If you are considering a Business Intelligence Project, there are two questions you should consider. These questions will help you pinpoint what exactly you may need to do with your BI project, as opposed to simply getting “analytics” or “implementing a BI tool”. Anyone who has experience in the BI market knows that the nature of these projects can be deep and involved, and it helps to have a clear idea of what you are trying to accomplish.
From that article, “Two Questions That Will Dictate the nature of your Business Intelligence Project” on DashboardInsight.com, the first question is, can we discover significant relationships in our data that aren’t apparent without elaborate data mining techniques? The example the article presents is of Target’s uncanny ability to recognize a women who is in her second trimester of pregnancy–an ideal time to become the object of a woman’s buying habits, and and ideal time to ship out some coupons! This would be a significant relationship that is hidden in the data — a change in the type of lotion or the purchase of a large bag. Targets ability to, ahem, target this change in a woman’s life wins them a customer for life and big bucks in the long term. [Read more about Target and pregnancy marketing here]
The second question is about accuracy– can you improve on a common, repeated action to improve customer retention, marketing efforts, or predict customer behavior? This type of project usually involves looking at large amounts of historical data to see what is to be learned in order to avoid making the same mistakes again. As markets become over-saturated, the retention of customers is very important, if not crucial, and this type of BI project improves customer service and marketing efforts to large effect.
Read the full article from Dashboard Insight: “Two Questions that will Dictate the Nature of Your Business Intelligence Project”