people understand a company as a place dedicated exclusively to commercial activities, always focusing on buying and selling. However, a company also consists of performing structured tasks. And organizing these actions and reinventing them with creativity is also necessary, therefore, understanding what it is business intelligence and what are its benefits it's a great start to improve these processes.
When we hear the word intelligence, we automatically associate it with an individual committed to studying and with great knowledge in different areas. This definition is not incorrect, however, there are other types of intelligence that have been gaining strength over the years.
In this case, we are talking about business intelligence. When applying it, it is possible that some companies be considered smart and stay ahead of your competitors.
However, everything will depend on the professional capacity and the humanized way in which the employees are part of decision making. You must be asking yourself: does my company act intelligently?
In this article, we've separated some information that will help you better understand what business intelligence is. You will find:
- What is business intelligence?
- What are the main functions of business intelligence?
- How important is business intelligence?
- Tips on how to put business intelligence into practice;
- What are the main aspects of business intelligence?
- Benefits of Business Intelligence in Business.
Read the text to the end and know how to take strategic decisions!
What is business intelligence?
Ibusiness intelligence, also known as business intelligence, are strategies for make your company more relevant and known in the market through big data, that is, data collection. This requires:
- customer service;
- structured marketing,
- satisfied employees and customers and
- cash flow balance always positive.
These items may not look new. In fact, what's new is knowing how meet these goals through digital technology tools.
Thus, the use of some applications they can be useful to automate many of the services, help in the financial organization and facilitate the accomplishment of tasks, always keeping the company with a good reputation.
In short, business intelligence consists of process, select and analyze key information that can change challenges. In addition, it seeks to understand the current market situation and plan strategies that will make all the difference in decision making.
What are the main functions of business intelligence?
There is no doubt that the main function of the business intelligence is to map the best ways to achieve success in any business. Thus, the concept of business intelligence is supported by three guidelines: decision making, strategic planning and knowledge of the market situation.
Therefore, we present below, the main functions of this practice and how to apply it:
Provide accurate diagnoses
When the company is equipped with business intelligence tools, it is possible to evolve more easily, in order to expand based on actual data and estimates.
On the other hand, when there is no such evolution, the diagnoses serve as guidelines for managers to excel.
Assist in risk reduction
when the business intelligence becomes the main guide of an institution, the doubts and uncertainties almost don't exist.
It is possible to understand all the needs involving the business world and reduce risks by making the right decisions. Most of the time, a financial risk management, can be fundamental to assist in structuring projections and new partnerships.
Provide new looks
The technology tools, both for automation and for management and communication, allow a perception of the context that we could not see on our own.
Thus, a manager who applies business intelligence technologies is capable of think more wisely, organizing investments and new ideas.
It's fundamental betting on new sectors within the company in an analytical way, implementing changes and achieving significant results.
Allow agile choices
In addition to helping with management control, business intelligence is essential for managing new information, making the managers be able to understand the company, closing new partnerships and promoting a good relationship with the commercial areas.
How important is business intelligence?
According to SEBRAE, thousands of projects appear in the country every year. Often, many cannot keep up and end up declaring bankruptcy and closing the doors even before completing the first year in operation.
This is because many of these entrepreneurs take care of their ventures with old methods, not they study the innovations present in the market, they do not evaluate their competitors and the characteristics of their target audience. For a company to be successful, planning and good execution are required.
In this way, business intelligence becomes essential to keep an organization in thebroad market competition that we envision at the beginning of the 21st century.
Technologies help define goals and strategies, with accurate results and time optimization.
In addition, the applications favor the monitoring of the reality imposed by the company, allowing for necessary changes and adjustments based on information acquired during an analysis.
Tips on how to put business intelligence into practice
First, you need to understand how important this intelligence will be to your business. Once that's done, the next step is to make it work. As stated earlier, the application of this method is fundamental to reduce costs and increase operations.
This smart framework was developed for business improvements, based on certain and necessary data. In addition, the way you make business intelligence work improves the overall environment.
Follow it below the main points that will certainly help you to put business intelligence into practice.
Automate the flow of information
Managing information can be bureaucratic, time-consuming, complicated and expensive if technologies are not applied correctly.
But this picture can be reversed with the correct sending of emails and reports periodically. This periodicity will facilitate the search for correct information and effective data analysis.
Develop data culture
Usually, decisions are made based on past experiences. and in everything that is believed to be a differential.
In this way, for these decisions to become positive, it is It is necessary to work an internal culture, together with habits necessary for the correct use of data.
take care of processes
For your business intelligence to be positive, you need to organize and form a good quality database.
This process allows the company to know which analyzes are true, avoiding losing focus on essential factors, thus promoting a better use of this intelligence.
Analyze the metrics
Preparing reports with the right metrics is the solution to business intelligence. It is through this information that metrics are implemented. If the metrics are correct, business improvement will be easier.
Consider all sectors
Having information about each sector helps in organizing and making decisions. It's possible create autonomy within each department.
Ensure information security
First and foremost, data security is becoming more and more worrying. Business intelligence is at risk of receiving untrue information. It is common! To prevent this from happening, techniques from the big data, the artificial intelligence that performs data collection and structuring.
To learn more about artificial intelligence, check out this article from HR Consultant UKy: Learn about the impact of artificial intelligence on the job market.
Reading this text, it will be possible to understand the impacts caused on companies and what are the possibilities available for maximizing results.
What are the main aspects of business intelligence?
Any companies that value intelligence need to follow 3 fundamental strands for better performance. Are they: gathering information, analyzing costs and risks, and aligning goals.
Next, see the definitions of each of them for you to understand them and put them into practice.
Before chasing any goal, you must collect information. The company needs to understand the place it is entering. For this, seek to understand external factors:
- your consumer's behavior;
- its main competitors.
As well as external factors, the inmates need to be considered:
- quality of the product offered;
- size of the market you will find;
- technological innovations;
- qualified professionals;
- Possible differentials.
Analyze costs and risks
Every company has costs and risks. When strategies are established, the expectation is generated around a positive result. For these strategies to generate results, it is necessary to invest in the expansion of certain sectors, such as human resources and technology.
First of all, a company must mandatorily define what will be its missions, values and vision. These three strands are responsible for directing the organization's future. First of all, the other sectors also need to have pre-defined goals. Determine an alignment between everyone so that the work is done in sync.
Benefits of Business Intelligence in Business.
Some benefits are considered essential for a qualified business intelligence. These benefits are the gateway to an aligned and successful organization. Are they:
Contribution to strategic plans
This contribution facilitates the good planning. Being more secure and with business goals needed.
It is possible for managers to anticipate their actions using business intelligence. Therefore, assume proactivity and offer quick solutions to the demands of the company.
Make safe predictions
Managers are able to assure themselves of their decisions, taking beneficial actions. Knowing what lies ahead allows for agility and high prevention capacity.
Effective in risk management
Lastly, provides analysis with the data found, assisting in the effectiveness of risks, whether threats or opportunities.
Furthermore, the business intelligence is increasingly present in companies. Its capabilities to increase positive results, improve risk management and stay ahead of the competition make it a complete activity that needs to be performed by trained professionals. Only then will you be able to achieve the desired success.
It is important to emphasize that investing in these shares is extremely important. Several management systems already on the market use business intelligence. Make a brief analysis of which one meets your needs.
This article was designed to help you understand more deeply about the business intelligence and its main benefits, making you have a different view of the business world, in addition to offering fundamental tips for your company to stand out from the competition. Become a pioneer in your field.
Did you like knowing how to implement business intelligence? Be sure to comment and tell us how this practice is being implemented in your company.
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