What are the best tools and methods to track BI ROI across different channels and platforms?

2 Choose your BI tools and methods

The next step is to select the BI tools and methods that will help you collect, analyze, and present your data. Depending on your needs, budget, and preferences, there are many BI tools and methods available. Dashboards are visual displays that show KPIs and metrics in real-time or near real-time, and allow you to drill down into details and compare data across different dimensions. Reports are documents that summarize data and provide insights and recommendations based on analysis. Data warehouses are centralized repositories that store and organize data from different sources and systems, and enable fast and easy access and querying. Data lakes are large collections of raw and unstructured data that can be processed and analyzed with various tools and methods, such as machine learning or artificial intelligence. Data integration is the process of combining and transforming data from different sources and systems, and ensuring its quality, consistency, and accuracy. Data visualization is the use of charts, graphs, maps, and other graphical elements to present data in a clear and engaging way.

4 Track your BI ROI across channels and platforms

The fourth step is to track your BI ROI across different channels and platforms. This means monitoring and measuring how your BI initiatives affect your KPIs and goals on web, mobile, social media, or email, and organic, paid, or referral channels. Doing so will help you understand how your BI tools and methods perform on different segments and audiences, and how you can optimize them for better results. To track your BI ROI across channels and platforms, you can use attribution models, multi-channel funnels, and cross-platform analytics. Attribution models assign credit or value to different touchpoints or interactions that lead to a conversion or outcome, such as first-click, last-click, linear, or custom. Multi-channel funnels show how your channels and platforms work together to drive conversions or outcomes, and how they influence each other along the customer journey. Cross-platform analytics enable you to collect, analyze, and compare data from different platforms, such as web and mobile, and provide a unified view of your performance and behavior.

5 Improve your BI ROI

The final step to improving your BI ROI is to use data and insights to identify and implement actions and strategies that will enhance your BI initiatives and increase your KPIs and goals. To do this, you can employ various BI tools and methods, such as A/B testing, optimization, and experimentation. A/B testing involves comparing two or more versions of a variable and measuring which one performs better on a specific metric. Optimization is the process of adjusting and fine-tuning your BI tools and methods to make them more effective, efficient, and user-friendly. Experimentation is the process of trying out new and innovative BI tools and methods and measuring their impact and value on your KPIs and goals.