One of the world’s most advanced and contemporary cities is Singapore.
With a little more than 5 million residents, it is home to global enterprises, cutting-edge tech start-ups, and hopping street markets.
Less known is that it is also a hub for business information gathering, with over 30 reputable organisations pulling in data from various government ministries, corporations, and educational institutions.
This mass of data is then stored in relational and non-relational database systems which can later be analysed using business intelligence tools.
What actually distinguishes Singapore is its capacity to delve deeply into this wealth of data and unearth business insights that can enhance a firm’s performance.
Businesses in Singapore and throughout the world may become more efficient, and innovative, and gain a competitive edge by using the power of analysis applied to massive amounts of data with business intelligence solutions.
The urge to keep up with the most recent trends and technologies connects us despite the fact that everyone’s definition of what is “modern” will differ.
Business intelligence (BI): What is it?
It is the application of data and technology to more easily, precisely, and strategically make business decisions.
Business Intelligence can combine many data sources, presenting them in an understandable style that enables quick and efficient decision-making.
It can gather information from numerous sources, analyse that information, and present it in a way that is understandable to all decision-makers.
Singaporean companies are utilising Business Intelligence to achieve a clear competitive advantage.
NXBank is among the most creative businesses.
NXBank, a well-known bank in Singapore, increased client engagement significantly as a result of integrating business intelligence into their daily operations.
We’ll go into how and why they made this tactical choice and how Singaporean companies would profit from adopting a similar strategy.
Why Business Intelligence At All?
In today’s world, the line between marketing and sales has blurred.
Many businesses integrate their marketing and sales teams, creating a single team responsible for strategy, marketing, and sales.
This approach is at the forefront in Singapore, especially after the adoption of the ‘contactless’ approach to retail payments, also known as ‘contactless retail’ or NFC.
Customers can purchase goods through contactless retail without needing to make eye contact with a salesperson.
To make a purchase, they only need to scan a barcode or choose an email from a digital menu.
In the past, clients would have needed to actively look for a salesperson’s assistance.
Nevertheless, this is not the case any more thanks to contactless retail.
Customer interaction has increased, and the entire customer experience has improved as a result of these advances.
Consumer Engagement: Why Is It Important?
In the age of the internet and social media, customer engagement is more important than ever.
Companies need to become acutely aware of the needs and expectations of their clients and pay close attention to how those needs and wishes change.
Because of this, customer interaction is becoming a crucial component of business strategy. There are four main factors that should concern you regarding client involvement;
- to fully comprehend the requirements of your clients
- being able to anticipate their actions
- to be in a position to meet their needs
- in order to keep them as clients
Developing a thorough grasp of your customer’s needs and the part you play in their life is the first step in successful customer interaction.
Asking questions and paying close attention is crucial in order to accomplish this.
Understanding the underlying motivations behind their business-to-consumer (B2C) and business-to-business (B2B) interactions can help you ensure that your products and services are meeting their needs.
And that you are creating and delivering the right messages to the right people.
What Role Do Business Intelligence Tools Play?
Each scholar or professional working in a firm needs analyst tools like Business Objects’ Qlik sense and Tableau.
These tools bring to life a wealth of information that was previously only available in hard copy.
The information can be stored in databases which can be searched and analysed using powerful tools that can quickly generate reports and compelling visualisations which give clear insights into a business’s performance.
Two of the most widely utilised business intelligence products in use today are Qlik and Tableau.
Though they each offer a unique set of capabilities, both tools are incredibly functional.
With the help of an interactive dashboard from Qlik, analysts may immediately understand the most crucial statistics about a company while delving into the specifics using auxiliary indicators.
The tool is especially helpful for tracking development and performance over time and across various user groups.
With its extensive charting, trend analysis, and scorecard features, Tableau is ideal for data analysis and reporting.
These features enable analysts to evaluate the success of their marketing campaigns, product launches, and other business efforts.
These solutions simplify and streamline the analysis of corporate data in every situation.
Also, the data they offer is quite accurate and trustworthy, which makes it simpler to believe the data and base company decisions on it.
We will examine how these technologies can assist Singaporean enterprises in enhancing consumer interaction in next section.
Adaptive Business Intelligence Dashboards
The ability to design personalised dashboards is one of the special features of the Qlik and Tableau products.
This implies that you may create a dashboard that has exactly the right amount of information at the right time.
It is ideal for delving into the numbers and locating the data you require in the format you require.
These tools also provide you the option to organise the data and display it in a way that makes it simple to discover information that needs further investigation and to spot emerging trends and patterns.
Many more metrics may be available to track with a typical business intelligence solution in addition to the included standard reports.
While keeping track of all this data and attempting to decipher the patterns and insights hidden in the data can be helpful, it can also be overwhelming.
Customisable dashboards and reports are a wonderful method to address this.
After you’ve set up your dashboard, you can quickly review the data you’ve gathered to see if there are any trends or insights you can act upon.
By doing this, you can gain a better understanding of how your company is doing and where you should be concentrating your efforts to increase performance.
Client Information as Business Intelligence Strategic Asset
While customer data is incredibly valuable, it is also completely volatile.
This is why the effort needed to secure it in the first place is so prominent.
