This is an Exciting Time for Business Intelligence

This is an exciting time for business intelligence. At least two developments offer enormous return on investment (and it does not have to be a huge investment). Web 2.0 technologies provide companies with opportunities to dive deeper into customer knowledge and to find the guidance they need for decision support. This can be quick e-mail surveys to test and tweak messaging before launching a campaign or gathering customer feedback on products and how they are used. New technology is allowing marketers to avoid mistakes and increase success. Also, data can now be quickly gathered and distributed via intelligent, Web-based dashboards. A large investment in people or hardware is not necessary to realize quick and actionable business intelligence.

The idea of this company is to bring all of the best tools and techniques for sophisticated data analysis and business intelligence to small and medium-sized businesses. Data mining is no longer done exclusively by the big companies. Market Intelligence Group has invested in developing the specific expertise, analysis tools and data visualization tools that enable small and medium-sized businesses to do the same.

As an analysis firm, we are using new media not necessarily to solicit the business intelligence but to deliver it. We are providing web-based tools that give instant access to business performance and intelligence down to the customer level—tracking what works and does not work. Generally speaking, all of our clients are embracing web-based tools that collect, organize and make sense of all of the data collected. Our clients want to focus on tools which communicate performance information directly, clearly, rapidly, and with proper context. They also want the information to be arranged in a way that logically supports their business process and focuses on what is currently happening vs. history.

While marketing has become more and more of a data-driven process, by no means has creativity or creative taken a back seat. In fact, being on-target with message is just as important as being on target with the audience; the message needs to resonate and communicate in a meaningful way. Getting noticed and creating share of mind with the correct prospects or customers in a highly fragmented media environment is a critical advantage for growing businesses. Research-driven marketing and better customer knowledge is now a necessary input to the creative process, and it supports relevant messaging. Knowing the buyer profile or their preferences goes a long way towards connecting.

The first question a company should be asking is: “What is the cost of failure?” When viewed within this context, business intelligence is generally a small investment overall; it can help avoid the failures and improve the chance for success for any businesss. In fact, business should be considered an investment that will build success, not an expense.