Business Intelligence – Data Mining
Tracking systems and hit counters are powerful tools to determine if your customers are finding your site. However, they don’t help you determine the possibility of growth. That’s where a good online business intelligence data service comes in.
Securing your company’s position is hard work but it’s only the first step. You still need to grow even if it’s just to secure new customers. Business intelligence keeps you informed of your market trends, alerts you to new avenues of generating revenue, and helps you determine how your competition is doing. Without that knowledge you may suffer false growth or setbacks.
But then, you already know that. You’ve used various methods of business intelligence data retrieval already to get where you are. You’ve sent people to your competition to see how they do things differently, you’ve hired mystery shoppers to assess your company’s performance, and you’ve read every trade magazine or business newspaper you can get your hands on to gather that information. That’s a lot of man hours to spend on business intelligence data gathering and it’s of only limited value.
Online business intelligence software for data mining takes advantage of web data mining and data warehousing to help you gather your information in a timelier and more valuable manner. The business intelligence software will search the trade magazines and newspapers relevant to your business to provide the growth information you need. With web data mining it can help you evaluate your performance in comparison to your competition.
Entering a new revenue market is always frightening but diversification is a key factor to surviving difficult times. Business intelligence software for data mining provides predictive analysis of various growth potentials according to the criteria you determine important. The savings in man hours alone will pay for the software, but consider also how the predictive analysis will help you avoid trying to enter a market that your business can’t compete in.
With the assistance of a business intelligence service you can face the most difficult of financial times with more confidence. You can determine where to diversify and when because you’ll have the intelligence to make smart choices. Best of all, your intelligence will be on your desktop in a neat report not scattered in files and notes.
Being able to use the information you gather is at least as important as gathering it. Business intelligence strategy should be used when thinking of how to apply the knowledge you’ve gained to maximize the benefits.