The Ultimate Guide for Maximizing Business Intelligence for Your Brand

Coca-Cola scored a sort of coup in 2010 when they managed massive resource cost savings by using business intelligence for their sales data.

The brand was having difficulty integrating data from 74 different bottlers’ databases, which were all different in terms of capabilities and analytical tools and were spread across the country.

The company required sales reports, production output planning, and supply chain streamlining. There was no way they could use a manual data entry resource to collect this diverse data from all sources, enter it into an excel sheet, and compute the data required for future production planning.

What is the plan? They made certain that these 74 bottling plants stopped using legacy tools and software and implemented an integrated BI application that worked at every source.

The end result was automated manual reporting processing that saved them over six workweeks per year, a risk of human error that could derail the entire marketing and production strategy, and, of course, cost savings.

More business assistance than BI

While this is a study in technology management upgrade, parallels can be drawn even today to the amount of simplicity, accuracy, and agility BI can impart to all business processes — particularly marketing. It can automate tasks, assisting in the optimization of resources, costs, and efficiency at all levels of the organization, as well as refine all processes, resulting in an overall increase in productivity and growth.

Internal data or customer planning could provide the intelligence required for the success of marketing plans. There is an abundance of external data sources, including social media and internet-based information sources. Excess and over-information can be difficult to manage at times. This is where business intelligence comes into play. Its agile analytics and deep analytical capabilities can aid in the rapid and accurate analysis of data. Once the insights are used to create targeted, customized marketing solutions, BI tools can analyze and measure their impact, guiding the strategy’s success or failure.

This feedback can kickstart a cycle of intelligent marketing decision-making, allowing you to set marketing goals that are unlikely to fail.

Complying with regulations

The ability to meet compliances and data centralization is an important factor that is frequently overlooked in business data requirements. Most organizations face this challenge because data stored in different repositories can be difficult to integrate for analysis on a single platform. This challenge is eliminated by BI-led data processes, which allow all data to be uniform and easily accessible for single-point analytics. This also addresses compliance requirements, as the data privacy activity has now become a one-step process.

Marketing budgets are ruled by Martech

According to the Gartner CMO Spend Survey 2019-2020, which included more than 340 marketing decision-makers from North America and the United Kingdom, martech spending accounted for 26 percent of the marketing budget in 2019. This was approximately 10% lower than the previous year, indicating that technology had been purchased and was now being integrated and adopted in organizations.

Marketing budgets hovered around 11% of company revenue in 2019-2020, and have since been reduced to 6.5 percent in 2021, but Martech has taken 26.6 percent of it. This indicates that Martech’s technology investment was successful. BI, a strong contender, has clearly demonstrated its worth, with 76 percent of CMOs in this report agreeing that data and analytics tools have been their most important investments.

BI tools, in addition to detailing market preferences, aid in digital marketing spending and ROI analysis, allowing marketing teams to benchmark against peer spending and market traction.

As far as tech-driven processes go, BI, which is a balanced combination of internal intelligence and marketing intelligence, is unquestionably a great tool in the hands of marketers to improve the efficacy of their marketing processes, insights, and decisions.