Many industry buzzwords are just hype, but some actually do make people think in new ways. In my time in the payment industry, I have seen a lot of them come and go: big data, omni-channel, responsive design, mobile, one-click and conversion, to name a few.
Big Data was the Next Big Thing in e-commerce in early 2013 – and it is just as relevant today with competition in e-commerce getting hotter and hotter. I’d say it is even more important, as long as you turn it into useful data. Into business intelligence.
Almost anyone can start a webshop, but most of them struggle to become profitable and remain that way in the long run. One of the keys to success is to collect and use customer information in a strategic way. But how do you really capitalise on your big data?
As a provider of pay-after-delivery services, arvato Financial Solutions processes lots of raw data every day. That data is valuable for our clients, so we make sure they get it and can use it: transparency is important to us. And we transform the data into the sort of business intelligence that our clients can use.
So what is business intelligence? Wikipedia defines it as “the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes”. That works for me. We focus on removing complexity – not generating lots of data – so that our clients can capitalize on the information they get. So they can use it to improve their business. A strategy based on real BI gives them a competitive market advantage.
That is why we provide an easy-to-use tool, a dashboard, to help clients see the big picture of their business. And we are now launching Business Intelligence Update, a monthly e-mail summary of each client’s key BI figures, linking to their individual business data dashboards. This will allow clients to understand their customers’ behaviour and make strategic decisions based on the facts.
Business intelligence is useful not only for marketing and targeting campaigns, but also on a more regular basis, for example to verify that your business is running efficiently, identify abnormalities and discover trends over time.
In the end, it’s not the amount of data that’s important – it’s what you do with it that matters.
– Marie Flem Honningdalnes
Product Manager E-commerce, arvato Financial Solutions Norway
Convenience in every transaction!