The rise of big data and other emerging data-focused trends is creating an environment in which business process management software is emerging as a critical tool for many businesses. BPM solutions allow organizations to integrate data from a range of sources, enabling them to make the most of the information they have access to on a day-to-day basis.
Businesses are using information in a few new ways, mostly centering around the big data movement, that emphasize the need for BPM software. Among them, the potential gains offered by transactional data stand out.
Using transactional data to predict demand
Companies can use information pertaining to ongoing transactions to identify more successful markets, the demographics that are most interested in their products and how promotions impact actual sales. While some transactional data analysis can be done in back offices away from the action, there is considerable value to real-time transactional data analysis, as organizations can use insights gathered through such procedures to alter processes and marketing strategies much more quickly, maximizing the value of promotional events.
For example, a retail store holding a sale can analyze transactional data in real time to find that the majority of respondents to a promotion are purchasing products using their mobile devices, not through the traditional web. This allows the company to adjust marketing away from the internet and on to the mobile web or application space, making the most of the opportunity.
Essentially, organizations can use data from growing mobile and social channels to analyze transactions of any type quickly and adjust their service and marketing plans according.
BPM can pay major dividends when trying to accomplish this, as the technology can integrate data from these diverse sources to enable streamlined growth.
Implementing BPM to optimize operations
Consider how one would go about using transactional data. Analysts would have to take data from cloud services, social media sites, mobile applications, web forums and store/office-based sources, and use all of that information to make strategic decisions. BPM automates this gathering process, integrating the data and enacting any repeatable process decisions to eliminate the more mundane operations that limit the pace of decision making. This allows companies to operate at a much faster pace, enabling them to keep up with the constantly connected consumer landscape.
Vice President of Product Marketing
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