Digital Twin: A Strategic Approach

Introduction

In the last two years, we heard a lot about the Digital Twin and its application within the manufacturing industry and prototyping, nowadays, the concept of the Digital Twin had been introduced to the construction industry in different ways, for the successful achievement of the Digital Twin Approach, more adaption, and series steps need to be taken into consideration, this article will introduce a very fast and smart way on how can you implement the Digital Twin with a minor cost.

The Digital Twin Concept & Definition:

Digital Twin is simply a replica of the physical facility in a digital environment and vice versa. The concept of the Digital Twin dates back to a University of Michigan presentation to the industry in 2002 for the formation of a Product Lifecycle Management (PLM) center. Hence it was mainly articulated for the manufacturing and products industry.

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The Framework of Digital Twin in AECO Industry:

Nowadays, AECO industry try to cope with the digitalization revolution that we are witnessing, they are trying to reflect the Digital Twin concept on the construction industry starting from the early phase of the project.

Digital Twin is a strategic framework that shall be defined in any project brief and pre-conceptual stage, in which, Owners and Developers will have a clear roadmap as they are moving forward.

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The Digital Twin to be achieved mainly depends on two main pillars as following:

Static Data: The type of data that couldn’t be changed, updated, or removed, it’s the data that is filled and embedded within the BIM models during the design and construction phase, that is like:

Portfolio Information: Portfolio Name, Geo Location, GIS, Involvement

Project & Zoning Information

Assets Information: Warranty certificates, Datasheets, Assets information (manufacturer, serial no, catalogs, etc.), Assets location in the facility, Technical classification, and so on.

Dynamic Data: to achieve this type of data gathering you need to depend on IoT, in which you will install sensors and sensitive transmitters in the most of the maintainable assets in order to collect and gather readings and performance analysis on a daily, weekly, and/or monthly basis. These data will be synchronized with the Digital Model in a platform called Computer Aided Facility Management that will handle all the operations, additionally, it will be the host and receiver for both Static & Dynamic Data along with the Digital Model.

By having two-way (In & Out) data synchronization, you will achieve the digital twin.

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Integration Platform: VCAD solution + Power Bi

The form of data will be represented like the screenshot in the below figure, in which the model itself and both types of data are represented in one platform using VCAD Solution and its integration with the powerful data visualization software “Power Bi”.

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The figure attached is a screenshot from the VCAD website itself and definitely, you can go to this link and try different reports and templates, hence you can utilize this solution within your Digital Twin Approach. Click Here

The Automation of Digital Twin

To have an efficient way of Digital Twin Management, AI shall be employed with a Machine Learning Engine, in which it will gather, collect and analyze data leveraging deep learning methodology to have the facility being managed remotely and digitally.

The methodology itself has no specific duration depending on the size of the facility as well as the quantity of needed data in order to run the ML Algorithms.

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Initiate & Integrate Concept

These are the concepts that shall be followed while putting an in-house strategy for your assets to be managed in a Digital Twin Environment.

Initiate Concept: from the work initiation we can understand that this concept shall be utilized in the early phase of project definition and kick-off, hence it’s preferable for the NEW PROJECTS.

Integrate Concept: this will work with the existing assets and projects, in which 3D & Laser scanning will be leveraged in order to have a point cloud model that can be easily converted to a 3D BIM model, thanks to the current technology.

The Digital Twin Prerequisites and Benefits

In order to have a Digital Twin in place, the following shall be defined:

  1. Organization Information Requirements
  2. Assets Information Requirements along with Projects Information Requirements
  3. Intelligent Building System
  4. IoT Strategy (Solution Provider)
  5. CAFM Solution or Equivalent (Integration Platform & APIs)
  6. Reasonable Budget

Once we have the previous in house, we can be benefited from the Digital Twin approach for the following:

  1. Data-Driven Decision Making
  2. Preventive Maintenance
  3. Digital, Automated & Remote Assets Management
  4. Improved Efficiency

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Sketches

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The Digital Twin Capsule

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Resources

Microsoft paves digital twins’ on-ramp for construction, real estate

 

Microsoft launches Azure Digital Twins in general availability

Developments in digital twins

https://www.bimservices.it

 

Digital Business Strategy

In today’s society, technology has developed to become more than just hardware and software. As digital technology becomes more prominent and businesses embark on the path of digital transformation, digital strategy and business strategy will become synonymous. The phrase “digital strategy” is still applicable for directing efforts on digital activities for the time being. For many people, digital business has become a way to acquire a competitive advantage in the market. Individuals must, however, be open-minded to engaging in digital marketing.

