The online gambling industry has experienced a dramatic increase in recent years with many existing and brand new operators taking advantage of technological advancements to join the club on an almost daily basis.
And thanks to continuous developments in web and mobile technology, customers are able to play the majority of online gambling sites and casino games and sportsbooks from anywhere, at any time at the tap of a screen.
With so much competition for gamblers’ spends, operators have to work hard to get their slice of the market and use a wide variety of their own marketing and advertising methods in order to attract as much traffic to their games as possible. But they can also invest in utilizing outside systems to help them along the way – one key system being Business Intelligence.
Business Intelligence is just one arm of the wider global AI market, which is forecast to reach $41 billion by 2030 according to a new report by Grand View Research, Inc. This growth in the market is being led by the rising usage of advanced AI technology and consumer interaction via multiple platforms – including in the iGaming industry.
Rising demand from customers in light of COVID-19 pandemic online habits, AI-powered customer support services and reduced costs when it comes to chatbox technology have all contributed to this growth.
As various businesses see AI and Business Intelligence as a way of expanding their business the iGaming industry is looking to use it to their advantage too. Like any business, online sportsbook and casino operators have to use the right mechanisms to run their business successfully.
Business Intelligence provides them with the tools to do this effectively. Business Intelligence is made up of a combination of different facets but mostly uses data collection and analytics which is a real bonus to online casino companies as they strive to improve their service.
What can Business Intelligence be used for?
Breaking down what Business Intelligence can be used for within the iGaming field is simple, and it all starts with the initial foray into acquiring a license from the relevant authorities to operate their business.
Before being able to offer their service to online gamblers, iGaming companies require a license to operate transparently and fairly and this has to be renewed on a continuing basis. It is at the renewal process where companies must provide detailed and accurate reports of their operations to the authorities and Business Intelligence can help tremendously with providing accurate reliable data instantly.
Once in fully-fledged operation, the iGaming companies can use Business Intelligence to gain a competitive advantage over rival competitors by gathering information on their users. This includes information on why players may only play certain games and not others and what types of games most of their users prefer to play.
With Business Intelligence the iGaming companies are able to cater their services specifically for individual customers to the benefit of not only themselves but of their users too.
They can use the information to maximize profits by pointing their users in the direction of certain games that they know will provide them with bigger incomes, and they supplement this by ensuring that casino bonuses are offered to potential customers in a personalized way.
By mapping gaming patterns from a player’s first visit, the iGaming industry can provide specific offers and bonuses on activities they know the individual customer enjoys – making each further visit fun and benefiting both customer and business.
And this is where it gets even more interesting…
Providing A Personal Gambling Experience
Personalized bonuses to potential customers like those mentioned above are just one small way the iGaming industry can utilize Business Intelligence – but what processes are in place to enable them to do that? Let’s take a brief look at some of them, starting by going into a bit more detail about those personalized offers and bonuses.
Specific Bonus Favorites
Most iGaming companies offer bonuses to both new and existing users such as no deposit bonuses, deposit bonuses, free spins, and free bets. Business Intelligence, using accurate data gathering mechanisms, allows those platforms to analyze individual players’ patterns and habits and provide the right kind of promotion to appeal to them.
Developing enticing games
Similarly, the gambling industry knows that the entire gaming experience is an important part of customer loyalty and uses Business Intelligence to reinforce the most attractive offers and bonuses used by each individual customer. They use the same technology to develop games and slots that garner more attention in a variety of ways – from gameplay to graphic appeal. Put simply, casino games that are consistently played by gamblers are the most profitable.
Player Location Analysis
Using Business Intelligence to determine where certain online slots, spins, and bets are being played and placed is integral for the iGaming industry to develop its expansion strategies. It makes sense for online casinos and sportsbooks to want to deliver their platform to as many locations worldwide so being in possession of this information can help them with this strategy.
The iGaming industry has benefited hugely from the technological advancement in mobile play – its a market that was worth $79.5 billion in 2020 and continues to grow at a rapid rate as the use of mobile devices continues to increase worldwide. Business Intelligence provides iGaming companies with information as to what type of device their customers are using to access their services which enable further product development.
Future Trends in (and by) Business Intelligence…
The main future trend for Business Intelligence will be the ability to continually predict future trends in the iGaming industry! It can provide accurate analytics that can help identify current and future trends when it comes to customers’ gambling habits and allows iGaming companies to develop their platforms and games on a continual cycle to keep ahead of rival platforms.
When it comes to the iGaming industry, it is exactly the same as any other business – the biggest motive is revenues and profits. As we have seen in this article, Business Intelligence provides companies with accurate and reliable data in all kinds of ways in order to help them make the right decisions for their business.
The post How Business Intelligence creates a customized customer experience for the iGaming industry appeared first on .
