How can you identify new product development opportunities with BI queries?

Consultas de BI defino como solicita??es ou perguntas feitas por profissionais de negócios para obter informa??es a partir dos dados de uma organiza??o. Um exemplo simples, imagine que você é o gerente de uma loja e deseja saber quais produtos est?o vendendo melhor em determinado período. Você faz uma consulta de BI para o sistema, que analisa os dados de vendas e retorna uma resposta que mostra quais produtos s?o os mais populares. Essa informa??o ajuda você a tomar decis?es, como ajustar o estoque ou estratégias de marketing, para impulsionar ainda mais as vendas. Em resumo, consultas de BI ajudam as empresas a entender melhor seus dados para tomada de decis?o.

BI queries are important because they allow businesses to answer specific questions about their data. By asking these questions, businesses can gain insights into their operations, customers, and market trends. This information can then be used to make better decisions about marketing, sales, product development, and other key areas.

By using BI queries strategically you can unlock valuable insights from your data fuel your product development pipeline and create innovative offerings that resonate with your target market. Exploring Market Trends and Opportunities: Monitor industry trends: Use BI tools to track emerging technologies, competitor product launches, and changes in regulations that could create new market opportunities. Analyze competitor data: Study competitor strengths and weaknesses, pricing strategies, and target markets. Look for gaps in their offerings that your product could fill. Track social media trends: Analyze online conversations and sentiment to identify popular topics, emerging desires, and potential product idea

To make BI queries effective, start by clearly defining the problem you want to solve. Ask the right questions and pinpoint the relevant data sources. Use BI queries to bring together different data and uncover trends, helping you derive valuable insights to address specific business problems.

Business intelligence (BI) queries are important because they help companies to extract relevant information from their data. These queries make it possible to identify trends, make decisions based on sound data and optimize business processes. In short, BI queries help companies make data-driven decisions and improve their performance.

1-Deep Dive into Sales Data: Instead of just looking at overall sales figures, drill down into the details. Examine specific product lines, geographical regions, or customer segments that show exceptional performance or unexpected trends. 2-Customer Data Exploration: Don't limit your queries to basic demographics. Dive into customer feedback and support tickets for valuable qualitative insights. 3-Competitor Analysis: Beyond just comparing sales numbers, analyze customer reviews, social media mentions, and market positioning for a comprehensive view of your competitors' strengths and weaknesses. 4-Industry Trends Anticipation: Stay updated on industry reports and forecasts. Use BI queries to align your product ideas with emerging trends.

One approach I've found helpful is to explore cross-selling opportunities (analyzing sales data to identify top-performing products, revenue trends, and client preferences) and assess operational efficiency by analyzing customer feedback (reviews, surveys, and support tickets). Foster collaboration across teams to collectively brainstorm and refine product ideas based on the obtained insights. Iterate the analysis process regularly, staying agile to evolving market dynamics. Finally, use predictive analytics for forecasting and segmentation analysis to tailor ideas to specific customer demographics. Integrate external data sources to monitor competitor activities and stay informed about emerging technologies and economic behaviors.

Data sources I've found most helpful in steering product development are: 1. Product performance data, such as load times. Identify low-hanging fruit where you can enhance the user experience by speeding up the product. 2. User behaviour. Analyse what users use and don't use in the product. 3. User input. Identify themes in, for example, support tickets and surveys. Once I combined entity extraction—where I discovered themes and topics that users mention—with sentiment analysis, where I identified associated feelings, providing actionable insights into areas to investigate further. I used APIs from Google, but this was before the LLM revolution. Now, it's probably as easy as prompting ChatGPT, and you're good to go.

Conversas com a área de negócios e inova??o é primordial para identificarmos as tendências de mercado e explorarmos as melhores métricas para constru??o de consultas de BI, andando paralelamente a parte de negócios com a parte técnica, entender para atender.

Using BI queries to explore existing data is essential for new product development because it helps you identify opportunities for innovation and create products that are truly valuable to your target market. By analyzing your sales data, customer data, competitor data, and industry data, you can gain insights into customer needs, market trends, and competitive landscapes. This information can then be used to develop new product ideas that address unmet needs, fill gaps in the market, or anticipate future trends.

Vou citar 3 ideias: - Vendas: Examine os dados de vendas existentes, identificando quais produtos têm um desempenho bom e quais tem desempenho abaixo do esperado. Isso pode ajudar a identificar tendências e preferências do mercado. - Clientes: consulte os dados de seus clientes para entender melhor suas necessidades e feedback. Isso pode revelar oportunidades para criar produtos que atendam a demandas n?o atendidas ou resolvam problemas específicos. - Integra??o: combine diferentes fontes de dados, como dados de vendas, feedback do cliente e informa??es do mercado para obter insights mais abrangentes e identificar padr?es que podem levar a ideias de produtos por exemplo.

It is important to validate product ideas before investing time and money in developing them because it helps to reduce the risk of failure and ensure that the product is actually what customers want. By using BI queries to test assumptions and gather evidence, businesses can make informed decisions about which product ideas to pursue and which to abandon.

Check if your product ideas are winners using BI queries. Before diving in, ask your data questions. Find out market size, growth, and profit potential. See if customers are keen. Check out competitors for features and prices. Get smart evidence for your ideas.

Indeed, conducting hypothesis tests and similar analyses holds value, yet it's crucial to involve your product teams in the validation process consistently.