 

Future of digital business strategy 

Gen Z and Expanding Reach 

Firms and entrepreneurs will need to rethink their digital marketing efforts as more Generation Z users reach adulthood. Companies don’t have to make major changes, but Gen X and boomer-targeted strategies will become outmoded over time.

Gen Z is looking for a unique experience, which needs more targeted and successful digital marketing efforts. According to experienced digital marketers, Gen Z and millennials will become “the” target demographic for most businesses, needing a more responsive and tailored approach.

Globalized Shared Mission 

The importance of collective efforts in digital marketing has already been established. However, before employing new digital marketing tools or launching ad campaigns, more businesses will embrace a common and global approach. In short, a global perspective would enable companies of all sizes to broaden their reach and streamline different operations.

Entrepreneurs and small businesses can also gain the trust of their target audience by employing numerous digital channels to deliver marketing messages. It will also help companies overcome market distrust and reposition their value proposition.

SEO, Data Analytics, and Artificial Intelligence

The digital marketing world now includes SEO, data analytics, and artificial intelligence (AI). Businesses will automate more digital operations as AI advances, allowing them to make informed business decisions based on data analytics insights.

According to one report, more than 85 percent of digital ad execution will be automated in the not-too-distant future. The “technique” by which you obtain and render insights from a data analytics tool, on the other hand, will differ. With automated programmatic advertising in place, more organizations would focus on smart technology to identify audiences and arrange ad space through intensive data research.

Heightened Personalization 

KPI tracking and other digital marketing technologies will continue to play a key role in individualized targeting. Personalization has become an important part of running successful ad campaigns and communicating with target consumers. For businesses to convey value through narrative, each component of an advertisement is required.

Entrepreneurs and small firms will need to be more critical and reflect on earlier efforts in the new digital marketing era. For example, the ad’s clear language demonstrates the brand’s goal and confidence. Users will choose brands that are unafraid to express their essential message.

Use of Augmented Reality 

AR technologies are at the top of the list of digital solutions that help small businesses connect with their customers. Many businesses are already implementing augmented reality technologies to help them grow in the next years. The majority of digital marketers believe that augmented reality will play a big role in the future and will help eCommerce businesses chart a new path.

Voice Optimization 

With a greater reliance on automated digital assistant solutions, digital marketing initiatives will become more categorical and objective. Voice search, whether through Cortana, Alexa, Google Assistant, or Siri, continues to gain traction. Rather than typing, more consumers choose to speak directly to a digital assistant.

It’s worth noting that keyword optimization for voice-based search is rather different. That’s because when individuals want to adapt and begin utilizing their digital voice assistant, they employ more realistic and practical keywords and phrases. As digital assistants’ voice recognition capabilities improve, digital marketers will focus on a more unique SEO technique to optimize business sites for voice search.

You may not realize it, but more than 70% of people who have one or more activated digital assistants prefer to utilize voice instructions over typing. The essential strategy of SEO is the same as that of speech recognition. The focus, however, will be on a new form of keyword and phrase that people use daily. As voice recognition technology progress, digital marketers will be able to target more accurate voice search results for ad campaigns and boost SEO efforts.

Google says that voice recognition in digital assistants is close to 95% accurate. Digital marketers will employ natural long-tail keywords rather than basic text-oriented keywords since voice recognition search results are more precise.

Omnichannel and Integrated Approach 

Small businesses and entrepreneurs will no longer have to limit themselves to a single Facebook page for their online presence. Businesses will be engaged on multiple digital channels and platforms to meet increasing market expectations and consumer wants.

Fortunately, multiple services exist to assist businesses in maintaining a uniform omnipresence. In the coming years, businesses will be able to integrate their main message and value offer for a specific target group across many platforms. With a single omnichannel digital marketing approach, more businesses will be able to understand their customers’ changing behavior, location, and preferences.

