services This Year? Take a look

The professional services market is growing at a rapid pace. All credit goes to the rising demand for professional services such as accounting, legal, advertising, photographic services, and others from companies across various industries. As more number of companies develop or expand their global leadership positions, the demand for these services also rises. Employees in the professional services industry are often highly paid since they are being paid for their professional knowledge and expertise. However, as the industry is evolving, professionals can no longer rest on their laurels. They must stay on top of emerging trends since it’ll help them stay a step ahead of the competition. Here are some of the professional services marketing trends that firms need to keep in mind while planning their strategies to reach out to customers and have an advantage over competitors:Get more info

Ultra-personalization 

Customizing and personalizing the content based on how relevant it is to an individual client or prospect will significantly impact the ability to connect and retain the audiences. Forward-thinking marketers of professional services are deploying strategies and next-generation marketing technologies to deliver an ultra-personalized content experience that adds more value to the client relationship. This approach is aimed at solving the ongoing battle between fee earners and relationship owners who want to control what is best for their clients and marketing teams who want to take control of the brand and review the marketing content.

Virtual firms 

Factors such as changing technology trends increased pressure to reduce costs and the increased use of smartphones is increasing the popularity of virtual firms in the professional services market. More number of companies offering professional services are expected to go virtual and have fewer permanent offices in the years to come. This can be done by hiring contract employees, placing the entire infrastructure in the cloud, and utilizing a small number of physical offices. Professional services firms can cut their costs and help increase their revenue through this technique.

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Social media

Social media is one of the top marketing trends for most companies today. Professional services companies too are following suit and adopting such marketing trends for finding and engaging clients online, marketing services, and monitoring competitors. By establishing a strong social media presence, professional services companies can improve brand awareness, increase their client base, boost client satisfaction, and deepen client relationships.

Automation of back-end processes

Automating back-end processes help companies to eliminate paper-driven processes. Companies in this sector, especially accounting and legal firms are automating back-end processes to match front-end services. This is compelling several companies to change over from the old processes of scanning and filing paper checks. to electronic check records.


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Market Intelligence

Going Digital is not as Easy as it Seems – eCommerce Business Challenges

The growing popularity of ecommerce has attracted many sellers to the digital platform to sell their products. Gone are the days where a huge capital was required to select real estate, set up the store, and buy products in bulk. Ecommerce has given sellers of all scale the opportunity to do business irrespective of their size and financial muscle. Additionally, this has also encouraged the market to be filled with new product ideas and innovations and elevate customer satisfaction. According to new data, ecommerce business transactions could rise as high as $5 trillion by 2020. Although that seems to be a bright prospect for ecommerce businesses, the majority of them still struggle to take off within their first year. So what are some of the challenges faced by companies when entering the ecommerce business?Request Free Proposal

Attracting the right customer

There’s a vast difference between an online shopper and offline shopper. Most offline purchases are driven by impulse buy, packaging, and brand recall. Online shopping is driven by user recommendation, product research, social media feedback, and product review. A lot has changed in the way consumers consume content and communicate online. Retailers should figure out who their audience is and how they can effectively attract them without overspending. Since e-commerce gives businesses the chance to segment their customers and show targeted ads, it becomes difficult to pinpoint the right customer to send promotional messages.

Generating traffic

There are multiple channels and tools available in the digital medium to reach out to the customers. Businesses should leverage PPC, SEO, email, display ads, native ads, remarketing, mobile, social, and affiliates to help drive qualified traffic to their online store. They should be visible when their target audience is online on the internet. Since all similar competitors are competing to grab the attention of similar target audience, generating quality traffic for the website is a challenging task.

Building brand and trust

In the traditional store format, consumers would build trust with the companies only through their physical presence. The store layout, size, sales representative, and support employees would all work together to build the brand and trust amongst the consumers. However, in the digital world where physical presence is almost nil, it’s hard to build brand trust. Also, customers are very demanding, and failure to deliver on one aspect of the customers’ demand would lead to failure in retaining them.

Product personalization

We have come a long way in product personalization since the days of Henry Ford’s mass-produced black cars. Today, customer demand personalization and companies are judged on their ability to provide a personalized experience. Although ecommerce companies have the data of their customers, it can get challenging to understand how to use that data. One of the biggest ecommerce challenges faced by businesses is the delivery of customized content and promotion in the form of advertisement, special offers, coupon codes, and so on.

Increasing conversions and retention

One of the most effective ways of increasing revenue for a business is to widen the conversion funnel and retain the customers. Online customers browse thousands of products and use the cart to bookmark items. At a certain point, it is necessary to convert such customers into paying ones. Additionally, leads generated from website and emails should also be converted into customers. Once the customer is onboard, it is necessary to retain the customers and increase their lifetime value, which, in turn, delivers revenue to business in the long run.


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Business Intelligence Vs. Business Analytics – Similarities and Differences

Today, the business world has become fiercely competitive, and decision makers can’t rely on gut feeling anymore to create long-term strategies. So a lot of high-level words are thrown around in the boardroom discussions. Such terminologies emphasize the use of data-driven decision making. However, the term business analytics and business intelligence are often used interchangeably. But, there is a stark difference between the two. Although many tools Request Free Proposalused in both the disciplines are similar to each other, there’s a fundamental difference amongst them.

