Next Level Commerce: The Intersection of Business Intelligence and Analytics
Business Intelligence can empower merchants to adopt data-driven decision-making, but selecting the right BI solution to meet a company’s needs is not always as simple as making an A, B or C choice. There are factors to consider, including how a particular BI product improves decision making with a businesses’ data.
Making the right call can be the difference between a smart approach to increasing revenue and creating an enhanced consumer experience or continued struggles with siloed data that prevents growth. Jason Vargas, Product Owner of FreedomPay’s Business Intelligence solution, revealed that there is no magic to Business Intelligence, but rather strong data analysis powered by a smart integration with a company’s commerce platform.
When companies look for a BI solution, what they primarily desire is access to their customer data. By analyzing this data, companies become better equipped to implement informed strategies to take their business to the Next Level.
They initially need to answer the data availability question to progress to leveraging BI for insights. This need is not always addressed with 3rd Party BI Products. Often, industry BI Products focus on features and functionality as opposed to the data. This may distract organizations from what is a much larger decision-making process.
“The more complex and innovative this industry gets, the more esoteric these solutions become,” Vargas said. “You’ll find these solutions get exasperated. Realistically, adopting BI is a cultural decision more so than a technical decision. And that is really the beginning of a journey that an organization is taking, as opposed to, ‘We are going to now buy something that is going to do something cool for us.’
After a company establishes a Business Intelligence solution need, it is critical to find a solution that integrates well with its commerce platform. FreedomPay’s BI solution works seamlessly through its Next Level Commerce™ platform to make the most out of a company’s data, and it ties in with the functionality of its other commerce payment tools.
When Business Intelligence is fully integrated into one’s commerce program, generating business enriching competencies such as BI Reporting, Enterprise Performance, and Data Driven Decision making is attainable, because the data is populated, curated, and analyzed into the areas a business chooses, not ones chosen by a BI platform vendor. This in turn accelerates the journey from understanding to action via Loyalty Offers and other demand generation activities.
BI as part of a Commerce Platform accelerates your journey to BI Maturity and puts the right tools in place for reaching your Next Level goals.