Expect More Awareness 

Whether you’re using digital marketing to generate leads, convert customers, or raise brand awareness, you’ll need a large target audience. Because there is now more market and consumer awareness, the future of digital marketing is bright. Businesses can also utilize a variety of smart tools to collect a plethora of data and conduct in-depth studies of their target market. It’s a brand-new technique of approaching the audience. In reality, thorough market and customer research allow companies to capitalize on previously unexplored prospects.

Businesses do not need to be well-versed in all aspects of new technologies. The mechanics of a smart tool are important, but organizations that aim to expand their digital marketing strategy will get the best returns. It is for this reason that B2C and B2B players will need to innovate.

What was once a popular digital business strategy would become obsolete in a few years? When it comes to digital business strategy, there is always a paradigm change that encourages businesses and entrepreneurs to create more tailored content, follow new SEO guidelines, and use smart digital technology.

Small businesses can afford to ignore growing trends in digital marketing if they want to keep up with the times. The trick is to figure out how a particular trend will affect the digital business environment and the company’s position.

In the future, the internet purchasing landscape will be more diverse, and users from ethnic minorities will seek a more inclusive approach. It will be no longer just about click-through rates when it comes to digital business strategy; it’s also about how firms contextualize emerging trends and approach their target audience for diverse goals.

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REFERENCES 

  • Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. V. (2013). Digital business strategy: toward the next generation of insights. MIS quarterly, 471-482.
  • Kitsios, F., & Kamariotou, M. (2019, September). Digital business strategy and information systems planning: Determinants of success. In International Conference on Innovation and Entrepreneurship (pp. 514-XX). Academic Conferences International Limited.

Digital Platforms Revolution

Digital Platforms Revolution

The digital platform revolution has ushered in a new era of doing business. From firms that own and control their resources to firms that manage and orchestrate them, technological change has revolutionized production, connectivity, and distribution. A key feature of this revolution is the digital platform – an online intermediary that links producers, consumers, and service providers, and takes advantage of its reach and network.

Fuelled by cost reductions in the storage and manipulation of data, this impressive rise of digital platforms is taking over a number of brick and mortar business activities, blurring the lines between the physical and the digital world.

Digital Platforms: What do they do?

The digital platform can generally be defined as:

“A business based on enabling value-creating interactions between external producers and consumers. The platform provides an open, participative infrastructure for these interactions and sets governance conditions for them. The platform’s overarching purpose: to consummate matches among users and facilitate the exchange of goods, services or social currency, thereby enabling value creation for all participants.”

While platforms provide a wide range of services, most of them offer two crucial benefits to their users, be they individuals or SMEs. They reduce search costs by facilitating matchmaking in one place at one time, and they save on shared costs for both buyers and sellers by providing an infrastructure for transactions. They also enhance the efficiency of market and resource allocation through continuous gathering and processing of data. 

Types of platforms

Digital platforms operate in distinct ways, attract various customers and create various types of values and exchanges. Every interaction involves three types of exchange: information, goods or services, and some form of payment (monetary or non-monetary). There are four different drivers for their business models: customers, inventory, value, and access.

Business-to-business or business-to-consumer

Different platform business models cater to different customers. There are business customers, captured through business-to-business (B2B) transactions, and individual customers, captured through business-to-consumer (B2C) transactions. This difference in turn affects platform design and operation.

B2C transactions tend to be stand-alone purchases and are less labor-intensive, allowing platforms to capitalize on the one-size-fits-all approach in the checkout process and across different product groups. The seller sends the product directly to the buyer via express delivery or postal parcel, as part of an ecosystem that includes e-commerce platforms, e-payment providers, and delivery services. This model presents challenges for regulators, particularly customs authorities, in handling the growing number of high frequency, low-value items traded across borders.

With B2B transactions, which tend to be larger than B2C, the risks are bigger. Transactions levels are often higher, customers may have more specific expectations and be more demanding, and the process may involve a number of people in the decision-making. This calls for more communication to tailor the purchase to the customer’s requirements, making a one-size-fits-all approach less useful. B2B platforms thus focus much more on providing straightforward, useful information and more finely honed customer service.

Global B2B e-commerce, of which platforms are an integral part, is almost eight times as large as B2C. More than half of international trade in services is in intermediate services (B2B), as opposed to final services (B2C). Moreover, global B2B e-commerce typically happens within, and in relation to, value chains, and is affected by compliance with the relevant technical requirements and associated governance structures, The enterprises involved in these transactions tend to be larger in size, such as online retailers selling medical equipment to hospitals. Developing countries – and their SEMs – generally have less access to the more lucrative B2B.