Business analytics

The recent explosion of data available to the business world has posted some serious problems to the decision makers. Firstly, how do they process and make sense of such vast amounts of data? Furthermore, how do they find a correlation between multiple variables and successfully predict the outcome by observing the change in one variable? Solving such problems can provide business executives with useful insights that can help in business planning and boost future performance.

Business analytics makes use of statistical tools, models, and predictive modeling to uncover market trends and figure out why things are happening. Additionally, based on the massive amount of data available, certain tools can also accurately predict what might happen in the future based on historical events.

Popular business analytics solutions: SAP Analytics Suite, Birst BI, Tableau Big Data Analytics, and Pentaho BA.

Business intelligence

Business intelligence makes use of an organization’s own data to assess business performance. The ultimate goal of business intelligence is to understand the business performance in-depth and make informed business decisions by eliminating guesswork.

Business intelligence also covers unstructured data sets such as customer feedback, salesperson suggestions, marketing materials, video files, memos, and company reports. As a whole, business intelligence is concerned with the whats, whens, whys, and hows. By analyzing such unstructured and semi-structured databases, companies can monitor their performance and apply predictive and prescriptive analytics as well.

Popular business intelligence solutions: SAP, IBM Microstrategy, and QlikView.

Is business intelligence the subset of business analytics?

Numerous proponents argue that business intelligence is merely a small part of business analytics. Business analytics is the go-to tool which encompasses information management, data warehousing, and predictive analytics. The argument favors business analytics as business intelligence is just a descriptive part of data analysis.

Is business analytics the subset of business intelligence?

However, some argue that business intelligence is merely a user-facing, self-service end of BI. The dashboards and displays are customized to each business’s tailored requirements. Additionally, many ERP packages allow employees to store, retrieve, and analyze available information to generate their own dashboards to assess business performance.

Business analytics vs. business intelligence

Although there may be a lot of similarities between them, business intelligence uses past data to optimize the current or future operations, whereas business analytics analyzes the past and makes a prediction for the future. Despite their differences, the fact is not if one is superior to the other, rather what the business needs. Companies looking to improve operations and increase efficiency may be well-served by business intelligence tools. On the other hand, if the business processes or model requires a significant overhaul business analytics should be the go-to tool. Also, companies working on extensive data sets and need data warehousing and intuitive reporting must use business intelligence tools.

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Data Mining Vs. Business intelligence: All you need to know

The surge in the use of mobile software and cloud services has sparked a new relationship between IT and business processes. This shift has made terminologies such as data mining, big data, and business intelligence the new buzz words for modern businesses. These terms are inter-related and often carry similar meaning which could confuse most of us. Therefore, it is necessary to understand the key differences between the two important techniques widely used by businesses today – data mining and business intelligence.

Data mining is essentially the practice of examining large pre-existing databases with the motive to generate new information. Data mining specialists work with large datasets to identify insightful trends and patterns. In many cases, due to information overload data miners often overlook essential parameters that could make their companies excel. In short, data mining is all about deriving answers to issues you didn’t know you were looking for beforehand. Business intelligence, on the other hand, deals with the business processes and data analysis techniques which help to collate enterprise data. With the help of BI, companies can gain historical, current and predictive views of business operations. Data scientists devise Business intelligence tools to generate, aggregate, analyze, and visualize data, which in turn assists a company in better decision making.

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Data mining VS business intelligence

Analysis methodology

 BI utilizes the past data in small or large scale. It is useful for the management to interpret past information and also to enhance their decision-making capabilities. On the contrary, data mining techniques utilize computational intelligence to discover relevant business factors on a small scale. The data helps management to identify potential opportunities and business factors that they were previously unaware of.

Deriving solutions

A prominent feature of business intelligence is that it is volumetric. These analytics tools are concerned with monitoring the predetermined key performance indicators(KPIs’). Data mining makes use of scientific methodology and algorithms to discover data patterns and behaviors. Furthermore, it helps identify management blind spots and provides an in-depth case-by-case statistical analysis.

Presentation of results

Business intelligence provides dashboards with consolidated views of the KPIs in the form of graphs and charts. In data mining, reports are presented with recommendations for strategic decision making.

Focus: BI helps to monitor factors such as price, value, temperature, total cost, etc. On the other hand, data mining identifies data patterns, which creates new analysis indicators for BI.

The volume of data

 BI is exposed to large datasets; however, they are limited to the processing of relational databases. Data mining, however, deals with smaller datasets, accompanying higher data processing expenses.


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Business Forecasting

Top Three Challenges in the Industrial and Manufacturing Industry

The manufacturing industry is the backbone of every other industry and is the most submissive and traditional of them all. But with technological innovations and latest developments, the manufacturing sector is witnessing an image transformation as it moves from a more passive approach to a moIR_Brochurere strategic approach to drive revenues and profits. The industrial manufacturing companies are constantly trying to gain a competitive edge in the market by innovating and undertaking research and development activities in full swing. As a result, the manufacturing industry has transformed its processes with a slew of new concepts and techniques such as smart manufacturing, green manufacturing, and additive manufacturing or 3D printing.