Social Business Intelligence Is The Next Big Thing In BI
The goal of the Social BI system is to have a better knowledge of data and market value.
Social media and social networks are everywhere! Whether it’s broadcasting information about a recent family event, uploading a picture, soliciting feedback at work, or advertising a new product or event, every facet of modern life (personal and professional) requires sharing and social interaction. Team members and employees used to communicate and discuss information around the water cooler or in the cafeteria in the old days. Collaboration and sharing were aided by Content Management Systems (CMS) and online meeting software, which allowed corporate users to join together to review and update papers and collaborate on projects. As a result, it’s no wonder that today’s business customers want a business intelligence product to have the same level of sharing and collaboration capabilities.
What is Social Intelligence?
Social or collaborative BI is the application of Enterprise 2.0 technologies and practises with business intelligence outputs for the aim of making group choices. Social BI allows business analysts and data mining specialists to participate in the development of post-user-generated analytics. It was first enabled by the fast expansion of social media networks in 2009. While still employing normal analytics tools, this has helped to overcome some of the previous roadblocks to self-service BI. The term “social BI” refers to business intelligence based on social network data.
Social business intelligence is considered a great approach to effectively using human resources both within and outside of a company. The open management of resources and products inside the company allows workers to contribute comments on initiatives they are interested in but are not necessarily working on, as well as greater possibilities for recognition. Customers can have a say in how a firm’s products and services are developed outside of the corporation, ensuring that they are satisfied with the ultimate outcome. Because social business intelligence is a novel idea (and a bit of a buzzword), its definition will evolve over time.
As a result, the data-to-actionable-insights pipeline has been simplified. ThoughtSpot’s BI reporting tools may complete the same activity in three minutes, but an older BI tool may need a team of data scientists and three days to complete. That’s a 900-fold increase in speed. It all starts with analytics based on searches. Our Relational Search Engine may be used by anybody who can input a query into Google. It even provides helpful ideas to help you get through the procedure faster. After a user enters a search query, the engine returns the needed information in the form of a chart or graph in a matter of seconds. Although the data visualisation models are already in their best-fit state, users have the option to modify their look at any moment.
Where is Business Intelligence Heading?
Most social BI systems use a variety of data sources, including:
- People’s reactions to a brand’s social media content and presence are shown through engagement metrics. These social indicators can assist you in gauging public opinion and identifying upward and downward trends.
- Content analytics are measures of how different themes and media kinds perform on social media. These metrics can assist you in determining the effectiveness of your marketing strategies and sponsored campaigns.
- Data from social listening, allows you to listen in on conversations across social media. This information can assist you in determining what people are talking about and how your company might participate in the conversation.
Because social BI includes so much data from so many diverse sources, it creates a large amount of data.
Assess consumer sentiment using social business intelligence
Are your consumers’ opinions of your company and its products or services typically positive, negative, or neutral? Has your opinion evolved over time? If so, when and how will it happen?
Social BI solutions can assist you in gaining a better understanding of how current and future consumers perceive your company and its services. These tools can also assist you in identifying trends and pinpointing the days and times of significant changes. You may utilise this information to figure out which actions have the most impact on customer satisfaction. Then you may do more of the things that promote pleasant feelings and be more proactive about dealing with bad feelings.
Build customer relationships using social business intelligence
Do your consumers frequently express dissatisfaction with your company, products, or services? Do they extol the features and advantages?
You can maintain a tight check on consumer comments using social BI, even if they don’t appropriately identify your brand. That means you can listen to what people are saying about your brand, participate in conversations about it, and respond in ways that help you establish stronger customer connections. These insights might help you make better judgments regarding your company’s customer service strategy. You may also utilise them to enhance your products and services as you respond to the requirements of your consumers.
The firm may cultivate power users that adopt a creative, intelligent approach to data analysis as Social BI spreads throughout the enterprise. A social Business Intelligence platform may promote the same type of cooperation, sharing, and learning within your business as a social media user can ‘Like’ or ‘Share’ a provocative post from another user. The typical business user will have a better knowledge of analytics and grow more comfortable with these approaches as power users emerge and data sharing becomes more widespread, and the firm will witness greater user adoption of BI technologies.
More Trending Stories
- The Tale of Metaverse Immortality! How do People Live After Dying?
- Can NFTs Ever be More than Just Art Before the Bubble Bursts?
- Advanced AI could Lead to ‘the Trolley Problem’ in Future
- Top 10 Python Libraries for Time Series Analysis in 2022
- Why Self-Taught Data Scientists can’t Survive in the Job Market?
The post Social Business Intelligence is the Next Big Thing in BI appeared first on .