Marketplace or inventory based

Platforms are usually based on the marketplace model or the inventory-based model. In the former, the platform acts as a facilitator for multiple retail companies, each managing its own inventory, while the platform itself owns none. In the latter – Amazon being a prominent example – the platform acts as both a facilitator and a vendor. It manages its own inventory, making use of economies of scale and dispatching orders directly to customers, while also allowing other firms to participate. There is, however, a potential threat to the latter model: platforms can behave in a non-competitive way. Since the platform sets the rules of engagement with businesses and customers and sells its own inventory, it can do so in its own interest, which may not always coincide with that of other sellers and buyers.

Wide-ranging exchanges

 Many types of value units can be exchanged on platforms:

  • Services (on such platforms as Uber, Airbnb, and UpWork)
  • Product marketplaces (Amazon and eBay)
  • Payments (PayPal and WeChat Pay)
  • Investments (Kickstarter and Crowcube)
  • Communications (WhatsApp and Skype)
  • Social interactions (Facebook and LinkedIn)
  • Software and application development (operating systems and application stores)
  • User content (YouTube and Twitter)
  • General search (Google and Bing)
  • Social gaming

Platforms can expand their domain, modifying the value unit that they offer and the activities that support what they offer.

Free or fee-based

While digital platforms are increasingly offering free access to their users, there remain at least some features that are provided only to those who subscribe and pay fees. Shopify, for instance, allows only its paying subscribers to list their products on its e-commerce platform, track delivery, and receive payments. Gumroad and Big Cartel are free-based niche platforms allowing artists to sell their products and offer other services, such as business and market analysis.

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REFERENCES

  • Kaplan, A. M. (2015). Social media, the digital revolution, and the business of media. International Journal on Media Management, 17(4), 197-199.
  • Bresciani, S., Ferraris, A., Huarng, K. H., & Malhotra, A. (2021). Digital transformation as a springboard for product, process and business model innovation. Journal of Business Research, 128, 204-210.

 

 

Digital Marketing as a Science and not as a Job

Digital Marketing as a Science and not as a Job

Over the years, marketing has changed dramatically. People used to buy from people they knew and trusted, but with the current market saturation, there is more competition for business. Individuals don’t always have the option of buying from people they know and trust, therefore digital marketing is crucial. Should you take digital marketing as an activity or science to market your company? The question is whether digital marketing is more of a science or an activity.

What exactly is digital marketing?

The promotion of goods and services through digital technologies is known as digital marketing. Digital technology includes things like the Internet. It is not, however, the only one. Digital marketing also includes leveraging display advertising, mobile phones, and other digital media to promote services and products.

Digital Marketing as a Science

A big part of digital marketing is focused on figures, such as return on investment, click-through rates, and cost per lead. Work goes into evaluating the market, determining how to build significant connections, and combing through figures even before you write your business plan. Indeed, many digital marketing jobs might make you feel like you’re in a lab coat. Reviewing your results and making adjustments isn’t all that unlike running a scientific experiment.

However, your marketing should not be a test. The more time and money you waste on futile activities, the more time and money you waste. At the same time, data analysis cannot be completely abandoned. For good reason, data is the most valuable commodity on the planet today. Your marketing will be like throwing darts in the dark if you don’t examine the demographics of your target market. Again, a large amount of time should be spent on digital marketing as part of your business plan.

Digital Marketing Analytics

Scientific digital marketers use marketing analytics to assess the success and value of their campaigns, spot trends and patterns over time, and make data-driven decisions.

Marketing analytics tools help you achieve four goals in general:

  • To maximise business impact, measure campaign performance. Understand total ROI, review standard metrics, and construct more complicated market mix models.
  • Find marketing performance possibilities by segmenting visitors to see who responds to whatever marketing technique. (Some ads, for example, perform better in specific locations or on mobile devices.) You can observe who is viewing your emails, see your unsubscribe rate, and test subject lines with email marketing.)
  • Recognize your clients: To help anticipate campaign success, analyse customer demographics and behaviours, identify target audiences, and develop statistical models.
  • Understand your competition: Based on market research and competitive analysis, adjust your plan.

