The so-called Business Intelligence addresses numerous problems that are perpetuated in organizations. For example, it enables data examination to understand trends and gain insights by streamlining the effort to find, merge, and query the data needed to make sound business decisions. Given today’s situation of large data generation, it helps make sense of data in comparatively less time and solves the problem of limited data accessibility. 

Meanwhile, since collecting relevant data and analyzing it can be tedious, business intelligence enables reports to be delivered quickly, helping to understand better customers, market trends, pain points, etc. Many business intelligence tools offer pay-as-you-go options, subscription options, and other opportunities, allowing businesses to operate at scale when needed. Additionally, data visualization tools can be leveraged to represent insights through understandable graphics and visuals.

Better practices considering the multitude of benefits business intelligence offers. It’s about time leaders looked at some of the best practices to help deliver better ROI. The key to success in business intelligence begins with taking stock of which employees understand and use your tools in their jobs. This is crucial because the gains will be small unless an organization can look at the dashboard and understand the data presented.

This requires a comprehensive survey of how existing data is used by top leaders, managers, and departments. Then look at how business intelligence could help them better understand the status of their departments and projects and improve the way activities are carried out.

After this:

• Identify data sources and integration methods.
• Team up with all stakeholders to agree on expectations.
• Achieve consistency in desired metrics.
• Pinpoint the KPIs that matter most for performance tracking.

Only after completing the previous step can companies proceed to design a strategic BI plan that highlights everyone’s key roles and responsibilities.

Since the complexities of a business intelligence implementation can be mind-boggling, there are a few things to consider. A sure-fire way to maximize the chances of success for a BI project is to use agile methods whenever possible. Second, ensure the team’s solution is intuitive and easy to use. I prefer the manual approach in the integration phase, relying on business developers and the IT team to develop a BI architecture for custom requirements. Or buy an enterprise-ready integration solution on the market.

It is also vital to remember to run influential tasks that require less implementation time first and then build complexity in iterations. Also, make sure you choose the correct visualization for each metric. In addition, before implementing business intelligence, security measures must be put in place to protect information assets from data breaches. By configuring authorization or authentication protocols and outlining procedures for conducting secure data processes, organizations can control access to data sets.

Also Read: Business Intelligence, The Recipe For A Business To Be Successful

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What Does Crowdsourcing Mean

Crowdsourcing is a term that was born in 2006 by Jeff Howe, journalist and editor of the electronic magazine Wired, to refer to the moment in which the public can contribute ideas and actively participate in some way in the development of a product or service to find the solution to a problem or fill a need.

This marketing strategy aims to collect information from a wide variety of consumers, which can be used to develop or improve the brand’s products and services or obtain economic financing. In turn, the public feels part of the company, creating a much closer relationship and one of greater trust. Crowdsourcing can also be used as an advertising campaign since all those who have participated in developing or improving a product or service will speak after it, as well as the brand.

Types Of Crowdsourcing

There are different types of crowdsourcing, so depending on the objective, one or the other can be used:

• Crowdfunding: Is a type of crowdsourcing in which a large group of people come together to finance a project. Typically, all the participants get something in return, such as a gift, a discount, and access to an exclusive event.
• Crowd wisdom: A crowdsourcing that seeks a large group of people’s opinions and suggestions to develop or improve a product or service.
• Microtask: Unlike the previous ones, in this type of crowdsourcing, what is sought is the distribution of the different tasks that make up a project among a large group of people. 

Although the best known is, perhaps, crowdfunding, many brands have successfully applied crowd wisdom and microtasking.

Benefits Of Applying Crowdsourcing To Marketing

Crowdsourcing has several benefits for brands, especially those on a very tight budget who cannot move forward with the project without help. One of these main benefits of crowdsourcing is the relationship established between the brand and the public since by feeling that they are part of the project, the relationship is much more solid, and there is a much stronger feeling of trust, as well as being easier to reach customer loyalty.

It is also worth noting that it is much easier to innovate since you have the opinions and suggestions of a wide variety of people. Typically, the participating group is very diverse, so the information obtained will also be diverse. Another advantage of resorting to crowdsourcing is that it is one of the marketing strategies that attract the most ambassadors, which leads to publicity. 

Of course, the more attractive and striking the project and the better the rewards the participants obtain, the easier it will be to get the commitment. And finally, this action saves time and money, which is why it is one of the best strategies for brands with a tight budget who do not have enough means and resources to carry out the project. 

How To Apply Crowdsourcing In Marketing

To carry out a project through a crowdsourcing strategy, it must be done correctly and with planning. These are some aspects that should be taken into account:

• Be specific and specify very well what the participants have to do. First of all, it is imperative to make a presentation or a document that specifies, in a very straightforward way, what is expected of each participant and the requirements and conditions. This part is essential to avoid little and excessive participation since what is sought is that those who are really interested in the project sign up and fit in in some way.
• The concept should be as simple as possible. The best crowdsourcing campaign aims to create a simple product or service that can be easily adapted to the consumer’s needs.
• Results must be measured. All good and bad results should be recorded to know what is going well and what is not. These results must also be shared with all participating in the project.
• To be organized. The participation of many people requires different organizations. Having someone responsible for each of the parts or tasks that are carried out, especially if you opt for a microtask type, would be ideal.
• Appreciate the efforts of all the participants. In crowdsourcing, each person who participates is essential, so the brand must thank them in some way, be it with discounts, exclusive offers, gifts or access to events. 

All these tips are applicable in any company regardless of the sector to which it belongs. The success or failure of the project will depend on how interesting it is for the audience and how it is presented.

Also Read: Leverage Digital Marketing To Reach More Customers

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Embracing the Cloud

If you are truly serious about making sure that your business runs as smoothly as possible, then you definitely need to embrace the possibilities that are involved with using the cloud. Not only does this give you a smooth way to share information — much faster and more efficient than using email — but it also gives you a ready-to-use back-up in the case of any data loss. If you are interested in seeing exactly what the cloud brings, then it’s definitely worth checking out the many different possibilities that are involved with avepoint.com.

Stand-Up Meetings

It is very hard to successfully run a business unless everybody is on the same page. This can be hard if you are not regularly checking in with the different members of your team. This means that one of the best options that you can think about is making sure that you have daily meetings. This means that you can figure out what you should be doing for your business each and every day and how to achieve optimum success. With that said, make sure that everyone is interested, as stand-up meetings don’t work for everyone.

Use Project Management Software

The days of primarily using email as a means of communication between all the different members of your team is largely over, thanks to an aversion to its use by younger generations. That’s why it might be a much better idea to take a look at the different options that are involved with using project management software. This is especially useful if you are working on a large task with lots of moving parts, as this will allow you to break up the work into a series of different subtasks.

Cut Down on Business Travel

Business travel can be glamorous and one of the perks of a great job, but when you think about it properly, it can actually be a significant waste of your company’s time and money. For example, the time spent on a plane is time spent not being connected to your company. Now it might be a better option to see if you can attend meetings virtually — for example, by using a telecommunication platform such as Zoom — where you can often find the same outcomes as visiting in person.

Also Read: What Is Storytelling And How To Use It In Your Business

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