Product Intelligence and Business Intelligence Analytics: Why You Need Both

Products are a part of our life. We start and end our day with many products. Every product we consume has an irreplaceable value to our lives. Now, big companies like Apple and Amazon come up with great business intelligence and data analytics to unravel product matching in eCommerce. In simpler terms, when Alexa plays your favorite song or Siri makes a call for you, it didn’t happen in a day.

These companies gather, analyze and act on the data collected by their best product intelligence.

Product matching software helps in understanding consumer behavior over time. Furthermore, it is one of the biggest problem-solving tools to come up with a better and faster user-friendly product for consumers.

That’s when the companies hit the jackpot.

If you want to do the same, keep reading this blog. As we are going to unravel some concepts like business competitive intelligence product analysis, business analytics software uses, and much more that will help to retain your consumers with better solutions.

So, let’s dive right in.

What is Product Intelligence?

Product intelligence means measuring customer satisfaction with your product and getting a deeper understanding of why they are using it.

Product intelligence by WebDataGuru helps in driving this change and getting your audience hooked to your product.

Product intelligence includes the tools like product matching software and competitive intelligence product analysis to actually make a product that helps you stay competitive and innovative. After all, giving the best experience to customers is what matters the most.

While we are talking about product intelligence, it is vital to note that the concept is different from Business Intelligence. We will get into business intelligence and data analytics in the later part of the blog.

Product intelligence focuses on

· Intricate functionalities of a product

· Understanding user experiences

· How competitive intelligence product analysis can drive results

· Insights derived after data collected from conducting product matching in eCommerce

Why Product Intelligence is Significant?

You must understand a fact that product intelligence is to remain relevant and provide the best for your consumers.

Product intelligence platforms like WebDataGuru and PriceIntelGuru offer a wide range of tools to find the best solution for your business.

In today’s digital era, we are connected via many platforms and devices. Likewise, our consumers are also connected and are constantly exploring new choices to have new experiences.

Now, product matching software plays an integral part in product intelligence.

How, you ask?

Firstly, the products we use are mirrors of our personal choices, financial capacities, preferences for entertainment, inspiring capabilities and much more. Secondly, products make us define our quality of living, and similarly, companies need to know when these preferences and abilities change in order to adapt according to the dynamics.

That’s where product matching software comes into the whole scenario.

It makes a lot more sense than when we have a product that literally connects to our inner self, we will be inclined to buy that product.

But, how does a company understand consumer behavior? They conduct in-depth research and data collection from all the eCommerce platforms.

There product matching in eCommerce plays a crucial role.

Product intelligence help retain a customer for a longer period.

That’s the reason big companies put millions of dollars to just understand the choices a consumer makes while buying a product.

Understanding Prominence of Competitive Intelligence

Additionally, competitive intelligence product analysis aids in beating the competition. Often, customers want an experience and are willing to pay a premium to get that satisfaction. But companies fail to get a clearer idea at the beginning due to a lack of product and business intelligence and by the time they realize customers are already leaving.

Sound similar? Well, we know that’s the most common case scenario.

Competitive intelligence product analysis and product matching software can help the best in such cases.

Product intelligence is used by product marketers, product managers and product designers in particular.

Consumer feedbacks are the most efficient way to get the data.

Competitive intelligence product analysis helps in analyzing customer feedback in the most effective way.

You can run follow-ups, have interesting offers sent out to loyal customers. To top that, you can also track your product performances via product matching software. Thereby giving you an edge in competitive intelligence product analysis.

As we cleared that product intelligence is vital for a business, let’s get a closer look into the business intelligence part of it.

Now, business intelligence and data analytics are also quite diverse and profound. Business analytics software and product matching in eCommerce are two very intertwined subjects in AI and big data.

As we all know that data is the most valuable asset any business can have, so is business intelligence. Let us explore more.

What is Business Intelligence?

Business Intelligence is normally software that provides reports, insights, valuable charts and growth graphs after we put the organizational data into it.

