Business Intelligence – What to analyze?
Business intelligence or BI refers to the skills, processes, technologies, applications and practices used to support business decision making.
Various factors are analyzed in the high-quality decision-making process. Customers, competition, business partners, the economic environment and forecasts, and internal operations data all play a separate role in the dynamics of business intelligence.
Customers: By collecting customer data, survey and point-of-sale (POS) or survey owners and managers can use this data to make important business decisions in marketing, budgeting, inventory, targeting demographics, and much more.
Competence: Competitive analysis can help your business in two main ways. First, by analyzing your competitors, you can take the best of their ideas and, if they’re not making them, add them to your business mix. Also, knowing each competitor well allows you to look for areas where you can make your business stand out from them.
partners: Ensuring that 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 keys to keeping your business running smoothly. Your business is only as good as the company maintains it, so be sure to conduct careful proactive analysis and ongoing evaluation of partner performance and consistency.
Atmosphere: The economic outlook and especially that of your own particular 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 to keep up, you can use business intelligence to stay ahead of your competitors who don’t keep up.
Internal analisis: Internally, you need to analyze your company’s strengths and weaknesses frequently. Assets, liabilities, credits and debits also need regular monitoring. Key performance indicators (KPIs) are one of the most common ways companies measure their progress today. KPI analysis can be performed on a daily, weekly, monthly, quarterly, semi-annual or yearly basis. Business intelligence can help you decide which hours are right for your business. KPIs give companies a way to analyze data and form strategies based on that analysis.
Many companies turn to outside IT consultants to help them develop a “digital dashboard” to monitor all of their business intelligence data from one central point of focus. 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 ensure they have a strong business intelligence infrastructure in place. A business intelligence consultant can also help your company with this step.
Without a good BI plan, you’re doing business in an information vacuum. It’s a crucial part of starting, operating, and preparing your business for change. In the years to come, it will be those companies that outperform their competitors through flexibility, competitive analysis, and rapid retrieval of crucial data that will stand the test of time.