What is Business Intelligence and How does it Work?

Have you ever wondered how all those big conglomerates and multinational companies keep track of their innumerable data?

In today's day and age, it is done through a process called "business intelligence".

Now you must be wondering what that means? How does it work? Is it of any help to the organization? Well, this article comprises of answers to all these questions. Follow along to get a clear idea of what business intelligence is and how it works for the betterment of a company.

What is business intelligence?

Let's first get an idea of what this term actually means. In simple terms, business intelligence is defined as several processes to extract data and convert those to provide useful information. This information can be used to build strategies and make up business tactics that would be fruitful. 

Business intelligence software's use tools to collect raw, past data of a company. These tools then analyze the collected data and produce results. The results come in the form of detailed summaries, bar graphs, pie charts etc., which tells everything about a particular organization. These results also influence the company's strategies, inefficiencies, and approach to carry on its business successfully.

Significance:

Now that you know what business intelligence can do let us look at the importance of the process. Business intelligence comes with the following set of significance-

• It helps in determining the latest trends running in the market.

• The tools also help identify errors in the business, making it easier for analysts to spot and rectify them.

• All data are produced in visual formats. This helps for a better understanding of the information.

• The process also compares current data with past ones. This helps in tracking performance developments.

Advantages:

Making use of business intelligence has several advantages attached to it. Some of them are-

• It provides an outlook of a particular organization as a whole.

• The process helps in improving the productivity of a company by producing visual results and analytics in an instant.

• It simplifies each and every complicated procedure involved in a business by generating analyzed reports, dashboards, and performance charts.

• The presence of a user-friendly interface makes it even more acceptable to companies and analyzers in understanding and implementing strategies.

Strategy:

The essential aspect of using business intelligence is to have a clear vision of the strategies. Determining the business strategy helps in many ways- from surviving in the competitive market to planning the future prospects.

A business intelligence strategy can be referred to as a guide. A guide which shows businesses, their accomplishments and helps to figure out advantages amidst competition by using data and statistics.

There exist two kinds of business intelligence-

• Traditional- This kind produces results by making use of all the inside transactions of a company. Traditional business intelligence is very much strict in terms of accuracy and credibility. So, analysts use this method while generating financial reports and cash flows of a company- where accuracy and reliability are a compulsion.

• Modern- This method is used to determine the ever-changing marketing dynamics. Analysis of these does not require fully correct data but pace. The faster an analyst changes strategies with current trends; the more will a company develop and grow.

Business intelligence tools have also become more accurate in predictive analysis and user-friendly with the changing times. This has enabled more users to adopt such techniques for their companies.

But, you should also keep a fact in mind. No matter what kind of business intelligence strategies these tools provide, all goes in vain if they are not addressed or implemented properly!

Know the difference:

You might have heard about the term "business analytics". And after reading about business intelligence, you might as well start thinking that both these terms are the same. Here's where you go wrong!

Business intelligence and business analytics are two very different things, even though they both are equally useful and important for a company.

Business intelligence is all about the present state of condition of a company. These tools derive information from an organization's past data and statistics and help determine where the company stands today.

On the other hand, business analytics provides you with predictive outcomes. By predictive, it means as to where will the company lie in the near future. Analytics also makes use of the same data but produces future outcomes for a particular organization. Moreover, business analytics also helps in offering solutions that could help you to yield better results ahead.

Both of these aspects also require a different set of skills if you want to utilize them to the fullest. Business intelligence, which involves easy-to-use tools, is of use to the manager to see a company's present state. Whereas business analytics, affecting predictive outcomes, requires professional data-science analysts to successfully decipher and implement the data for a company's future prospects.

Business intelligence tools and software:

Let us now have a look at the tools involved in the business intelligence process-

• Reports: It collects all the company's past data and analyses them to produce a comprehensive review.

• Data warehousing: This tool is like a storehouse, where all the data collected by the software is accumulated.

• Dashboard: A tool that offers a graphical representation of the statistics.

• Data visualization: This tool makes use of bar graphs, pie charts, maps etc., to create a visually enticing effect of all the data procured. This is an essential thing, as it makes the data easier to understand.

Following are some popular business intelligence software-

• Oracle.

• SAS Viya.

• Geckoboard.

• Domo.

• Tableau.

• Sisense.

• Dundas.

• SAP Business Objects.

Therefore, business intelligence is a very broad and detailed process. Alongside making data collection and analysis easy and fast, it also helps you think of future strategies for developing a business. So proper implementation and execution is also necessary to mark its full potential. We are the best content writing services provider in India.

