You will see how to take advantage of this tool in an Ecommerce and how Toyota Motor Corporation and Bridgestone Firestone (world-famous companies) have used it to stand out in their respective fields for:
Optimize your business strategies.
Making strategic decisions.
Example 1: Ecommerce
Let's imagine an e-commerce company that sells a variety of products on its online platform and uses Business Intelligence to improve its performance in the following ways:
Ecommerce sales analysis
The company analyzes past sales data to identify patterns and trends. It thus discovers:
Products that are in high demand during certain seasons.
Customer groups with particular preferences.
This analysis allows them to make decisions about their inventory, marketing strategies and pricing.
Tracking Ecommerce KPIs
The company sets up a dashboard with relevant key performance indicators (KPIs):
Number of orders.
Average order value.
Conversion rate.
Shopping cart abandonment rate.
These KPIs are updated in real-time and give managers and employees an instant view of the company’s performance and if any show a negative trend, corrective action can be taken in a timely manner.
Personalization of the customer experience of an Ecommerce
Using data analysis and segmentation techniques, the company groups customers according to similar characteristics and behaviors. This allows them to:
Create personalized marketing offers and campaigns for each segment.
Improve customer experience.
Increase conversion rates.
Demand forecast
Using forecasting techniques, the company predicts future demand for its products to:
Manage your supply chain efficiently, avoiding shortages or excess inventory.
Adjust your production and marketing strategies based on demand projections.
Customer satisfaction analysis
The company uses Business Intelligence to analyze survey data and customer comments on social media to gain insights into customer satisfaction. This gives it the ability to:
Identify areas for improvement.
Detect common problems.
Take steps to improve the customer experience.
Example 2: Toyota Motor Corporation
I give you this example because this company has consistently established its country wise email marketing list leadership in innovation within the business sector worldwide.
One of their notable strategies has been the successful implementation of information management software, because it has helped them achieve a significant reduction in production costs and, consequently, a considerable increase in customer acquisition.
Toyota can also apply Business Intelligence in the following ways:
Sales analysis and forecast
Analyze vehicle sales in different regions and market segments : Identify customer preferences and economic factors to detect patterns and trends.
Forecasting vehicle demand : It is important to do this in different markets and adjust production accordingly.
