Business intelligence is a methodology related to collecting, analyzing, and sharing strategic data for the organization’s functioning.
Before adopting BI, managers found it difficult to make accurate decisions that favored their business techniques. The method is compatible with any market segment, regardless of its size.
Are you interested in the topic? Keep reading this post to learn more about business intelligence and how to adopt it in your company!
The Importance And Benefits Of Business Intelligence For Companies
BI was created to help companies assemble competitive plans to obtain advantages that add value to processes (internal and external) and the solutions available to consumers.
The advantages of applying this technique are more agility in decision-making, increased efficiency of operations, and intended use of resources.
This is all possible thanks to business intelligence, as it streamlines the visualization of analyses and reports resulting from business activities.
Imagine having to make a one-off decision that will affect your finances. With a record projected on the screen of a computer or mobile device, you find out what needs to be done right away. This is because you access the entire business landscape. Thus, reacting in a few minutes is possible, saving time and effort.
In addition, BI solutions help detect consumer trends and changes in behavior in your niche market.
In this way, they help identify business possibilities, develop new products or services, increase revenue, increase profitability, and attract new customers.
With a few clicks and using the right resources, it is possible to detect:
- customers who buy the most;
- consumption curves;
- goods that generate more sales capital;
- period (seasonal) most conducive to sales.
Now that you know what Business Intelligence is, learn about the 10 most relevant benefits of organizational intelligence.
- It improves decision-making based on concrete evidence.
- It streamlines access and sharing of data that contribute to management.
- Performs real-time analysis.
- Allows you to identify resource deficits in the system.
- Decreases the frequency of problems.
- It delivers correct solutions, at the ideal time, to the most suitable professional.
- Indicates sales opportunities (direct or crossed).
- It provides quick answers to any business research (study).
- Gather useful information about the target audience’s demands and habits to create a memorable customer experience.
Business Intelligence × Big Data
Both techniques are part of the digital transformation changing how organizations expand. Even though they are distinct, they complement each other, making it possible to combine their strengths to obtain better results.
Know once and for all the differences between these two concepts.
Big Data (Accumulation Of Data)
With the large volume of data that can be generated and shared today, data science professionals analyze this countless information. When all these records form a single, voluminous set, we call it Big Data.
This data can be gathered from different sources such as blogs, videos, social media, CRM tools, images, apps, financial reports, IP logs, etc. In isolation, these references have little value. However, they can bring several strategic insights to the company after correlation.
Business Intelligence is nothing more than the next step of Big Data. It uses the collected data to understand the reality of the business, instructing the professionals involved in the best actions to be taken.
BI filters and orders information — making them communicate with each other —and evaluates and strategically directs them to raise the competitive level of processes.
Therefore, the ideal is to apply these two concepts together to understand how data can help or hurt the company.
How Business Intelligence Can Be Implemented In The Organization
Your deployment should include specific steps for data analysis to reach its full potential. The manager needs to understand how information manages to lead the company to reach a high level of performance.
At the same time, it is necessary to consider the demands of employees to facilitate decision-making and optimize processes. There are three basic steps to structure a BI strategy within the organizational environment. See below.
Have Quality Data
The data quality used in the analysis is crucial to your successful implementation. That’s because business intelligence strategies rely on records that are accessible and simple to interpret. For this, it is necessary to invest in competent data governance.
For example, the environment in which the information is stored is the first aspect to be considered. Choose an efficient software capable of integrating records quickly and accurately. Create access and control policies to prevent unauthorized data movement.
Establish A Clear Vision Of BI Goals
For data analysis to be done well, it is necessary to have clear objectives. Therefore, compile the company’s goals and the bottlenecks and pain points that can be remedied with business intelligence.
Then guide the team to capture data in emails, on the internet, and internal histories, among other sources. Thus, the emergence of insights will be more agile, avoiding the waste of resources.
Use Insights To Drive Change In Line With Business Goals
Studying Business Intelligence data helps to revitalize problematic processes in the business. Therefore, trace the origin of failures to optimize the company’s routine and improve decision-making based on a complete analysis of tasks and internal information.
In this way, investments will be more profitable, and activities will have a greater capacity to structure the competitiveness needed to generate business in the medium and long term.
Keep An Eye On The Competition
In addition to the internal perspective and external assessment of market and audience changes, it is necessary to look at competitors.
This is what benchmarking is for comparing your business with the competition to create competitive differentials. The idea is to make an in-depth study of the successful actions employed by companies that are part of its segment. Thus, you seek inspiration and create more accurate approaches.
Also Read: Check Out 5 Tips On How To Identify Business Opportunities!