Several years ago, the Texas Medical Association discovered that more than 1,000 doctors in the state of Texas were taking advantage of a members-only insurance program, even though they were not members of TMA. By bringing these nonmembers back into membership, the result was a top-line dues revenue increase of nearly $500,000. How did they make this discovery? Using business intelligence.
In the past two years, there has been quite a bit of buzz around business intelligence. But what is it? And how are associations using it?
Business intelligence (BI) is a management process for using data to make decisions. Others call it fact-based or data-based decision making. At its root, of course, is using data to help make decisions and improve your business.
While software is part of the business intelligence equation, it should be clear that BI is a management process that software can support. This means that a BI initiative does not require a large investment in business intelligence software and consulting. As we’ll see below, there are good examples of “low tech” business intelligence initiatives producing great results.
Business intelligence can help you find “overlooked” data, help you focus on your best customers, or even help you develop new products, services, and pricing models.