Business Intelligence and Data Science
Is your business taking advantage of Business Intelligence and Data Science?
Businesses compete for customer spend with their products and services where industry leaders achieve a point of difference by using Business Intelligence (BI) and Data Science. The most successful businesses do this by using their data and insights on customers, their habits and preferences to shape the next generation marketing programs.
The leading differentiator for these next generation marketing programs is PERSONALISATION. Personalisation uses more sophisticated data and insights to tailor not only a single transaction, but also an entire buying experience.
Boston Consulting Group identified the increased importance of personalisation during the recent Covid Crisis titled Three Personalization Imperatives During the Crisis. In this article they emphasised the capture and use of customer data specifically where their is consent and permission.
“The most important steps are to capture as much information about customers as possible and to obtain customers’ consent to receive marketing messages long term.”
– Boston Consulting Group
At a time where data has been used more than ever for personalisation, privacy and data protection is being prioritised more than ever by governments and industry bodies. With these trends, there is a move away from 3rd party data that is becoming more restricted. Instead, there is now a greater emphasis on using First Party Data as a building block for effective personalisation and marketing programs.
First Party data is the most trusted information sourced from:
- Your Website
- Mobile Apps
- Mobile Web
- Email and SMS
- Point of Sale CRM (ie. shopping cart of ecommerce site)
- Beacons (Proximity sensors in stores measuring physical movement of customer in store)
- Call Center
This article by Signal.co provides a clear definition for first, second and third party data. The article is titled What is First-Party Data?A Marketer’s Guide to Using First-Party Data to Drive Exceptional Customer Experiences. This write up goes further by explaining why Marketers need this, challenges and use cases.
In summary, successful businesses must use data and personalisation together in a trust building process with every customer. Going forward MyCMO also suggests that revenue growth from marketing and personalisation will be achieved by emphasising retention more than acquisition.
We work with clients to establish the level of data and business intelligence sophistication in the business and understand the business context for customer data and insights.
Once the clients level of capability is established, MyCMO reviews how these capabilities are applied to marketing and personalisation programs.
This allows the team to adapt a project around these key service areas:
- Data/ETL processes
- Business Intelligence
- Artificial Intelligence
Projects will focus on any combination of the above, whether there is a need to fill gaps in capability, create new Business Intelligence dashboards or refine existing ones. We can even work with you to implement Artificial Intelligence within your marketing automation programs with the right data and infrastructure in places.
When developing a project. We work with client sponsors in these service areas as well as identifying who the important stakeholders are in a project and what the business is getting out of the exercise and investment.
As part of our processes, we work with clients to create a Business Value Proposition Diagram to solidify requirements and clearly define the payoff relative to these key stakeholders that need to benefit from these projects.
This article titled Value Proposition Canvas Template by Peter J Thomson explains this process and its value in detail.
See image below for what a sample report template looks like:
A finished Diagram would look like this example implemented by Evernote, Inc.:
A more complex example would be Harvard University building a Learning Management system for delivering education:
By working in this manner with clients, we de-risk projects and maximise returns to ensure the best outcomes for the business, it’s stakeholders and the customer.
Business Intelligence (BI) and Reporting
Tools we use
Business intelligence and Reporting are critical for generating insights on both customer and business data. Data visualisation tools like Tableau and Microsoft Power BI offer highly accessible means to unlock complex information and deliver critical inisights in a format that can be easily digested by management and analysts within the business.
Your business can take advantage of user friendly and powerful applications such as Tableau or Microsoft BI to harness this information into more useful dashboards with deeper insights and decision support for your business.
Advances in business intelligence have, in many cases, eliminated the need for code and programming to get at insights used for strategic and and tactical decision making. Click here for an excellent article on the key benefits of business intelligence and why this is essential for your business.
These are examples of Business Intelligence Reporting for Marketing and Sales:
Digital Marketing Dashboard
Marketing Funnel Report
Pictures can tell a thousand words and when you see the power of data visualisation, you will never want to go back to spreadsheets. Click the images below to access Tableau data visualisation reports.
The report below allows the user to see a visual representation of how the US generates electricity. The report allows the user to filter the report by any or all types of electricity generation including Nuclear, gas, solar and many more. (Click image to see the report)
Interactive Sales Dashboard
New York City Population Data Visualisation
The report below allows you to study the dynamic changing population of New York City. The report allows the user to change the times of day within the report to see how this affects the change in population totals. (Click image to see the report)
US Sources of Electricity
ETL and Data Transformation Services
Need help on the technical aspects of manipulating and handling data? MyCMO provides these services including ETL processes.
Extract, Transform, Load (ETL) is a three-phase process where data is extracted, transformed (cleaned, sanitised, scrubbed) and loaded into an output data container.
Forecasting and Analytics
MyCMO helps clients use predictive modelling with 1st party and other data to increase performance of marketing programs.
MyCMO helps clients use Artificial Intelligence to automate activity and optimise performance in real time using APIs.