Retailers will identify the type of Business Intelligence that can be accessed to inform their business plan. [printfriendly]
Who is in charge of the project?
It is important to have one individual who is the lead on any of these projects. This person will be responsible for creating much of the work planned and for executing it.
This should also include policy-and-procedure on how this individual will collect BI and how they will report on it etc.
Set goals for BI project
Identified critical areas in your business for BI. Now create goals for your company and staff in regard to each of these areas.
1. We identified that more data would be high-value around eCommerce, and we need to collect the referral sites for visits to our website so a goal could be:
- Collect the top 20 websites that referred visitors to our website.
- List all of the referring websites and how many visitors they send us every month.
2. Social media: In our example the company is not measuring anything, so a goal might be:
- Goal-collect all Facebook analytics for “Likes” per post.
- Shares per post and analyse trends based on content type text vs. image vs video for three months.
- Analyse trends and create new parameters for writing posts based on the most successful types of posts in the last three months.
- Create a plan to increase likes by 10 % and shares by 5%.
Develop collection methods
Determine how the data will be collected from the different eSolutions.
Customer support: For social media, the data will be collected from Facebook insights dashboard and downloaded as an Excel spreadsheet, including number of likes, number of shares, etc.
Develop processes to analyse data
Based on your goals, you will determine what dictates a good or bad trend in your data. For example: In Customer support – social media Facebook insights, if the number of “Likes” is going down for certain type of content, this is a negative trend and should be recorded and analysed; similarly upward trends should be recorded and analysed. This will affect the next step of implementing change.
Develop methods to affect change based on analysis
In the example of customer support, social media Facebook insights, the effect is to meet the goals of increasing the number of “Likes” and “Shares”. The team will analyse the positive trend in order to write more posts like that to drive more traffic, and “Likes” and “Shares”.
Review and adjust
Continue to analyse data and the results of changes made in reflection of analysis. If results continue to provide more positive behavior, then adjust your program accordingly.
Are we meeting our goals? Did we increase “Likes” by 10%? Review also should include: are you collecting enough data? Is it the right data? If not, adjust either the eSolutions and/or data being collected and/or how it is being reported on, to ensure you have the right business intelligence to make best decisions.