How Does Data-Driven BI Attract Opportunities?
The intelligence turns concrete when it has been validated, but it becomes capable of attracting opportunities when “why it is valid” is put upfront.
Data are treated like a factory of intelligence. These are where you can find a torrent of breakthroughs. But, it’s not as easy as it sounds. A lot of grilling of data takes place so that you can have reliable and flexible business intelligence, which refers to technologies or applications & practices that you need to collect, integrate, analyse and present the output of insights. This outcome can be predictions or marketing strategies, or sales policies, or anything that you have set as a research goal.
Opportunities in Data Mining
The role of data mining in business intelligence is prominent, wherein the data are crucial. The fresh and real-time based database can breathe a new lease of life. A pronounced brand, for example, wants you to wear its smart watch that scans & saves a 3-D structure of your body. This image carries groundbreaking information in pieces that delivers many possibilities. For you, these prospects develop an understanding about your stress level when you get deep with the analysis of those images. Once it makes way to your heart for being a great health assistant, you become loyal and hooked to that brand. Simply put, the data-driven health alert becomes an opportunity for the brand also.
This is how the data mining is enabling you to creep into the future business. You can have endless possibilities that big data create for you.
Pool of Intelligence, But Unused
Business intelligence has many AI-based applications and tools working at the backstage, figuring out endless possibilities. There are hundreds of smart devices connected with Internet of Things (IoTs) that morph the entire logs into holistic systems, for example- smart home devices. They promise to guide our electronic home appliances for improving home management while saving on time and efforts. Besides, you have a convenience in automating their control, monitoring and efficiently managing them all.
These all bring device-powered benefits. But, you can have more than that. The intelligence is very much there, but being unseen. You have analytics of every application in your handset or software at the background, but you simply ignore seeing them critically. The end user has his own dashboard of shopping experience with any eCommerce store, for instance, which he can explore at any point of time. But, one doesn’t know how to use that analysis.
The log details can get you to highly productive ideas that can yield a great innovation to start with. The end user can manage monthly expenses. Likewise, any professional or entrepreneur can explore those data-models and put them into AI machinery for gaining insights and trends. But, most of the people don’t know what to do with those logs.
Tell About Effective Suggestions
Certainly, you get a lot of ideas with usage details or web journeys of customers. Not all, but a few ones really appear promising to guide strategists. These decision makers see what customers consistently follow, be in shopping or browsing, with the analytical lens. This is just one domain. You can make a big difference with business intelligence in any industry or in any domain. As a wearable device can reveal some prominent signs and symptoms of COVID-19 much before you realise, likewise, the business doers can make data confess for how to make waves and scale up. They can tap potentials in that confession.
But, the real difference make can be effective suggestions. However, many businesses are not very good in educating people about what to do with the collected information in applications. It’s the missing piece that can complete the puzzle of how to double ROI.
Let’s say, there are some fitness freaks that are sworn by health trackers in their mobile applications or watches. This freakish instinct is simply because these all help them manage their weight and kudos at the end. But most of these fail to provide guidelines, resonating with this suggestion. So, there emerges a big gap in delivering effective suggestions that can dramatically spike sales.
Supportive Insights for Transparency
There are a few smart merchants that come with valuable suggestion, which are effective also. A wearable device maker claims to have sensors that can score your stress level, which is an example of companies that are trying to integrate a great piece of information from whatever they launch.
Here is a big loop that makes end-users not happy at all. It’s true that insights are there, which are really valuable and benefitting. But, why they should believe on what you claim-this is a big worry. They want to know why the insight, which has been suggested, is valuable. If one claims that another hour of sleep might be good to mitigate the risk of hazardous heart abnormality, the users need to know why only the sleep might prove advantageous.
This is just an example to show that users are clever and smart. Most of them want to observe facts before making a decision to invest in a brand or a company. It’s a big concern to enclose the facts that make one’s services or products valid and valuable to use.
Business intelligence has data-backed facts bringing opportunities, which help in mining breakthroughs that can spike sales and branding. Certainly, data mining has a big role in coming with suggestions to attract users. Besides, people need transparency over the facts that have brought validity to the fact.