8 Ways Business Intelligence Can Improve Your Business
Businesses have started leveraging business intelligence to enhance customer engagement
Companies know they have business intelligence (BI) when they have a detailed view of their data and utilize it to propel change, quickly conform to supply or market changes, and eliminate inefficiencies. Business intelligence shows businesses their historical and present data, helping them make better decisions. It helps companies make data-based decisions by finding ways to, analyzing customer behavior, improving profits, compare their data with competitors, optimizing operations, tracking performance, spotting marketing trends, predicting success, and discovering problems.
BI helps businesses cut costs, spot better business opportunities, and identify inefficient business processes. In this article, we’ll outline eight ways business intelligence can improve your business.
1. Fast decision-making processes
With a BI solution, companies that run on information, such as Augusta Precious Metals, can quickly filter facts from vast unorganized data amounts for instant access. This helps businesses analyze internal information and make efficient business decisions. Business intelligence teams ensure that companies receive real-time business data to direct and guide their choices.
Accessing the correct information at the appropriate time promotes strategic decision-making, management control of supply chains and processes, and accurate forecasting. While collecting data, entering, analyzing, controlling, and using it takes a lot of time and effort, a solid BI solution can help save the day, ensuring fast and smart decision-making processes.
2. Better customer service
Providing world-class customer service makes a lasting impression on your customers and ensures they return for more purchases in the future. Using business intelligence software, you can find and compile repeat customer data to develop techniques such as personalizing their experiences and interactions with your business to compel them to return.
3. Gain customer insights
Customer needs change with evolving market dynamics. They want solutions to their concerns. This has resulted in high demand for built-in business intelligence solutions like customer relationship management (CRM) software. You can know how customers interact with your brand in real-time using CRM software. A CRM system with accurate information can help you discover the ideal ways to reach your clients. It lets you recover the customer intelligence necessary for transforming your business for the modern customer journey.
Businesses can easily segment customers based on their journey using the data insights gathered. These insights can also enable you to target personalized customer experience strategies for different customer batches, helping you optimize your resources by using them on interested prospects to keep accomplishing your growth goals while maintaining the existing customer base.
4. Determine your marketing ROI
Determining your business’s marketing return on investment can be challenging when the market is saturated with social media channels, apps, PPC campaigns, and analytics tools. BI helps them discover whether their marketing strategy is generating ROI. Business intelligence generates facts and data-driven analytical reports you can use to determine what’s working for your business and what isn’t. This allows you to eliminate the ineffective marketing techniques and channel your resources to the result-driven tactics for business growth.
5. Personalized sales strategy
Before pitching to a specific company, your sales and marketing team should understand its competitors, sales numbers, merger details, annual turnover, trading policies, outsourcing customers, and more. If you’re dealing with publicly traded companies, you can quickly find the information you need.
The team can leverage BI tools to determine the lead’s business turnover, budget plans, sale numbers, future growth plans, and other vital information if it’s a private entity. Depending on the research insights gathered, your sales team can personalize a sales pitch and make it more specific, boosting your sales chances.
6. Enhance competitive analysis
While managing and manipulating large data amounts may be a competitive edge, planning, forecasting, and budgeting is an incredible way to remain ahead of the competition, BI can help you achieve it quickly. You can also monitor your competitor’s marketing and sales performance while learning to differentiate services and products.
7. Access mobile information
If your business lacks real-time data access, achieving a competitive advantage can be challenging. With a fully integrated business intelligence solution, you can power your company with vital business information necessary for making critical business decisions on the go from your mobile device.
8. Accurate sales forecasts
Data about future revenue responds to queries like what you’ll sell, who you’ll sell to, and when. This information will immensely benefit your business if it is timely and accurate. Accurate forecasting can help you perfect your order fill rates, increase profit margins and reduce inventory levels. Leveraging business intelligence software insights allows sales and marketing teams to improve their forecast accuracy by accommodating product promotions, seasonal demand, slow-moving items, outliers, causal variables, and more. With easy access to sales history data, you can support forecast accuracy while ensuring better and quicker inventory and procurement decisions.
Investing in and understanding business intelligence can help improve your business. Technological advancements have allowed companies to gather and store vast data. If underutilized, data becomes a burden to and at the business’s expense.
The post 8 Ways Business Intelligence Can Improve Your Business appeared first on .
Can Business Intelligence Overpower AI When It Comes To Business?
By embracing the confluence of AI and BI, businesses can synthesize huge volumes of data into coherent plans of action.
Business intelligence (BI) is a system that collects, saves, accesses, and analyses data to help business users make better decisions. Artificial intelligence, on the other hand, is a means of constructing a computer, a computer-controlled robot, or software that thinks intelligently in the same way that humans do. The study of how people think, learn, decide, and work to solve a problem is the foundation of artificial intelligence, and the findings of this study are used to build intelligent software and systems. The goal of BI is to simplify the process of gathering, reporting, and analysing data. Companies may use BI to increase the quality of their data and the consistency with which they acquire it.
