As the name implies, Business Intelligence (BI) is a valuable tool for the corporate environment. It is not software, but a concept that, if well implemented, can generate great results.
Therefore, it is essential first to understand the people inside and then those outside the company so that it can offer the best to the market or society. With that, the concept is combined with software to aid in the collection, analysis and interpretation of all relevant data for your business. Thus, there is much more precision when outlining strategies, solving problems, identifying opportunities and creating new products or solutions, for example.
What Are The Benefits For Your Business?
BI allows for better decision-making, easy adaptation to market changes and greater efficiency when solving problems, in addition to increasing profit, due to the speed with which data is captured and analyzed, making it possible to understand customer behavior, monitor the performance and actions of the competition, as well as optimize, digitize processes and make more assertive forecasts.
How To Implement It?
Although BI is easy to understand, the process is a bit laborious. However, we know that efficient management manages to capture and manage data and information well, which is why five pillars are fundamental for leaders:
- Set priorities: like all good planning, the implementation of BI needs to start with setting priorities, that is, thinking about the objectives, needs and what the role will be – what it needs to play to achieve them.
- Select the team for the project: it is necessary to have a good team with a key person from each department of your company to assist in the planning and choosing the format that will be used.
- Choosing the system: There are a variety of software on the market to meet different needs. They are found from data generators from your social networks to mechanisms that make a complete analysis of spreadsheets. Some bring together various data sources from a specific location, among many other functions. Just understand what you want or need for your business.
- Choosing the supplier: with the software chosen, the ideal is to find a supplier with reasonable indications in the market and, thus, have good support for the system.
- Create a schedule: the organization of processes is essential. It is appropriate to define deadlines for the BI strategy – ideally, it lasts six months – and the goals to be achieved. Knowing where data comes from and what happens to it is critical to maintaining control.
What Tools To Use?
We have several tools for collecting, analyzing and interpreting numbers. So they must fit the needs and goals of each BI strategy. The most common style is data visualization, which organizes and displays information in a more accessible way through infographics or dashboards. However, there is also self-service, which involves an IT team. It manages information, allows the company to interact with it and empowers internal teams to explore this field increasingly.
In a more current context, there are several software available for use. Each online platform has its own collection of information, as is the case with social networks with Facebook Insights or Twitter Analytics. Now, for the interpretation or joining, there is a great variety. Among the best-known are:
- Microsoft Power BI: this brings together many tools that analyze information from spreadsheets or local databases. You can make integrations and reports quickly.
- Tableau: another software that enables interconnection between data.
- Google Data Studio: This free platform also gathers information from various data sources.
- Salesforce, Agender and RD Station CRM: these are CRM software. Unlike the others, they combine data specifically from prospecting, customer service and after-sales.
Whether for a business growth plan or to improve the organization within it, Business Intelligence can be the missing resource for management. It can create a database, standardize actions, organize processes and facilitate the process of various business sectors. Parallel to this, in a world where information is increasingly valuable, BI strategies stand out, and the company that does not work with relevant information does not know itself, or its strengths are left behind.
Also Read: How Digital Trust Impacts Business Results