An organization generates a lot of data. Most of this data is kept in databases, which are electronic repositories. There are many hidden aspects of such data that can be of good use for the upper management during decision making. For example, employee data can give a brief idea of the skills and knowledge levels of the employees. This data can be used for training purposes so that additional skills can be inculcated in the employees. Predictive modelling is not a new concept, but in the recent days, it has come to the forefront. Thousands of organizations worldwide are spending millions and billions on data mining, business intelligence, and predictive modelling.
To get a brief understanding of this entire concept, let’s take an example of marketing. If a marketing manager is preparing a marketing budget, he or she will need accurate data to allocate funds in the right places. Acquisition & data driven marketing is the need of the hour and the marketing manager needs to know its importance. There are several consulting companies that are offering their services for predictive modelling and business intelligence related tasks. When you are hiring a consultancy firm for the business intelligence tasks, you will have to keep a few key aspects in mind. Always select a consulting firm that is trusted and reliable. Providing intelligent data solutions is not easy, hence, you will have to pick the experts only.
When you have data, you will need insights into that data. Once you have insights into that data, you can make predictions and also take the right decisions at the right time. For example, if you have customer data, you can delve into that data and see which customers use your product the most. Thus, you can also do customer segmentation by using intelligent data. Raw data needs to be processed to obtain intelligent data. Such a process is called data mining. There are several consulting companies that are offering data mining services, which are proving to be very helpful to organizations in decision making.
During customer segmentation, if the marketing manager does not have the right data, he or she will not be able to concentrate on the target market. In such instances, there will be a dip in sales and revenue. Hence, a marketing manager needs to be very proactive in searching the best business intelligence consultant to give him or her insights into the business. There are two business environments that the marketing manager needs to look into.
These environments are internal and external marketing environments. The main focus needs to be on the external environment because a major portion of the market lies outside the organization. A good business analysis of available data will give the marketing manager a good idea of the internal as well as the external markets. During market segmentation, there are some critical decisions that need to be taken. Having competitor’s data will also be of great help for the marketing manager of the organization or firm.