Business Intelligence, The Key To Company Success
Business Intelligence (BI), is a term that has been around in the IT industry for quite some time, but what does it really mean? It is often used in business and technology circles and many people seem to know about it, however, few can provide a clear definition.
Business intelligence may be defined as: information and knowledge management solutions designed to facilitate the access of accurate data within an organization so that executives and managers can make more informed decisions faster.
Marketing professionals use this information to create new strategies such as planning marketing communication programs. Financial analysts use BI solutions to support decision-making processes such as market segmentation strategy or target costing. Human Resource professionals rely on Business Intelligence tools when implementing workforce optimization models while others use them to support strategic planning for their organizations.
As a result, BI becomes the link between decision-makers and information that can support sound business decisions. In other words, it provides a clear picture of the company’s health to managers who, in turn, are able to strengthen competitive advantage as well as improve efficiency by taking faster and better business decisions.
In this article we will discuss how using Business Intelligence solutions can bring companies to success:
1) Better understanding of customers’ needs
Businesses need access to customer insight data from social media platforms such as Facebook or Twitter in order to know exactly what their target audience is thinking about them at any given time. By analyzing recent posts, businesses can use this data for market research or product design purposes.
2) Improved analysis of sales performance
Businesses are able to analyze the data they have on their customers in order to create specific marketing campaigns to improve their sales. This way, businesses are able not only optimize the efforts spent on marketing, but also help sales teams by knowing who their best customers are and determining which actions might be beneficial.
3) Improved management decision-making capabilities
By depending on timely information rather than hunches or gut feelings about their company’s status, managers can make more informed decisions that will ultimately result in increased success for their business. They will know exactly what should be done during times of crisis while opportunities could be seized faster due to better understanding of market conditions.
4) Better planning and budgeting
With Business Intelligence solutions in place, businesses can proactively manage their budget and expenses because they will have access to precise data on how much money has actually been spent or earned. Managers can thus better plan future expenses and forecast the amount of money they may spend on upcoming projects, for example.
5) Faster response to market changes
By relying on quick decision-making ability enabled by business intelligence software, managers are able to respond to market changes faster than competitors who rely solely on gut feeling or hunch. This way they can strengthen their competitive advantage while improving customer satisfaction at the same time.
Business Intelligence (BI), is a term that has been around in the IT industry for quite some time, but what does it really mean? It is often used in business and technology circles and many people seem to know about it, however, few can provide a clear definition. Business intelligence may be defined as: information…