"Implementing Data Driven Marketing through Business Intelligence Tools: The Good – the Better and the Best – "

Introduction

This White Paper is aimed at understanding how business intelligence is impacting the remit, success and evolution of digital marketing across the globe. With marketers capturing more and more consumer data, it is crucial for them to use the right business intelligence tools to analyze it.

We focused on the strategies, practices and functional technologies being utilized by marketers and digital teams in managing their customers and how their organizations can realize the potential of these next- generation capabilities

Executive Summary

Business Intelligence is closely aligned with sales analysis and reporting therefore companies are evolving over the use of business intelligence to not only understand, predict and influence the behavior of customers but also to plan, evaluate and monitor their supply chains with the ultimate goal of driving performance improvements across businesses.

However, the million dollar question that arises is why we need these technologies in the first place and to get the answer we have to tinker our minds towards the impact of digital disruption and marketing as a function and corporate growth engine.

The onset of fourth industrial revolution build on digital revolution has shaken the fabric of what it means to be in business today. The new era of intelligence based technologies has arrived that is radically transforming the way we work, live and relate to each other.

No single individual or employee of an organization across any industry or sector is safe from its impact least of all the marketer. The recent industrial revolution in the form of digital evolution has led to another complementary revolution – The rise of the experienced economy and the customer as the key to competitive advantage.

Business Intelligence offers a 360 degree view of customers to help decision makers better understand who they are, what they need and what they may do in the future. Business Intelligence can help to examine customer and channel “value” from multiple perspectives and by understanding the relative value each customer due to which focus is placed on marketing efforts to those with the most profit potential. The hurdle is as is how to arrive at processes and in discovering issues with the data.

Digital Marketers who are not technical savvy may be overwhelmed by business intelligence tools. Marketers should not dismiss their domain knowledge when modeling data with only 45% of marketers agreeing that they are realizing the potential of new customer technologies.

Business Intelligence is touching every aspect of the way marketing is done internally from how a marketing team works and how they collaborate across the organization; to the way they understand their customers and to take action on those insights. In the CMO’s recent State of the CMO research, reported that marketers are increasingly gaining both a direct and indirect responsibility for digital strategy and delivery.

About 60% of the respondents during the survey were found to own their organization’s digital strategy that is well ahead of their IT counterparts and divisional business unit heads. This 4th industrial revolution has brought to the marketers a hoard of technologies that promise in assisting them in engaging with their prospective customers better. The marketers are actively purchasing and striving to utilize these technologies to improve their marketing strategies.

Digital and information based technologies are transforming the way the entire organizations interact with customers across the buyer lifecycle, how they produce and deliver products and how they service and innovate around them. At a high level, Business intelligence fosters Enterprise Performance Management or EPM through technology and applications that are designed to help organizations in:

  • Better understand, predict and influence the behavior of their customers
  • A Better plan, evaluate and monitor their supply chains or operation areas

As per this white paper, about 50% agreed or strongly agreed that their businesses had successfully adapted or transformed to the new digital economy. Organizations are spending as much as 60% of their revenue acquiring the goods and services needed to support their business.

Such large procurement budgets and reliance on numerous suppliers and hundreds to thousands of products can make business goals becoming increasingly complex, particularly when there is limited visibility to procurement expenses or the actual performance of vendors. By using Business Intelligence tools, organizations can improve their sourcing abilities. Designing a great business intelligence dashboard can massively improve the value of organizations gets from the data.

"The Top Ten Priorities of Marketing Function in this age of Business Intelligence-"

The top ten priorities of Marketing Function for digital marketers in this age of 4th Industrial Revolution are-

  • Digital Transformation
  • Increase Brand Awareness
  • Identifying and delivering new sales opportunities
  • Enhancing customer loyalty and advocacy
  • Transforming the customer facing digital offering of our brands
  • Marketing automation implementation
  • Improving customer retention
  • Deriving value from data to inform decisions
  • Transforming the market organization
  • Increasing customer satisfaction