Quando fala de feedback, sempre me vem a mente a frase: "Erre rápido, corrija rápido!" Esse é um resumo que costumo dar quando falo de MVP! Solicite feedbacks constantes de seu cliente solicitante, ou dos usuários impactados com seu produto (no caso aqui, suas consultas)! Veja que sua consulta tá atendendo as necessidades, se tá com uma performance boa, se novos parametros precisam ser adicionados, novas funcionalidades e etc... Acompanhem de perto!

It is important to collect and analyze feedback from early adopters using BI queries because it helps to identify the most and least popular features, functions, and benefits of your product. This information can then be used to improve your product and make it more appealing to a wider audience.

Check what people think about your product using BI queries. After trying out a basic version, ask early users for feedback. Track how they use it and if they like it. Check customer data for satisfaction. Look at social media for opinions and reviews. Use this info to improve your product

Tweak your product ideas using BI queries. After hearing from MVP users, refine your design, pricing, and position. Ask your data about different versions, find the best combo. Check customer data to understand who likes what. Compare with competitors to show off what makes your product stand out.

It is important to refine product concepts and prepare them for launch using BI queries because it allows you to identify the optimal combination of features, functions, and benefits that maximizes your value proposition for your target market. This will help you to create a product that is more likely to be successful in the market.

Ambientes exclusivos para relatórios, índices adequados, estruturas de dados bem modeladas, infraestrutura condizente com o volume de dados, atualiza??es incrementais, etc. Tecnicamente diversas s?o as possibilidades para otimizar as consultas de banco de dados para o ambiente de BI. Ainda, boas métricas para medir performance no processamento de dados de forma geral s?o importantes. Performance n?o é "perfumaria"... Garante a escalabilidade e uma boa noite de sono para o profissional de BI!

Define and clearly understand your objective! This will allow you to effectively choose appropriate data sources, craft measurable metrics, and expertly visualize results to facilitate action. ???? Once you’ve identified a few key related insights, ensure you step back and revisit from the perspective of identifying bias and generalizations not fully supported by available data or trusted industry indicators. ??? Especially when new in the industry, or working with newly available sources, it can be extremely easy to find exceptional insights that end up being falsehoods when reviewed against other known truths. ?? When critical decisions are necessary, it is pivotal to do the due diligence and investigate all paths traveled. ???

Following best practices for BI queries is essential to ensure the quality, accuracy, and relevance of data and insights, which are crucial for making informed business decisions. By defining clear objectives, selecting reliable data sources, applying appropriate filters and visualizations, and interpreting results carefully, businesses can gain valuable insights into their performance, identify areas for improvement, and make data-driven decisions that drive growth.

Applying BI to new product innovation requires not just accurate data, but asking the right questions that uncover whitespace opportunities. Every query should tie directly back to key decisions around enhancing existing lines or launching new ones. Beyond reliability and integrity best practices, leading analytics teams also tap usage metrics, market projections, staff ideation and customer needs analysis to spot promising areas with balanced perspectives. Just ensuring perfectly precise calculations means little without determining the most impactful opportunities, guided by strategic goals versus isolated hunches.

To use best practices for BI queries, consider the following guidelines: 1. Optimized Queries: Avoid unnecessary joins and filter only the required data. 2. Data Aggregation: Aggregate data at the database level when possible, rather than in the BI application. This minimizes data transfer and improves performance. 3. Data Quality: Ensure your data is of high quality for accurate and meaningful results. 4. Monitoring and Optimization: Regularly monitor query performance to identify bottlenecks and optimize your queries accordingly. There are lot more ways for best practices but by adhering to these best practices, you can enhance the efficiency of your BI queries and obtain precise analyses.

O profissional de BI deve ser também um bom comunicador. A habilidade de dialogar com as diversas áreas de uma empresa adequando sua liguagem para cada ambiente e, principalmente, falando de ouvidos abertos. T?o importante quanto colocar energia em realizar uma boa comunica??o é estar atento para a forma como a mensagem foi recebida e absorvida. No caminho diversas quest?es culturais dever?o ser tratadas, pois a maturidade cultural é fator que influencia na escolha da linguagem a ser utilizada.

Idear productos es un proceso complejo que se puede resumir en los siguientes pasos. 1. Identificar conjuntos de datos que permitan entender los productos y el comportamiento de las ventas. 2. Complementarlos con otros que permitan conocer al público objetivo. Esta información suele estar disponible en organismos públicos. 3. Analizar el rendimiento de los productos: qué se vende y a quién 4. Buscar grupos de población donde los productos actuales no funcionen 5. Buscar grupos a los que no se esté ofertando ningún producto 6. Idear una nueva oferta para cubrir el gap

During my tenure in enabling digital marketing storytellers, we introduced a game-changer solution using BI queries. By dissecting the market' online presence, analyzing social media engagements, we uncovered valuable insights. This output not only helped fine-tune their digital campaigns but also sparked innovative ideas for new products, capitalizing on gaps I identified in the competitive landscape. When exercised in competitor intelligence landscape, it's like having a backstage pass to your rivals' strategies, opening up a world of possibilities for strategic growth.

Once, we helped a financial institution identify an under served customer segment using BI. The segment was earners in a specific salary range with 2 products or more with a high travel spend. Based on our analysis, it made sense to launch a co-branded travel credit card for this segment. So, simple analysis of customer spend, transaction categories etc. can uncover new product development opportunities.