Perks of Scientific Digital Marketer

Left-brained thinkers, in contrast to right-brained thinkers, see the world as a science-driven, fact-based reality. They usually function on the basis of logic, facts, and analysis. It’s crucial to stress that this doesn’t mean left-brain thinkers aren’t creative or don’t grasp the human element—it just means that given the option, they’d rather rely on verified facts.

It’s a common thought process in marketing, with over 65 percent of marketers believing that data-driven marketing is increasingly crucial in the digital age. Scientific marketers had significantly less research to rely on in the past, before the increase in internet use and the accompanying reliance on mobile phones. Only publicly available data items, such as demographics, macroeconomic statistics, and sales numbers, may be used by scientific marketers. But now a scientific marketer understands how much it is important to set a target before setting the key performance indicators.

The amount of data that may be obtained has become nearly endless with the introduction of digital technology. “Dark spots” in hard data aggregates no longer constrain scientific marketers. With the use of technology, consumers, their interests, likes, and even their locations can be easily followed, measured, and evaluated.

When it comes to digital marketing, the appropriate scientific strategy is to communicate your message first, then gather, assess, and analyze response data. It necessitates the use of the left side of the brain in order to comprehend all of the numbers and their meanings. Fortunately, computers can handle much of the data collection and analysis. Though you shouldn’t rely entirely on data as a marketer, it’s critical to evaluate it on a frequent basis to ensure your strategies are functioning.

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REFERENCES

Saura, J. R. (2021). Using data sciences in digital marketing: Framework, methods, and performance metrics. Journal of Innovation & Knowledge, 6(2), 92-102.

 

Decentralized Financial Management

Decentralized Financial Management

Decentralized Financial Management (DeFi) is an open and global financial system built for the internet age – an alternative to a system that’s opaque, tightly controlled, and held together by decades-old infrastructure and processes. It allows you to have complete control and visibility over your finances. It exposes you to global markets and provides you with alternatives to your local currency and banking options. DeFi products allow anyone with an internet connection to access financial services, and they are mostly owned and maintained by their customers. DeFi applications have so far attracted tens of billions of dollars worth of cryptocurrency, and the number is growing every day.

Understanding Decentralized Finance Management

To understand decentralized finance and how it works, it helps to understand how centralized finance differs from decentralized finance.

Centralized Finance

Your money is kept by banks, corporations whose overarching objective is to make money through centralized finance. Third parties who facilitate money flow between parties abound in the financial system, each charging a charge for their services. Let’s say you used your credit card to buy a gallon of milk. The charge is sent from the merchant to an acquiring bank, which then sends the card information to the credit card network.

The network cancels the charge and asks your bank for payment. Your bank approves the charge and transmits it to the network, which then delivers it back to the merchant via the acquiring bank. Merchants must pay for their ability to use credit and debit cards, so each organization in the chain receives paid for its services. All other financial activities are costly; loan applications might take days to process, and you may not be able to use a bank’s services while abroad.

Decentralized Finance

By allowing people, merchants, and corporations to perform financial transactions using developing technologies, decentralized finance eliminates intermediaries. Peer-to-peer financial networks that use security protocols, connectivity, software, and hardware developments are used to achieve this.

From anywhere you have an internet connection, you can lend, trade, and borrow using software that records and verifies financial actions in distributed financial databases. A distributed database is accessible across various locations; it collects and aggregates data from all users and uses a consensus mechanism to verify it.

Decentralized finance uses this technology to eliminate centralized finance models by enabling anyone to use financial services anywhere regardless of who or where they are.DeFi applications give users more control over their money through personal wallets and trading services that cater to individuals.

While taking control away from third parties, decentralized finance does not provide anonymity. Your transactions may not have your name, but they are traceable by the entities that have access. These entities might be governments, law enforcement, or other entities that exist to protect people’s financial interests.

 

DeFi supporters claim that this new system will eliminate the need for banks and other traditional financial third parties to execute all types of transactions. But, in order to completely comprehend what this new system entails and how it functions, we must return to the beginnings of cryptocurrency.

Bitcoin and Ethereum

There was Bitcoin in the beginning. The original crypto promised a revolutionary repudiation of banks and financial organisations exerting their levies and control on peer-to-peer payments when it was invented in 2008 by the pseudonymous Satoshi Nakamoto.

