Implementing Business intelligence
by Sanjiv Gossain, SVP and Managing Director - Telecoms and Media Business Unit. Head of UK & Ireland, Cognizant
Wednesday, April 25, 2012
The volume and complexity of information coming into organisations has increased dramatically in recent years, but without the right tools in place to deal with this influx, it can become more of a hindrance than a help.
Companies demand advanced BI and analytical solutions to enable and, in many cases, automate their decision-making, but in order to do so they must first make sure their staff are trained and able to handle BI and analytics tools to cope with an increased volume of data.
For example, organisations must train their staff in the databases and technologies required to manage the volume of information. Employees must ensure that data is accessible in a timely way, facilitating the use of automated algorithms and innovative ways to improve decision-making.
Technology initiatives must be innovative and scalable enough to support this data. To enhance processes, organisations should consider horizontal subdividing, which segments data in a way that prioritises the information required for analysis.
We aim to help companies understand how to make information an asset and equip them with the tools needed to improve decision-making that can boost sales, improve customer service and, ultimately, increase market share.
For example, when a global pharmaceutical giant needed to gain better value from its marketing investments, we helped the company in the following way:
• by segmenting its audience based on buying behaviour
• creating promotion response models that predicted incremental sales for every additional dollar spent on promotions
• allocating marketing budgets across 12 channels to maximise return on investment.
As a result, sales of its top-selling brand increased by 15%, with no additional spend on promotions.
Companies need the right tools and the right support to get the most out of their business and their data, and to make the right decisions. The amount of information companies have to contend with is growing at a vast rate and the sooner they can implement the right tools to help deal with it, the better-placed they will be to harness it to their best advantage.