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Analytics

GUEST BLOG: The Evolution of Business Intelligence Trends

By Naveen Miglani, CEO and Co-Founder at SplashBI

In recent years, the world of Business Intelligence (BI) has been turned upside down. Data became big, organisations adopted cloud computing, and spreadsheets took a backseat to actionable data visualisations and interactive dashboards. Self-service analytics grabbed the reins and democratised the world of data reporting products. Suddenly, advanced analytics wasn’t just for the analysts.

In 1958, a computer scientist, Hans Peter Luhn, published an article titled “A Business Intelligence System” in the IBM Journal of Research and Development that would later become the foundation for how BI is understood today. Luhn’s article suggested using technology to simplify the process of gathering data rather than sifting through mountains of information by hand. Today, we understand BI as such; using technology to compile and analyse data, translate it into useful information, and then making strategic decisions based on the results.

The recurring trend in next-generation BI tools is that of simplicity. Complex data analysis has become a breeze with the introduction of self-service analytics platforms. Advances in BI technology alleviate the stress and labour hours of gathering, sorting, and using data to make informed business decisions. But how have these changes affected businesses in the last few years – and what’s to come.

Self-service analytics

Self-service analytics has consistently topped the list of BI trend predictions each year, showing the increasing accessibility of BI tools and the positive impact of putting data back in the hands of individual teams, departments and leaders within organisations. The rising adoption of self-service analytics enables users to gain deeper insights to drive data-focused initiatives across the entire organisation—without having to rely on IT.

The rise of self-service analytics has also brought more attention to the growing necessity for modern organisations to adopt a data-driven culture. Businesses all over the world are using elegant visualisations and dashboards to tell their data story, and they’re doing it without using up a massive amount of IT resources. As advances are made in BI technology, the process of implementing a BI tool has become much less of a daunting task. Implementation and adoption time have been almost cut in half, data integration tools stepped into the ring, and talk of data governance/security solutions became common watercooler conversation.

Integrating technology

2017 was a major year for the BI industry. Significant advances were made in the way new technology integrated with existing BI processes, along with the development of tools that allowed data from separate applications or data stores to unite and display the big picture. The cloud was widely adopted due to advanced security and accessibility. Machine learning increased revenue for businesses by tracking buyer behaviour and analysing databases faster than ever before. AI became more prominent, and trials began to determine if AI could eventually replace human data scientists altogether.

By 2018, data analytics became a routine part of daily duties for most organisations. The value of using a BI tool had become a given, but the question then moved to choosing the right tool to fit an organisation’s unique and specific needs. Leaders began to take a look at common pain points in the business and started to learn more about how they could get the most value from a BI tool by asking questions such as, what do we want to achieve from analysing our data? How can BI help us reach our business goals? How can we use data to improve employee retention? Or measure turnover? Can we see which product drove the highest volume of sales in Q1? Could these insights really help us locate and obtain net new clients?

BI has never been a one-size-fits-all answer. That’s the reason it initially gained popularity, as different departments have different data. Sales won’t need the same Monthly Advertising Report that Marketing will use to create next month’s budget. BI was the hottest new tool that could help any person, in any position, in any company use their data to make fact-based decisions. These custom data reports guided businesses in the direction of the most important metrics; whether it’s HR, Marketing, Sales or Finance.

BI now and in the future

BI and data analytics technology is constantly evolving and the market shows no signs of slowing down. Business Intelligence makes data of any kind easy to digest with stunning visualisations, detailed historical analysis, and customisable reports. In fact, by the end of 2019, the Global BI and Analytics Market is expected to grow to $20 billion.

In 2020, experts say we will continue to see increased adoption of BI tools among businesses of all sizes that hope to speed up their organisation’s journey to success. Retail, construction, healthcare, banking and transportation are expected to make up the majority of new adopters. Additionally, the way data is created and handled will experience significant change in the coming years.

But what does the far future look like for BI? What was once just a tool for pinpointing patterns in an organisation’s data, has evolved into a robust, real-time solution focused on using  hard and fast data to not only see a snapshot in time, but to view the entire picture. BI enables companies to make the best possible decisions using their own data, and the organisations that capitalise on this technology that will reach their business goals.

