Business intelligence trends are an important topic as growing businesses think about their budgets and investments for the year ahead.
In today’s data-driven landscape, businesses are increasingly investing in a range of tools, from basic data collection to complex data mining applications. This is a vital strategy for both understanding the market and meeting customer needs.
Many SMBs are concerned that they don’t have the budget, resources, or capacity to embrace business intelligence. However, data gaps put you at a competitive disadvantage. Here are three business intelligence tools marketing leaders will rely on in 2020.
Real-time Conversations with the Market
Customer insights play an essential role in driving business growth. Real-time conversations with the market help both marketers and business leaders embrace agile product development strategies, create effective customer service models, determine advertising effectiveness, and make many other key business decisions. For example, concept testing lets companies get feedback from the market and iterate new products faster, without over investing in product develop that won’t sell. Finding ways to build in real-time conversational loops can help you get more done.
An Increased Array of Tools
Not long ago, business intelligence trends boiled down to two things: secondary industry reports and market research surveys. Today, organizations have a much richer business intelligence ecosystem to choose from. Tools still include market research and market reports. But an expanded set of tools includes website analytics, big data systems, expanded CRM capabilities, AI tools, and predictive analytics. By tapping into all these possibilities and supporting a data strategy that’s shaped with business intelligence in mind, organizations can ensure they understand the market, customers, and competitive landscape enough to make smart decisions.
IT Investments Support Business Intelligence
Companies interested in expanding their use of business intelligence tools need to consider the marketing technology upgrades needed to support them. Upgrades may be in the form of infrastructure purchases, software licenses, and moving to a cloud model. Complex programs require the right level of support. Many companies will be budgeting time and resources for the IT upgrades needed to support increased business intelligence use in the year ahead, or tapping into solutions such as managed services and SaaS to reduce the burden on their teams.
Companies need every advantage to compete in today’s difficult market. The latest business intelligence trends suggest that companies are actively embracing the insights that market research, big data, and customer conversations can have and applying them throughout the organization.