Business intelligence for product management
Business intelligence is used every day to facilitate product management by executives in large companies. Small and medium sized companies are only just starting to learn how they can benefit from improved efficiencies and better business information gained via business intelligence. Product managers use business intelligence to:
- Forecast product demand and sales
- Determine product pricing
- Ensure product availability
- Analyse competitive product offerings
- Determine product positioning
- Manage product life cycle
- Devise product marketing strategy
Forecasting with business intelligence
Modern business intelligence systems provide product managers all the necessary data regarding the current inventory and demand status of their product lines. We help product managers use this information to the max when developing forecasts. Business intelligence can be used to stay on top of the business and manage product schedules and demand forecasts using up-to-the-minute data. We can also use business intelligence information to build smarter forecasting tools that assimilate all the product details, analyse historical trends, incorporate market conditions and forecast future demand and supply with statistical accuracy.
Product pricing
Pricing is almost never an exact science. Product managers often make bold pricing decisions based on loose estimates of customer demand and competition. Our business intelligence services can take a lot of the guess-work out of pricing. We provide detailed competitive product comparisons, market demand statistics and positioning and placement advice to help you pick the right price.
Supply and distribution management
Developing the product marketing strategy
Business intelligence is extremely useful when developing a product marketing strategy. Market segmentation is necessary to decide product positioning. Customer service / request analysis is important when choosing new version features. Seasonality should be considered when deciding launch dates. The applications of business intelligence to marketing are endless. Innumerable companies often base their marketing strategy on a few channels they are familiar with and on historical data. Our business intelligence services can analyse the effectiveness of these marketing channels and practices, compare them to industry standards, and suggest new, more cost effective strategies to help maximise the return you get on your marketing spend.
