Smart companies must make decisions based on data and analytics, preventing intuitions and opinions from interfering in their direction. This idea is fundamental to understanding what Business Intelligence is, a competence capable of transforming your organization into a results machine.
To discuss dense concepts like Business Intelligence examples, they help you understand, in practice, what makes up a BI initiative and what benefits can be gained from using it.
For a long time, the only way to make decisions in a company was through the experience and intuition of managers. However, today, in a reality where competition is increasingly fierce, it is possible to use data to obtain important insights and, thus, obtain better results. This is called Business Intelligence (BI).
In other words, there is no longer any reason to decide on issues that are essential for the smooth running of a business through “guessing” that can end up leading to process failures. Want to learn more about the concept and how to apply it in your organization?
What is Business Intelligence?
Businesses use Business Intelligence to make more informed decisions in many areas of the firm. In addition, it helps managers to know if the investments made are being successful.
As you have seen, contrary to what some people think, BI is not a technological tool, although it needs them to exist. Essentially, the concept is a set of processes that work together to support decisions.
The methodology is based on 3 pillars. See what they are next:
- data collection, in which everything that happens in the organization is analyzed to determine important aspects. Among them are market reputation, productivity, bottlenecks, among others;
- organization and analysis, when the information collected is organized in databases and presented in an easy way, in order to favor the interpretation;
- action and monitoring, when managers make decisions based on the analyzed data and then monitor the results to see if these were assertive.
What are the benefits of using BI?
With the help of Business Intelligence companies in India, organizations can transform their data into a language that is easy to understand and associate, generating the sharing of information between managers and employees.
This allows for the identification of the right processes, focusing on the company’s goals and meeting the needs of the consumer.
See now some benefits of the method for business management:
- cost reduction through data that help in more assertive investments, market assessment and opportunity detection;
- perception of previously imperceptible failures, which provides the correction of bottlenecks;
- advance of actions related to external factors;
- monitoring of the consumer experience, essential to optimize service and make it suitable for the current scenario;
- enhances marketing ROI as it helps in diagnosing the best actions, audience segmentation, resource allocation, among other important information;
- increases productivity and efficiency;
- Reveals business opportunities.
The data must be accurate and relevant to the business, or the effort expended to obtain it will be wasted. As a general rule, we can say that the fewer approximations and estimates there are, the higher the quality of the data obtained.
To satisfy this criterion, good monitoring tools are essential which can be delivered by best business intelligence companies like ComplereInfosystem.