Business intelligence or BI refers to skills, processes, technologies, applications and practices used to support business decision-making.
Various factors are analyzed when making high-quality decisions. Customers, competitors, business partners, economic environment and forecasts, and internal company data all play a role in dynamic business intelligence.
Clients: By collecting customer data, (POS) point-of-sale or surveys and polls owners and managers can use this data to make important business decisions in marketing, budgeting, inventory, demographic targeting, and more.
Contest: Competitive analysis can help your business in two important ways. First, by analyzing your competitors, you can get the best out of their ideas, and if you don’t, you can add them to your business mix. In addition, knowing each competitor well can help you look for areas where you can differentiate your business from them.
Partners: Ensuring that you follow a careful selection process when selecting partners, and that all your partners deliver on time and professionally and offer affordable prices are essential to keep your business running smoothly. Your business is only as good as the one that retains it, so ensure careful proactive analysis and ongoing assessment of partner performance and consistency.
Environment: The economic landscape and especially that of your own specific industry are very important areas of business intelligence to focus on. By analyzing the economic climate and making your business flexible enough to change with the times, you can use business intelligence to stay ahead of your competitors who are not keeping up to date.
Internal analysis: Internally, you often have to analyze the weaknesses and strengths of your company, assets, liabilities, credits and write-offs also need to be checked regularly. (KPI) Key Performance Indicators are one of the most common ways companies measure progress. KPI analysis can be performed on a daily, weekly, monthly, quarterly, semi-annual or annual basis. Business intelligence can help you decide which schedule is right for your business. KPI provides a way for companies to analyze data and develop strategies based on that analysis.
Many companies use external IT consultants to help them develop a “digital dashboard” to monitor all their business intelligence data from one central point. An external IT expert can help you design and implement a network approach where all BI technologies can communicate with each other, both inside and outside the company. However, companies first need to be sure that they have a solid business intelligence infrastructure. A business intelligence consultant can also help your company with this step.
Without a good BI plan, you do business in an information vacuum. It’s a critical part of starting, operating and preparing your business for change. In the years to come, it will be those companies that will outsmart their competitors through flexibility, competitive analysis and the rapid retrieval of critical data that will stand the test of time.