Business intelligence or BI refers to skills, processes, technologies, applications and practices used to support business decision making.
Several factors are analyzed in the process of making high quality decisions. Customers, competitors, business partners, the economic environment and forecasts and internal operations data all play a role in the dynamics of business intelligence.
When collecting customer data, either at the point of sale (POS) or in surveys, owners and managers can use this data to make important business decisions in marketing, budgets, inventory, demographic guidance and much more.
Competitive analysis can help your company in two main ways. First, by analyzing your competitors, you can take the best of your ideas and if you’re not doing them, add them to your business. In addition, knowing each competitor well allows you to look for areas where you can make your business stand out in front of them.
Making sure you use a careful selection process when selecting partners and that all your partners deliver in a timely and professional manner and offer affordable prices are key to your business running smoothly. Your business is as good as the company you maintain, so make sure you have a careful proactive analysis and continuous evaluation of the performance and consistency of business partners.
The economic landscape and especially that of your own industry in particular are very important areas of business intelligence to focus on. By analyzing the economic climate and making your business flexible enough to change over time to keep up, you can use business intelligence to stay ahead of your competitors that don’t keep up to date.
Internally, you should analyze the weaknesses and strengths of your business frequently.
Assets, liabilities, credits and debits also need regular monitoring. (KPI) Key performance indicators are one of the most common ways companies now measure their progress.
The KPI analysis can be done daily, weekly, monthly, quarterly, semi-annually or annually. Business intelligence can help you decide what schedule is right for your company. KPIs offer companies a way to analyze data and form strategies based on that analysis.
Many companies use external IT consultants to help them develop a “Digital Dashboard” or also known as a “Dashboard” to monitor all their business intelligence data from a central point. An external IT expert can help you design and carry out a network approach, in which all BI technologies can collaborate with each other, both inside and outside the company. However, companies need to make sure they have a solid business intelligence infrastructure first. A business intelligence consultant can also help your company with this step.
Without a good BI plan, you are doing business in a vacuum of information. It is a crucial part of starting, operating and preparing your business for changes. In the coming years, it is these companies that make fun of their competitors through flexibility, competitive analysis and rapid recovery of crucial data that will stand the test of time.
Do not wait any longer and request a consultation on business intelligence for your company and one of our BI specialists will contact you.