Business intelligence concerns a set of strategies to extract, select, analyze, manage and use relevant information for your company. It is essential to reduce costs, improve operational efficiency and increase a company’s revenue.
What Is Business Intelligence?
It is no wonder that many organizations are investing in innovation and strategy: the market is increasingly competitive, with thousands of companies fiercely disputing space and the hearts of customers. In this, several concepts and tools emerged to contribute to planning and actions, all to increase results — and, in this, business intelligence (BI), as it is also known in English, emerged.
Business intelligence is a set of strategies to collect, organize, analyze and work with information that is important for the business. This is done by extracting strategic data, using special tools and employees’ talent to understand these materials and transform them into positive organizational actions.
Imagine finding data that reveal specific behaviors and habits of the target audience, which help to make correct diagnoses of the business reality or allow identifying business opportunities — all of this is possible when implementing a great BI strategy.
You can even use the data to make predictions and estimate the market scenario or changes in the target audience’s behavior, for example, to prepare the company and take advantage of opportunities.
If before this data was difficult to extract and analyze, with the advancement of the internet, a large amount of information could be stored and processed. Big data, cloud, platforms, social networks, and many other possibilities have emerged to facilitate this work and strengthen BI professionals.
Thus, capturing a large amount of information is possible to have a more accurate and efficient analysis of the adopted strategy, improving the chances of achieving the company’s objectives. After all, data is not useful in itself, but when it guides decision-making and contributes to reducing risks and increasing the efficiency of actions.
Business intelligence makes the organization more proactive in the business environment, anticipating trends, strengthening its processes, and reaching more space in the market. But these are just a few advantages of investing in this concept.
Benefits Of Business Intelligence
As previously mentioned, it is no wonder that this concept is gaining more and more relevance in companies: adopting a Business Intelligence strategy can generate several advantages for a business.
Innovation
The collected data and analysis can help the company identify business opportunities not being explored by the competition. This means finding opportunities to invest in innovations, whether about your products, services, processes, customer service, or other items.
Like BI, betting on innovation is another business world trend. No wonder giants like Google, Netflix, and Apple are recognized for this feature. Even smaller companies that do not work in technology have a lot to benefit from this posture.
Making More Assertive Decisions
Having the right data and analysis about a situation is powerful for making more proactive decisions. Misguided information and considerations can lead the company to make an effort and invest resources in actions that will not bring the desired results.
Accurate information will make decisions more secure, generating the expected response and improving business performance. The correct data can reduce a series of risks when defining the company’s strategies and actions.
Competitive Advantage
In this sense, finding these business opportunities helps to increase business competitiveness. The correct information can guide strategic decisions and generate more results.
In this way, the organization strengthens its space in the market and increases sales, having a greater competitive advantage.
How To Adopt Business Intelligence?
Business Intelligence varies from company to company; each has its reality, difficulties, strengths, and weaknesses. However, some specific methodologies developed for this area are important to be learned and executed by professionals specialized in BI.
In addition, there are some fundamental notions for the adoption of this concept:
Strategic Data Collection
One of the main points of business intelligence is data collection and management. But more is needed to get just anyone: you need to know exactly what information is important for the company and its strategies; otherwise, you’d spend a lot of time and effort on something that won’t pay off later.
This collection of strategic data should also be done using specific tools that serve this purpose — facilitating, optimizing, and making the entire process more efficient.
Specialized Professionals
Obtaining raw data is fundamental, but they will only generate positive results for the company if someone is qualified to understand and analyze them to transform the information into concrete actions. That is why it is essential to hire professionals specialized in BI and train employees to deal with these materials and understand the importance of this strategy.
Several techniques can be used in corporate training, such as business pedagogy and strengthening educational activities, to generate more results in this strategy. A qualified team makes all the difference in implementing an efficient business intelligence action.
Analytical Mindset
Having a culture focused on data is also a way to strengthen BI in the company. Training employees and cultivating an analytical mindset helps the organization understand, embrace and extract the best from this strategy.
Imagine implementing this concept; however, due to lack of knowledge and lack of familiarity with data logic, professionals end up not valuing or taking advantage of what BI offers to their service — this can lead to loss of effort, time and resources by not being able to adopt this concept. Strategy efficiently.
Also Read: Business Intelligence And Business Analytics: The Differences