According to Michael F. Gorman, professor of operations management and decision science at the University of Dayton in Ohio, “[Business Intelligence] doesn’t tell you what to do; it tells you what was and what is.” In other words, while BI tools may transform massive amounts of noisy data into a coherent picture, they are not meant to give specific guidelines for how that data should be utilized in decision-making. Companies such as Microsoft, Oracle, and Tableau have created BI solutions for a variety of company tasks such as human resources, sales, and marketing. Businesses may organize data and make historically tough decisions much more quickly by monitoring everything a firm does regularly – and employing data to produce spreadsheets, performance metrics, dashboards, charts, graphs, and other helpful visualizations. In the last three years, the usage of BI systems has increased by roughly 50%.
BI Enterprises use-cases
BI has grown so pervasive and integral to how businesses work that many may be unaware they rely on it. Anyone who has worked with Microsoft Excel or similar spreadsheet tools in a corporate setting has come into contact with BI. Spreadsheets enable organizations to organize, analyze, and visualize data more efficiently than would otherwise be feasible. Many businesses also utilize BI to have a better understanding of their clients. Businesses communicate with their clients using a variety of channels, including emails, chatbots, and social media. BI systems may collect client data from diverse sources and deliver it in a uniform, coherent style. Businesses may obtain a better picture of who their consumers are and how to serve them by gathering and synthesizing data from various touchpoints. Business intelligence is also used by companies to increase operational efficiency. BI technologies may measure important performance indicators in real-time, helping firms to discover and fix problems much more quickly than they could otherwise. Spreadsheets, data visualization tools, data warehousing tools, and reporting software are examples of general BI applications.
Is Artificial Intelligence Necessary in Business Intelligence?
BI and AI are independent yet complementary technologies. The term “intelligence” in AI refers to computer intelligence, whereas the term “intelligence” in BI refers to more intelligent business decision-making that data analysis and visualization may provide. BI can assist businesses in organizing the huge volumes of data they acquire. However, attractive visualizations and dashboards may not always be enough. AI can help BI systems provide clear, actionable insights from the data they study. An AI-powered system can explain the significance of each data point at the granular level and assist human operators in understanding how that data may be translated into real-world business choices. Businesses may synthesize massive amounts of data into coherent plans of action by embracing the convergence of AI and BI.
A wide range of IT organizations, from established behemoths to start-ups, are pursuing this strategy. IBM Research has aimed to “rethink corporate architecture and revolutionize business processes through the integration of AI algorithms, distributed systems, human-computer interface, and software engineering.” CIO Magazine recently featured DataRobot, a firm that provides BI solutions based on predictive modeling and machine learning. DataRobot supported a healthcare organization in adopting AI into its business intelligence tools, according to CIO: “240 physicians and nurses get the predictions and ideas immediately in their PowerBI dashboards, which they can access through tablets and smartphones.” With the help of DataRobot, the healthcare organization was able to identify high-risk patients and design proactive treatment programs.
Business intelligence visualizes data outcomes on a visual dashboard; yet, when data arrives from several sources, dashboards struggle to present the data in an easy-to-read format. However, information may be described at a wider scale using AI, making it easier to draw relevant insights. There is also the issue of skill. In 2019, there is a severe shortage of data analysts. The right processing software can help alleviate some of the issues posed by a skills shortage by performing some of the duties normally outsourced to a data analyst.
Artificial intelligence and business intelligence complement each other perfectly. Artificial Intelligence and Firm Intelligence are demonstrated through AI-powered alerts, which range from basic threshold alerts to complex neural network alerts and assist a business in maintaining complete control of important success elements by alerting them as soon as anything occurs. These AI advancements, when paired with creative business dashboards, will continue to revolutionize the business intelligence sector. All of these companies are moving away from the time-consuming process of searching through data to uncover trends and reacting to costly concerns.
The post Can Business Intelligence Overpower AI When It Comes to Business? appeared first on .
Bachelors Scholarship7 days ago
Stanford University Scholarships In USA 2022-2023 | Fully Funded
Fully Funded Scholarships7 days ago
McGill University Scholarships In Canada 2022-2023 (Fully Funded)
Bitcoin5 days ago
What to know about Bitcoin’s pricing model and whether BTC will be ‘part of it’
Binance6 days ago
Binance Suspends Direct Deposits And Withdrawals In Brazil
Altcoins5 days ago
The many reasons why DOGE believers aren’t done yet
1600 blocks7 days ago
Bitcoin’s Sinking Price Pushes Hashrate Below 200 Exahash, Mining Difficulty Expected To Slide 2.8% Lower
ada6 days ago
Cardano [ADA]: Plotting the path to a 125% rally after 1 August
2:1 ratio of sellers6 days ago
Cumberland Sees Massive OTC Moves During Crypto Market Rout — ‘Most Volume We’ve Seen This Year’