Customer data is only as good as the precautions taken to protect it.
Once a business collects this data, it needs to ensure that it is stored safely and securely so that it can be used at any given time.
Due to the sensitivity of this information, businesses must ensure that their IT department is up to the task of protecting this data.
While there are a variety of options for secure storage available, these options must be considered and weighed against the requirements of the business.
The information provided above on how business intelligence can increase consumer engagement and loyalty in Singapore is highly beneficial.
Businesses should therefore take the time to consider the causes that led to this point as well as the advantages they have reaped.
Even if having all the knowledge we need at our fingertips would be ideal, this is not possible in the modern world.
Gathering information that is pertinent to your organisation, not simply collecting it, but also analysing it and deriving actionable insights from it.
Is the key to successfully deploying and utilising business intelligence solutions.
It is well-known that businesses perform better when they have a deeper understanding of their customers.
The same is true for organisations that are more aware of their internal processes, functions, and workings.
Because of this, business intelligence (BI) systems and other data analysis tools are perceived as strategic assets by all organisations.
It is impossible to overstate how important internal data is, and by extension, how important consumer data is.
Important information about the clients your business serves and their needs are provided.
Additionally, it pinpoints the components of your product or service that need to be improved in order to better satisfy the expectations of your clients.
If you are not already collecting and analysing customer data, you are missing out on this crucial information.
You are missing out on this vital information if you aren’t already gathering and analysing client data.
There’s no question that having a clear picture of your customer base is valuable; however, it’s only the first step.
Analysing Customer Data Leads To Action
Consumers want to feel like they have a voice in the choices being made, whether they are consumers or employees of an organisation.
Customers want to believe that their wants are being satisfied and that their opinions are being heard when it comes to business.
People anticipate that companies will pay attention to their issues and take appropriate action to make things better for them.
The more you know about your clients, the more you can provide them the power to make the best decisions for their lives because knowledge is power.
Giving clients the information they need to make educated decisions is the first step with this in mind.
Reliability of results is key in any scientific endeavor and it is vital that you keep this in mind when conducting your research.
As a general rule of thumb, the greater the number of people and organisations that have access to your data, the higher the likelihood of accuracy problems as more individuals have the potential to abuse the information.
This is why analysts should work only with trustworthy sources of data and keep all analysis and reporting secure and confidential.
The best part of utilising any kind of business intelligence tool is that data analysis leads to action.
Once certain metrics and figures are established, clear benchmarks can be set to determine the success or failure of a particular initiative.
This can result in invaluable learning opportunities.
For instance, it could be a good idea to look into the reasons why a particular shop location is performing so well in comparison to the others.
Perhaps the salespeople are doing a fantastic job, or perhaps the neighbourhood has seen a huge demographic change.
In either scenario, the analysis and the lessons discovered can be applied to improve the client experience moving forward.
Businesses can go one step further and create and monitor key performance indicators using their business intelligence platform (KPIs).
Setting these KPIs can be a challenging process, but analysing the data afterward makes it easy to determine the extent to which your marketing and sales efforts are paying off.
More Personalised And Engaging Experiences
When business intelligence data is used to inform customer experiences, they become more individualised and interesting.
It is true.
This is partly because there are more opportunities for firms to address their clients by name or according to a persona.
Increased data collecting and analysis are to blame for this.
Companies can gather information from a wide range of sources, such as social media, email marketing, and web forms.
Next, a digital profile of a customer or potential consumer can be constructed using this information.
It could be very helpful to tailor messages and offers to the needs and interests of each customer.
Instead of simply selling widgets, a business might encourage their customer to purchase a certain amount of printer ink, because their printer is running out of ink or offer to arrange for a delivery or pick-up of an item ordered online.
This is more complicated than it first appears because using business intelligence tools effectively calls for a particular level of proficiency.
Yet adopting a data-driven strategy has several advantages that make the work worthwhile.
Making Crucial Decisions on Business Intelligence
A business must decide how it will store, handle, and analyse its data before deciding to take a data-driven approach to how it does business.
In making this choice, it will be crucial to consider the kind of data they will utilise and how they will use it.
Businesses have a wide range of options for data storage and analysis, so it’s critical that they think carefully about which option will be best for their requirements.
Businesses can select from a number of platforms when determining where to keep their data.
This includes cloud-based storage options like Microsoft Azure or Amazon Web Services, as well as online data storage programmes like Dropbox and Google Drive.
Businesses have access to a number of data analysis tools in addition to the aforementioned storage options.
Data mining, data enrichment, and hypothesis testing are all made possible by these techniques. Microsoft Excel, SAS, and SPSS are a few of the more well-liked software.
The main lesson to be learned from this section is that organisations can make better judgments about their clients, goods, and services when they employ platforms and tools for business intelligence.
The Top Tips
All things considered, you must take into account a few crucial pointers to successfully implement a Business Intelligence/analytics plan.
Be sure you have all the information you need before anything else.
Make a lot of choices along the way, second.
The third step is to hire the proper personnel.
Last but not least, make a plan and follow it step by step.
When everything is said and done, you may reap the rewards of a successful BI/analytics approach and watch your results soar.