In the following article we will show what impact marketing and business intelligence have on agencies and organizations and, more importantly, what impact they will have in the future.
What is Marketing and Business Intelligence?
Marketing and Business Intelligence aim to collect all relevant information for a company and prepare and present it correctly so that the management and the marketing teams can make success-relevant decisions based on the data that is systematically collected.
Data where you need it.
At the moment, the amount of available data is exploding. This data is available in various systems and platforms, and only a clean consolidation helps provide the right insights.
Manual data merging in Excel is no longer sufficient because it is extremely time-consuming and usually leads to the inconsistent merging of data. As the saying goes: don’t believe any statistics that you haven’t falsified yourself…
Marketing and Business Intelligence make it so that one can focus only on essential information. Irrelevant information is hidden so that they do not lead to wrong conclusions and costly decisions, such as the waste of advertising budgets.
The relevance of Marketing and Business Intelligence is increasing day by day. Dozens of systems collect data. Here is a small selection:
- CRM Systems (Salesforce, Microsoft Dynamics and Co.)
- Analytic Systems (Google Analytics, etc.)
- ERP Systems (SAP and thousands of industry-specific solutions and thousands of industry-specific solutions)
- Content Marketing Systems (Hubspot, Eloqua, Pardot & Co.)
- Mail-Marketing Systems (Mailchimp, Emarsys, Vertical Response & Co.)
- Ad Systems (Google Adwords, Facebook Ads & Co.)
- Social Networks such as Xing or LinkedIn, Twitter, Facebook, and so on.
So what is the impact of business and marketing intelligence and does it affect the future of marketing?
These arguments speak for the use of Marketing & Business Intelligence:
Constantly-changing trends and technologies are a substantial component of the economy. This offers both opportunities and risks for companies. Globalization and competitive pressure force companies to meet these requirements in order to be able to meet the faster-acting markets. With data-driven decisions through Marketing and Business Intelligence, companies can respond proactively.
2. Data Volume
Due to the ever-faster advancing development, more and more data streams are created, both internally and externally. This data is seamlessly transformed and modified using interfaces. As a result, the comprehensive acquisition of information is becoming more and more demanding. With Marketing and BusinessIntelligence, the complexity can be reduced. By connecting different data sources, highly relevant insights can be achieved at the push of a button. Artificial intelligence can also be used to make predictions, reduce costs, and contribute to the success of a company.
3. General Overview
Today there are systems that are designed to systematically and automatically organize the collection, processing, and analysis of existing data. The good thing about it is that organizations no longer have to build this infrastructure themselves. Instead, external services (software as a service) can be accessed. This creates trust and increases efficiency.
Companies and marketing departments no longer make cost-relevant wrong decisions based on untrustworthy data aggregations from external agencies and overburdened employees, because each tool tells a different story and the overall view is missing.
Marketing and Business intelligence have not been an exclusive tactic for large companies for a long time. Smaller and middle-sized organizations are also interested in Marketing and Business Intelligence. They use it consistently because it’s already available for little money out of the box.
5. Ongoing Optimization
The collection of business-relevant information and data leads to insights. These then serve as the basis for operational decisions. It is an instrument for optimising strategic decisions and operational measures in the company.
6. Artificial Intelligence (AI)
Marketing and business intelligence will play an indispensable role in the future, especially in the field of artificial intelligence. Just as machines have changed the world in industrialization, so too will information and data in the information age. Those who do without it will sooner or later be overtaken by competitors who have recognized the signs of the times. Knowledge is power, that is true today more than ever.
In today’s article we observed the concept of business & marketing intelligence and its main impact on the marketing industry.
Read more about the benefits of business and marketing intelligence in our next article!