Business intelligence key to company growth during recovery
2010-02-09
Today's information technology permits an abundance of customer information to help guide company practices. But many businesses overlook making proper use of customer segmentation analysis in figuring out how to prevent customer attrition. Analysis of customer data is emerging as an important field of business intelligence.

OnWindows.com consulted with a series of experts on the uses of business intelligence. ShiSh Shridhar, retail industry market development manager at Microsoft, suggests that difficulties under the current economy make business intelligence essential.

"Forward-thinking retailers are looking at predictive analytics to better determine the right assortment of products and forecast inventory needs in specific geographies," Shridhar told OnWindows.

Formerly, business intelligence was expensive and time-consuming, particularly when siloed within departments. But new technologies, and new firms that are experts in their use, have made it an affordable pursuit for any business.

Ed Dupee, vice president for retail solutions at data analysis firm Teradata, suggests that using business intelligence goes beyond operations; it can be used strategically. "Retailers are using customer segmentation to better understand and serve their customers," he said to OnWindows.

A recent study by Ness Technologies finds that though nearly half of businesses using intelligence data are seeing results, some are still having trouble deploying a business intelligence model, which might necessitate the need for external implementation.

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