As companies adopt software as a service (SaaS) applications, such as a CRM solution like Salesforce, the collection of customer information moves from on-premise to the cloud, but the need for business intelligence still holds. Cloud application data silos and data quality are issues when undergoing any business intelligence initiative. Utilizing customer information can provide a substantial competitive advantage in your industry; however it needs to be put to work.
A majority of companies have been attempting to put business intelligence strategies in place with little success. Issues arise when companies assume that after a business intelligence application is purchased, they are guaranteed a successful program. These tools are used in tandem with effective strategies; the applications themselves are not developed methods. Current tactics revolve around creating synergy between the applications and data together.
According to Julie Hall from her article Business Intelligence: The Missing Link in Your CRM Strategy, “An often-overlooked component of CRM is the process of applying lessons learned from customer information to enhance business and customer relationship behaviors. Even after purchasing BI software, it's important that you invest both time and money in defining how the information will be used for business advantage.”
Developing a solid business intelligence strategy requires correctly leveraging customer information, and the results will improve company relationship with the current consumer base. Utilizing a variety of statistical models and analytics will provide a range of metrics to monitor successful activities and best practices for your field. These can then be implemented to examine a variety of factors around consumer information. As mentioned by Julie a critical step any BI strategy is to ensure you're analyzing results based on the most relevant information available. Maintaining correct data for every customer interaction and result, as well as keeping up to date with conditions surrounding the interactions, the better your chances to predict key influencing behaviors.
Business intelligence can assist companies across a spectrum of industries from retail outlets to healthcare and technology. Managing concepts such as customer relations have shown to significantly increase revenues and profits through the advantages they provide due to the strategies that better BI provides. Getting data in and out of your cloud applications and keeping it clean is difficult without the right tools, which is not so different than the issue with business intelligence. A strong strategy needs to be put into place when adopting new SaaS applications.
Join the #TechTuesday webinar around BI for Cloud apps next Tuesday July 23rd to continue this discussion. RSVP here