The Business Intelligence concept has already helped multiple large companies improve their processes and efficiency. In recent years it has also begun to apply to medium and small-sized companies, with increasingly affordable tools and adapted to businesses of all kinds. Find out what it is and how it can help you improve.
What Is Business Intelligence
Business Intelligence refers to a series of strategies that use the information obtained through various sources to improve decision-making in a company.
In other words, it is equivalent to better understanding the behavior of the various processes in the company (internal and external) to make informed decisions.
This information may refer to both the business‘ clients and its workers, its competition, its processes, or its suppliers. Thanks to the analysis of this data, the company can obtain knowledge and apply it to improve its efficiency.
How To Do Business Intelligence
Carrying out a Business Intelligence strategy requires at least two requirements in a company:
Have The Right Technology
Business Intelligence relies heavily on automation and acquisition of large volumes of data that provide valuable information to the business.
These technological tools must also allow for predictive analysis. In this way, the business not only looks at data from the past but also tries to project into the future the trends that will shape its decision-making and its results.
Generate A Business Structure That Supports It
Like other digital transformation processes, the implementation of a Business Intelligence-based strategy will require the company to modify its business culture, adopting a new way of making decisions.
Thus, some of the changes have to do with adopting an iterative approach to decision-making or generating a flexible organization chart, where the IT department, employees, and management positions collaborate fluidly to respond to new challenges and changes.
Business Intelligence Tools
There are more and more affordable tools for generating Business Intelligence strategies, so that small and medium-sized companies are also having access to these platforms.
This is perhaps the biggest reason for the growth in the industry, which in 2018 was already valued at more than 20,000 million dollars according to Redwood Online figures published by Finances Online.
Some of the main Business Intelligence tools include:
Technology to collect data: sensors, Customer Relationship Management (CRM) systems, or web traffic are included here.
- Tools to analyze the information: The study of the collected data will find patterns and significant information for the company. Web traffic analytics tools or CRMs capable of analyzing customer interactions or the sales closing process are welcomed here.
- Instruments for preparing reports and displaying information: Digital dashboards appear here, a software capable of integrating existing data and displaying relevant reports and graphs.
Ideally, any of these tools, in turn, can be used and understood by all the people whose work is implied by the information obtained. Technology, in turn, should promote collaboration between people, so that knowledge can be applied in a transversal way in the company.