Business intelligence and data analytics is provided by SaaS companies like WebDataGuru exclusively for manufacturing industries.

Moreover, business intelligence and data analytics tools are complicated processes that help simplify your operational needs. Having said that, it helps you organize and analyze the operations and enables you to make an informed decision.

While product matching software helps design a better product, business intelligence helps in making faster, accurate and effective business decisions.

Significance of Business Analytics Software for Business Intelligence

Business intelligence is a concept and in order to achieve that you need a base. And business analytics software is that foundation.

Not to mention that business intelligence and business analytics are also the most overlapping concepts. But for now, we will understand the significance of business analytics software and what role it plays in business intelligence and data analytics.

1. Analyze consumer behavior: Consumer behavior is the core of every business decision. Consumer behavior influences businesses and vice-e-versa. Not only does consumer behavior study helps in product matching in eCommerce but also gets a better perspective for innovative solutions.

For instance, apple utilizes exclusive business intelligence and data analytics to come up with different versions of the iPhone. And, they are only able to achieve that by studying consumer preferences. They have millions of data. This data is then used to analyze and track consumer graphs via high-end business analytics software.

2. Compare and Track Competitors: Competitor monitoring and data price monitoring is not a new concept. Companies have been doing that for ages. Anyways, when it comes to business intelligence, historical competitor data also plays a key role apart from the current competitor data.

Combining historical data say of past 5 years of a competitor can help you understand a pattern. This further can lead to taking an informed decision regarding your prices, launching a new product or adding any kind of additional services.

Competitor tracking lets you stay relevant and ahead of them while you implement your new business strategies. Makes sense, right?

3. Spot Market Trends: The eCommerce market is the most versatile and dynamic. So, it goes without saying that the market trends will be very drastic. One day something will be trending and can go obsolete in the other. Yes, that volatile is the eCommerce business.

So, business analytics software can help you here. Getting insights from the data monitoring and digital scans, you can understand a market pattern or a trend. For instance, you can visualize the volume of visitors your website has and understand that you need to put a few ads to gather more eyeballs.

In the same manner, business intelligence can lead to tracking potential customers and penetrating wider demographics. Provided your business model and business type.

4. Evaluating Marketing Campaigns: Businesses spend a lot on marketing their products and services. They know to get more audience they have to advertise and spend money on every kind of marketing gimmicks they know.

But the tricky part is to evaluate those marketing campaigns. Product matching in eCommerce derives results and gives you insights into whether you need to modify or upgrade your product. In the same manner, business intelligence helps in evaluating the results of marketing campaigns via data monitoring.

5. Discovering hidden problems: Data-driven and smarter decisions come with the problem-solving ability of a company. Having problems is not the real challenge, but not being able to identify and solve them is.

Business intelligence software is the answer to identifying problems. Problems can be in operations, in your product, or the perception of your brand. Any kind of problem can be identified if accurate data is fed to the software.

Your company can be the best in the business but still, if you can’t identify a problem, then you have greater risks than you expect. That’s where business intelligence can be of great help.

Answering the “Why” behind Your Analytics

Product intelligence and business intelligence are both equally important for your company. Whenever you get a study or analysis of your business performances, there is always a “why” behind those results.

Data or numbers alone may not help you discover the problem but with a deeper and more descriptive study, you may have a clearer picture on your hand.

With the help of business intelligence and product intelligence, all your teams can be on the same page. Lesser coordination and quick communication will be the result of this exercise.

Best Way of Implementing Business Intelligence and Product Intelligence

PriceIntelGuru provides world-class solutions for your business. Ranging from product matching in eCommerce, business intelligence to various pricing needs. You name it and we can provide you the solution.

Business intelligence and product intelligence both are key to a company’s growth. If you have the vision to be in one of the fortune500 companies then you can’t avoid BI.

It is the investment that will reap more ROI than any other tool. Its AI-driven, fast and precise.

Make the right business decision now by hiring us.

Have a free demo today!