Bitcoin and the decentralised blockchain technology that underpins it have spawned not only 8,000 other cryptos but also a thriving industry that includes crypto wallets, cryptocurrency exchanges, NFT marketplaces, virtual land aggregators, decentralised autonomous organisations, and funds in the 13 years since their inception.

Ethereum was one of the inventions that sprang out of Bitcoin and its blockchain. Vitalik Buterin, a young Russian-Canadian, invented the platform in 2013 and debuted it in 2015. The Ethereum platform came with its own blockchain, Ether as a token, and Solidity as a programming language.

“When we consider Bitcoin, we might consider it to be a DeFi decentralised payment system. You’re ready to take it to the next level now “Euronews Next spoke with Dr. Merav Ozair, a top blockchain researcher and a FinTech professor at Rutgers Business School.

“Bitcoin can only be used to make payments. That is all there is to it. There’s nothing else. As a result, you might consider Ethereum to be the next generation. ‘OK, this is a wonderful concept, Bitcoin,’ Ethereum said. Let’s make a playground where all other applications can take place “she stated.

Ethereum took the blockchain beyond a basic payment mechanism by giving developers the ability to design complete programmes that could be stored on it. Smart contracts began to be known as a result of this.

How Does Decentralized Finance Management Work?

Decentralized finance uses the blockchain technology that cryptocurrencies use. A blockchain is a distributed and secured database or ledger. Applications called dApps are used to handle transactions and run the blockchain. In the blockchain, transactions are recorded in blocks and then verified by other users. If these verifiers agree on a transaction, the block is closed and encrypted; another block is created that has information about the previous block within it.

The blocks are “chained” together through the information in each proceeding block, giving it the name blockchain. Information in previous blocks cannot be changed without affecting the following blocks, so there is no way to alter a blockchain. This concept, along with other security protocols, provides the secure nature of a blockchain.

The Future of DeFi

Decentralized finance is still in the beginning stages of its evolution. For starters, it is unregulated, which means the ecosystem is still riddled with infrastructural mishaps, hacks, and scams. Current laws were crafted based on the idea of separate financial jurisdictions, each with its own set of laws and rules. DeFi’s borderless transaction ability presents essential questions for this type of regulation. For example, who is responsible for investigating a financial crime that occurs across borders, protocols, and DeFi apps? Who would enforce the regulations, and how would they enforce them?

The decentralized finance ecosystem’s open and distributed nature might also pose problems to existing financial regulation. Other concerns are system stability, energy requirements, carbon footprint, system upgrades, system maintenance, and hardware failures. Many questions must be answered and advancements made before DeFi becomes safe to use. Financial institutions are not going to let go of one of their primary means of making money—if DeFi succeeds, it’s more than likely that banks and corporations will find ways to get into the system; if not to control how you access your money, then at least to make money from the system.

 

 

How to leverage Business Intelligence within Corporates

How to leverage Business Intelligence within Corporates

Digital marketing offers a significant benefit over traditional marketing in that it is easily trackable, allowing for extensive business intelligence (BI). Almost all online marketing channels have built-in analytics or can be combined with a third-party solution to track how people interact with them and assess their effectiveness. Big data, on the other hand, comes with a lot of responsibility, and it’s critical to make sense of all these figures and put them to work for you.

To obtain, organise, analyse, and display data derived from many sources, business intelligence employs a number of tools and strategies. Using a variety of business intelligence techniques, you may take a data-driven approach to your digital marketing strategy and drastically boost campaign performance.

Business intelligence’s main goal is to help you take advantage of the constant flow of data generated by modern marketing platforms and use it to make better business decisions. Manually sorting and evaluating this sea of data can be time-consuming for some and nearly impossible for the majority. Fortunately, in the digital age, we have access to sophisticated tools and artificial intelligence to assist us and make our jobs easier.

To deliver comprehensible information, a business intelligence solution can integrate data from your CRM software, social media, email campaigns, site-wide tagging, and all other sources. Continue reading to learn how to incorporate business intelligence into your digital marketing strategy and significantly improve the performance of your campaigns.