How to Track Success of E-commerce Conversions for Your Business

Many of you have come across the term “conversion rate” in digital marketing. Well, it is a simple thing and can create significant differences for your website! Conversion rate happens when a user visits your website and executes an action. Now, ‘action’ does not necessarily have to be a purchase. There are many kinds of activities that a user performs, which can be stated as “conversions”. A conversion might be:

- Signing up with e-mails.

- Putting a product under wish list.

- Purchasing a product or service.

- Sharing links on social media platforms.

All of the above situations fulfil the criteria of a conversion. So, e-commerce conversions are necessary for businesses to reach out to their products or services to potential customers. It also helps in ranking a website, thereby enabling the company to reach out to more people online. In this article, you will find out more about e-commerce conversions and their types.

What is the ideal conversion rate?

An ideal e-commerce conversion rate is 1 – 2%. To put it simply, a good conversion rate is when 1- 2% of the total visitors of your site perform an action. And the best part, once you reach this goal, the maximum of these actions get converted to sales! Therefore, however meagre it may seem, up to 2% conversion rate brings you in a position to apply more tactical conversion methods to enhance the sale percentage.

What are the methods to increase e-commerce conversion rates?

While your initial goal is to achieve 2- 5% conversion rate, increasing the numbers isn’t a bad idea at all! So, here are some methods following which you can magnify your e-commerce conversion rates:

• Proper set up

Your website should be properly set up. This is an essential factor to consider for conversion to happen. Proper category-wise setups and fast-search options are great things you can incorporate. When a user enters your site, he will have the option to reach to his search query faster. This helps significantly in increasing the e-commerce conversion rates for online enterprises.

• Keep your prices affordable

A maximum number of users try to find out things under budget prices. Therefore, keeping that in mind, your costs should be competitive enough. This strategy is very useful when the number of contenders is huge. Many users would generally prefer affordable pricing, and this psychology will add up to your strategic plan and help you conduct a sale.

• Free shipping

Whatever you are dealing with, always remember to provide free shipping! Customers love to see this phrase, no matter how cheap or expensive a product they buy! And to make an online business strive in this competition, free shipping is a must-have feature. It ensures more number of customers visiting your site, thereby increasing the chances of conversion.

• Good quality pictures and videos

A lot of people avoid online purchase just because they cannot see it as they might be if they went to a shop! To get rid of this problem, stuff your website with good quality pictures and videos. Also, do not forget to provide the measurements of the products too! This kind of detailing and precise images and videos are convincing enough for a user. They now have an idea as to what thing they are going to receive. So, pictures and videos play integral roles in e-commerce conversions.

If you want an analysis of your e-commerce conversion rates, here are some of the tools that would help you:

• Google Analytics.

• KissMetrics.

• Mixpanel.

• Big Commerce Analytics.

You can always take help from S.E.O content writing services, if you want to enhance your website to increase conversion rates. These professionals, with their experience, can suggest perfect ways to boost your website. So, seek their help to escalate your sales today! 

Hence, e-commerce conversions affect your website, as well as your business, in several ways. Therefore, it is always necessary to track, analyse and aim for higher conversions to make an e-commerce business strive in today’s market.

How to increase conversion rate by using these 7 powerful CRO tools?

 The MOZ founder Rand Fishkin says that conversion rate optimization is the "most important marketing activity." To be precise, conversion rate optimization is the process to understand how the visitors are navigating through the website, what actions they take and what is stopping them from completing the conversion goal. 

This means it is important for online business owners and whose profits are based on the actions of search engine visitors. 

Although, it is often difficult for a human mind to take care of the nitty-gritty of conversion optimization. Hence, here comes the importance of powerful CRO tools. 

The main purpose behind using it is to gather data and analytics about user behavior. This will help to make potential changes to increase conversion rate. 

Here's a list of 7 powerful CRO tools that will help convert website visitors into potential leads and thus generating revenue. 

Google Analytics

The first important step is to conduct internal site search. This is the primary research stage to begin a marketer's CRO journey.

Google Analytics is one of the best web analytics tools that track web traffic, user activities such as session duration, pages per session, bounce rate etc. It also offers insight into traffic sources, visitor location and demographics, page performance and conversions. With GA 360, one can use the premium version for in-depth understanding.

Mixpanel

Mixpanel is a powerful CRO tool that helps one assess which website visitors have entered the sales funnel and bounce off with visitor behavior tracking. It also offers an additional data channel to compare user metrics against Google to verify the data.

