Everyone working in a for-profit industry likes to think that they are making choices and decisions that will be good for their business. Running something as nuanced and personal as a senior living community may require similarly nuanced decision making, but at the end of the day the bottom line is to continue serving our customers. We have to make smart business and financial decisions.
“The proliferation of the digital realm, data and data’s power in making better business decisions has given us more tools and insight than ever before – and that’s definitely a good thing,” says Jason McCloud, Vice President of Digital & Integrated Strategy at SageAge Strategies. “The downside? There are also more options than ever before in terms of smart marketing and business intelligence tools, so it can be overwhelming when you’re first starting out. Sometimes you might not even be sure where to start!”
Today we’ll take a look at the ins and outs of smart business intelligence systems, including why these things matter and how you might implement them into your business decision-making process moving forward.
Why Data and Business Intelligence Matters
It’s driving success at major organizations. Pretty much everywhere you look, but especially in the business section of any major newspaper, you’ll see news about how business leaders and their teams are using data to drive their success. For example, Target Corporation pulls information from its customers to create better experiences. The key is not just having the data – it’s knowing how to extract the value.
Today, everyone uses at least one – and often far more – smart device(s). Even those in the older demographic are quickly adopting smart digital devices as part of their everyday existence. As a business that means you can gain deeper insight into what your customers want and need while your customers can gain deeper insight into your organization (and your competitors) with the click of a mouse or the tap of their thumb.
Your audience wants information. They don’t want just any information though – they want information and marketing that is tailored to their needs and unique experiences. Data empowers you to make better decisions about how to customize your approach to your audience, thus increasing your chances of success in reaching them.
Business intelligence allows you to know your audience better. Knowing your audience better means, as mentioned, that you can make smarter, faster and more relevant decisions about how to reach and approach your audience.
More efficient = more money. The data you gain through smart business intelligence systems can reveal areas of your business where you can become more efficient or perhaps even automated. This can eliminate redundancies, speed up specific processes and ultimately save you money.
The Main Categories of BI and How to Develop Systems Around Them
Business intelligence is a deep and nuanced topic that could be the subject of ten blog posts! But you can get the ball rolling with these tips:
Reporting and Data Gathering: This area of BI involves developing documentation with useful business information. A simple and immensely useful example of this form of BI is a weekly or bi-monthly report on a social media campaign you are running. It should provide the reader with insight into the details of the campaign, what’s working, what isn’t and why, so that you can make smarter decisions moving forward.
Analytics: Analysis involves examining why a particular outcome occurred. This is key because data by itself is basically worthless; it’s what you do with the data that matters. You can accomplish basic data analysis in a variety of ways but some of the most simple, include Excel spreadsheets with KPIs and outcomes, data queries that involve the use of software to pull specific information from your database and charts and graphs that visually represent data in a way readers can understand holistically.
Monitoring: The growth of the digital realm, and the data that comes along with it, means there are more opportunities than ever to monitor relevant data in real-time, meaning you can make faster and more informed decisions based on concrete information. Some key components of effective monitoring are dashboards or centralized locations where all your metrics are housed and KPIs which give you a benchmark from which to measure progress and ROI.
Predictive Technology: Perhaps the most “mystical” of all the BI categories is this one. Yet, it can also be one of the most powerful. BI methodologies can be used to try and predict what will happen next both in terms of business trends, campaign outcomes, customer decisions and more. This sort of BI often involves deeper dives, like data mining and predictive modeling.
Business intelligence systems are not exactly easy to grasp immediately but their value is apparent from a variety of perspectives. We’ve helped many senior living organizations gain a leg up on their competition by putting data and business intelligence systems to work for them – a strategy that often leads to not just increased revenue but money savings, too. See what smart business intelligence strategies can do for you!
Proven Sales and Marketing Expertise That Connects with Today’s Seniors
If you are managing a senior living community and are in need of expertise in precisely profiling, targeting and connecting with your target markets, contact us for more information today. SageAge Strategies is a multiple award-winning, strategic growth and marketing organization that operates exclusively in the senior living industry. For more information, please call or e-mail Adrienne Mansfield Straub at 570-601-1720 ext. 100 / firstname.lastname@example.org.