Strict Regulatory Compliance Issues in the Manufacturing Industry

Manufacturing companies across the globe are constantly under the scanner with the growing compliance and regulatory measures imposed at every stage. The manufacturing industry is inundated with growing concerns over health, safety, and sustainability factor of the equipment and machinery. The strict regulatory compliance norms have increased the burden on the manufacturing companies with every region or market having their own set of rules. This demands the manufacturing companies to ensure complete supply chain visibility of their processes and tracks their materials right from suppliers to consumers.

Innovation is a Challenge for Manufacturing Companies

For an industry driven by technology, innovation is the key to stay abreast of the competition and gain a foothold in the market. The manufacturing companies must innovate and invest in new product development to remain relevant and enjoy the benefits of a first-mover advantage. However, the product and service innovation shouldn’t be at the cost of quality and the manufacturers must resist cutting corners when it comes to product quality. The companies in the manufacturing industry must ensure procedures that streamline operations and drive manufacturing success.

Bridge the Talent Gap in the Manufacturing Sector

A skilled workforce can drive the manufacturing industry to scale new heights. In the absence of a talented workforce, the manufacturing companies cannot build their infrastructural capabilities to initiate new product development projects. The manufacturing companies must focus and direct their efforts towards skill building and improving workforce policies that motivate employees to increase their work efficiency.

 

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How Does the Future of Manufacturing Industry Look?

A growing economy and a flourishing manufacturing industry are directly linked to each other. The increase in investments in the manufacturing industry has a compounding effect across the global economy. As a result, increase in productivity, employment, and growth opportunities can be witnessed in the manufacturing sector as well as across several industries including oil and gas, telecommunications, IR_Brochureand retail. Technological advancements, innovations, and the increase in competition drives the manufacturing companies to scale new heights. Industry 4.0, the manufacturing industry buzzword, is a process of revolutionizing manufacturing activities by integrating technology such as cloud computing and artificial intelligence; thereby, offering the best of the physical as well as the virtual world. Not only are the developed nations reaping benefits of Industry 4.0 but the developing economies have also recognized the many benefits of sophisticated manufacturing techniques.

Factor Driving Growth in the Manufacturing Industry

For any industry to grow, it requires an educated and skilled workforce. Without one, the manufacturing companies lack the talent as well as the innovative capabilities to develop new processes and products. Any company in the manufacturing industry requires a skilled workforce at every stage, right from engineering to production. The manufacturing companies can opt for a public-private sector partnership that will help them bridge the talent gap through industry-based and on-the-job training. Apart from this, the government and regulatory authorities across the globe are developing policies aimed at building capabilities and improving competitiveness. Policy makers are increasing engagements with the private sector players in the manufacturing sector to drive skill development, innovation, and improve trade policies.

Industrial Sector – Future Possibilities

The manufacturing and industrial sector uplift the standard of living across the world by driving GDP growth and facilitating lower unemployment rates. There are numerous possibilities and growth opportunities that the manufacturing industry can bring to both the developed and developing economies in the world. The policymakers must identify the best practices adopted across the globe and integrate those drivers to transform their manufacturing capabilities and improve the industrial sector.

 

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Connected Car Technology

Top Connected Car Technology Trends and Challenges

With technology advancing at breakneck speed, connectivity has become an integral part of every individual’s life. As a result, key players in the automotive industry have identified the growth potential and opportunities present in the connected car technology market. Connected car companies are striving to ensure real-time connectivity with friends and family and provide real-time location and trip history, which can be viewed from any mobile device, or smartphone. With the growing competition in the market, connected car technology companies must take a reality check and identify the roadblocks and challenges that need to be addressed.

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#1 Challenge: Long Development Time and Short Product Lifecycle

Connected car technology companies require long development times to develop the software and hardware by keeping in mind the production costs and industrial competition. Since automobile manufacturers are plagued with challenges such as short vehicle life cycle, systems and applications have to be constantly improved. Thus, connected car technology companies must focus on developing software and hardware components that can adapt to future automobile upgrades.

#2 Challenge: Lack of Training for Car Dealerships

Connected car technology companies are well aware of the fact that the car dealerships need to spend more time with their customers and educate them about advanced technologies in their automotive vehicles. The solution to this roadblock is to invest in training, provide easy to understand manuals to the car dealers and make them more tech-savvy.

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#3 Challenge: Security is a Big Threat for Connected Car Companies

With the recent cyber-security attacks that brought the global business to a halt, hacking a car is relatively easier for data thieves and cyber-hackers. When a hacker overtakes the vehicle or hacks the automobile software, he/she gains control over everything right from the car’s AC to the brakes and transmission. In order to overcome this roadblock, connected car technology companies must develop tamper proof software and hardware and encrypt all security codes to ensure complete automobile security.connected car companies

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