Find the Right Business Intelligence Tools for Your Company

There are numerous excellent BI tools available, each with a plethora of useful features. To make an informed decision and a wise investment, first define your goals and consider which ones add value to your strategy without incurring additional costs. After all, there’s no point in buying the most expensive solution on the market if you’re not going to use all of its fancy features.

Consider the following factors when determining which software will best meet your requirements:

Who will use it?

Examine your human resources and think about who will be using the business intelligence software. Is it going to be a techie, an analyst, a marketer, or just an ordinary person? Pro solutions can be very advanced and produce detailed results, which is why they frequently require an experienced analyst to operate them. Experts know what to do with data, and the business intelligence programme will assist them in doing so more quickly and precisely.

Furthermore, if you purchase such a tool but do not have an expert on your team, it may be difficult and time-consuming to educate someone to become familiar with it, and they may never become fully fluent in it. As a result, you won’t be able to fully utilise all of the software’s features. Self-service solutions, on the other hand, can be managed by any marketer on your team but give you less control over the tasks you can complete. This means that if you have data analysts on board who know their way around the data and want to be involved in every step of the process, they may see the automated software as a complication rather than a benefit.

Overall, the BI tools you invest in should be appropriate for the level of expertise of your team members. To make the best decision, consider your company’s manpower as well as their ability to work with the new software. If you lead a small team, you can even invite everyone involved to participate in the research and decision-making process. To summarise, even the smartest solutions, if not implemented correctly, will fail to deliver the expected results and may become a waste of time, money, and resources.

Embrace The Data-Driven Approach

Big data powers business intelligence. However, in order for raw data to be transformed into intelligence that can be used in your digital marketing strategy, it must first be transformed, stored, analysed, dashboarded, and visualised. Many modern solutions are self-service, which means they can be managed by users with no technical or analytical background. The processes are automated, and the program’s interface is simple to use.

 However, as previously stated, if you have advanced users on board, you may want to invest in a tool that gives the user more control and involvement in the processes.

 In business intelligence, data is processed in a series of steps that, depending on the tool, may have varying degrees of self-service:

Gather and Store the Data

Of course, it all starts with generating data from the platforms and channels you use, such as CRM software, social media, website tracking, and analytics from various channels. This data is unprocessed and must be cleaned, sorted, and transformed before it can be used. Some tools use raw data from data lakes and perform data transformation in-app, whereas others require a connection to a data warehouse where the data has already been transformed.

Organize and Analyze the Data

Following that, the data must be organised into models or online analytical processing (OLAP) cubes. The goal of this step is to standardise the information into consistent and manageable forms that can be analysed and understood. When the data is ready, analytics professionals and business users can run analytical queries against it. The process is simplified in self-service tools and can often be completed by entry-level users with a point-and-click interface. The software analyses and aggregates data before converting it into meaningful and structured information.

Manage the Data

Finally, the modelled data is used to create dashboards, visualisations, and reports for decision-makers to use in strategic and tactical planning.

Enjoy the Benefits of Using Business Intelligence in Digital Marketing

Business intelligence can be a powerful tool for the success of your marketing department. Using a data-driven approach allows you to realise the full potential of your digital campaigns and optimise the ROI of marketing channels.

Furthermore, by digging deeper into the data, you can gain valuable insight into your customers’ preferences and purchasing habits. You can feed historical data and real-time market data into your tools and cross-reference it with data from other sources to create accurate predictive models that can assist you in making informed decisions.

Concluding Thoughts

Many businesses question the effectiveness of their marketing department and wonder if the investment in digital channels is worthwhile. Using business intelligence tools and tactics enables marketers to focus on tried-and-true strategies, adjust course in real-time, and back up their decisions with data. A data-driven approach to marketing budget and resource distribution will allow you to optimise campaign performance and ROI while also running a transparent and efficient strategy.

 

REFERENCES

  • Rud, O. P. (2009). Business intelligence success factors: tools for aligning your business in the global economy (Vol. 18). John Wiley & Sons.
  • Boyer, J., Frank, B., Green, B., Harris, T., & Van De Vanter, K. (2010). Business intelligence strategy. A Practical Guide for Achieving BI Excellence, Ketchum, USA.
  • Jalil, N. A., & Hwang, H. J. (2019). Technological-centric business intelligence: Critical success factors. Int. J. Innov. Creat. Chang.