Image by Pexels from Pixabay

Emarsys and Persado team up for campaign automation

Persado and Emarsys customers are now be able to generate, test and serve their marketing campaigns in minutes using a combined platform that the partners claim takes a fraction of the time of a traditional setup.

Through the joint API, Emarsys campaign results will flow back into Persado, giving clients access to quantitative and qualitative analysis on the variables that impact performance.

Happy Socks used the system last year for its Black Friday campaign, which is being held up as a the poster boy of the collaboration.

“This integration is incredibly exciting because both Persado’s and Emarsys’ technologies are critical for driving success. Emarsys gives us freedom to easily setup and test campaigns, and Persado helps us empower our messages by generating the perfect language to improve our content’s performance and relevancy,” said Marc Verschueren, Director of Online Marketing and Sales at Happy Socks. “Coming out of our recent Black Friday campaign, we saw an average open rate uplift of 21 percent, and an average click-through-rate uplift of 37 percent. These technologies helped us stand out by taking more risks and thinking outside the box, all without worrying about missing the mark.”

“Today’s CMOs are bombarded with solutions claiming to drive ROI, so identifying the technologies and offerings that provide real value has become increasingly difficult. Marketing teams need products that intelligently achieve results and close the gap between goals and outcomes,” said Assaf Baciu, Co-Founder & SVP of Product and Engineering, Persado. “Through this partnership, we are uniting our strengths in automation, AI-powered predictive insights and analysis to add mathematical certainty to the development of creative while eliminating burden. We are thrilled to work together to give marketers the confidence they deserve.”

“We know that poor attempts to tailor communications will turn customers off. Marketers therefore rely on smart technology to automate and personalize communications across channels, at scale and often in real-time,” said Dave Littlechild, Global Head of Partnerships & Alliances at Emarsys. “This partnership helps us bridge the technology adoption gap that stands between a marketer and his or her ability to profitably driving more revenue. We are excited and look forward to the future as partners.”

The integration of Persado within Emarsys is available to clients now.

Do you provide Web Analytics services? We want to hear from you!

Each month on Digital Marketing Briefing we’ll be shining the spotlight on different parts of the print and marketing sectors – and in August we’ll be focussing on Web Analytics solutions.

It’s all part of our ‘Recommended’ editorial feature, designed to help marketing industry professionals find the best products and services available today.

So, if you specialise in Web Analytics and would like to be included as part of this exciting new shop window, we’d love to hear from you – for more info, contact Lisa Carter on lisa.carter@mimrammedia.com.

Here are the areas we’ll be covering, month by month:

August – Web Analytics

September – Conversion Rate Optimisation

October – Lead Generation & Tracking

November – Brochure Printing

December – Creative & Design

For more information on any of the above topics, contact Lisa Carter on lisa.carter@mimrammedia.com.

Survey demonstrates the qualities of high-performing marketers…

Autopilot has revealed that high-performing marketers are surpassing their peers when it comes to customer journey marketing, with some generating revenue growth by as much as 122 per cent.

Consisting of 505 marketer responses, the email marketing firm’s ‘2016 State of Customer Journey Marketing‘ report found high-performing marketers generate revenue 58 per cent faster than their colleagues; acquire 23 per cent more leads; are twice as happy with their performance; and win a higher number of customers.

Brand awareness was pinpointed as a ‘main measure of marketing success’ (29 per cent), closely followed by customer satisfaction (22 per cent), and, for B2B marketers in particular, 43 per cent claim investing in brand assets is a ‘top priority’.

The report states: “All marketers are prioritising brand awareness, converting leads to sales and generating new leads. But high performers are investing in customer events and marketing, referral and satisfaction programs, and analytics and attribution, rather than in online ads, to get there.”

High-performers affirm the top three investment areas are: customer events and marketing (35 per cent), loyalty referral programmes (29 per cent) and analytics and attribution (19 per cent).

  

Download Autopilot’s research here