Google PageSpeed Insights

According to data, 46% of visitors don't visit a poorly performing website. One of the main reasons is the speed load of the page. So, check the website's speed of each category, like homepage, landing page etc., to optimize conversion rate. 

A tool like Google Page Speed Insight is a free page-speed analyser used by the biggest developers worldwide.

Usability Hub

One of the biggest advantages of using Usability Hub is that it is the opinion gathering tool that offers sample responses from real users. This helps to make necessary design decisions. 

In addition, it comes with a design survey tool, first click test, five-second tests, and preference test to discover useful use.   

Survicate

It is important to gather knowledge about the target audience and how they feel about your website. 

Sericite is a useful survey platform that merges with your website or software. In addition, one can customize a questionnaire and scale their service to grow business.

LeadPages 

To create a high-converting landing page, one can opt for LeadPages.It has added additional features like "Message-Match Ads," which produces Facebook and Instagram ads based on the website page's content. 

Other features like lead, management support, drag and drop widgets, an image library, A/B testing facility make it a powerful CRO tool.

Google Optimize

AB testing is essentially an experiment where the two or more variants are displayed to the user. Accordingly, statistical analysis determines which page performs better to achieve a conversion goal.

Google Optimize is an experiment and testing tool that integrates with Google Analytics. It is used for A/B testing, multivariate testing, split testing for different web pages. It analyses how each page performs.

Conclusion

Thus, these are 7 tools to make your CRO journey smooth. Apart from it, a CRO roadmap is incomplete without a "retargeting" strategy. It involves re-engaging customers, serving advertisements on external websites based on the user's previous browsing history on the firm's website.

Although, the most important part while optimizing conversion rate, is to offer value to the users. Without it, no CRO tools can help one to convert leads.

Hence, to maintain the flow of this marketing funnel, it is important to emphasize valuable content to attract a higher conversion rate. One can opt for professional content writers for their website content to increase ROI. 

Therefore, with these powerful CRO tools, coupled with strong and valuable content, one can easily optimize the conversion rate and drive their business into a lucrative entity.

How to Use Pinterest Analytics for Your Business

 Pinterest tactics are an essential component that will assist in developing marketing strategies for both on and off-page platforms. It helps digital markets understand all Pinterest audiences and identify different trending content. 

So, when writing Social Media Content for Pinterest, understanding Pinterest analytics is important. These Pinterest tactics will help plan and execute a Pinterest strategy for your brand. At a glimpse, you will be able to understand different Pinterest audiences and identify trending content.

There are various reasons that digital marketers use Pinterest for social media post writing. This includes endless pins in hopes of garnering traffic to a website. 

Why do people use Pinterest for promoting their business? 

Here are some of the reasons for availing Pinterest for propagating a website and helping a business grow. 

• Increasing awareness

• It generates additional traffic to a blog 

• You can get leads from this source daily 

• Helps in earning more money from a site 

How to use Pinterest analytics to boost traffic? 

Pinterest analytics will help you understand the overall presence of audiences on Pinterest and their preference. So, you need to establish a business account for yourself on a site to read details on platform ranking. 

After converting your personal account to a business account, go to “Analytics” dropdown. Here, there are several tools at an individual’s disposal, including Overview, Conversion insight, audience insight, trends and videos. 

1. Overview analytics 

The overview Pinterest analytics section provides valuable information on the performance of the Pinterest account. Some metrics tools help study the number of visitors to the Pinterest account and the audience it is generating. For example, it provides information on the number of clicks and helps understand how many times the account has been viewed on Pinterest. Also, you can study the number of times users have saved the pins. 

2. Audience insight 

It will help you understand the users who are interacting with your pins. It provides great insight on what to post and how to design your post. This enables you to target a certain audience group and promote your website based on it. Audience insight will provide you with audience reports from time to time, providing you with content ideas. 

3. Video insight 

Like the overview page, the video insight page shows video metrics such as total video views and the average playtime. It helps in achieving the desired traffic and generating leads from the post. 

4. Conversion insight 

Conversion insight correlates to the products of visitors on Shopify or Etsy. It provides information on the page visits, checkouts, the people who have added the product to the cart, average revenue over time and middle-order amount. Insight on these aspects assists in the long run. 

5. Trends 

This is a fairly new tool that helps you view the top trending content by category and also helps search functionality which you can use to target the best keywords. 

Gaining a proper understanding of Pinterest analytics will help you understand the exact tactics you need to adopt to develop your Pinterest account and generate more audience to your website.