Business Intelligence is a set of methodologies and tools that involve gathering, organizing, sharing and monitoring to make data analysis faster and efficient. The main goal is transform data in useful information that supports your company decisions.
Given data volume and without methodologies and tools, the manager’s role will be very complicated.
The evolution of information technologies and market changes, provide the progress of Business Intelligence. Consumers will assimilate dynamically all information by compiling a wide range of information sources.
Should your company invest in Business Intelligence Solutions?
It is very likely that your company will find the following issues:
- Why are there so many stock outs?
- Why is there so much value in debt from customers?
- Why does cash management have so many oscillations during a period?
- Why are there so many efficiency losses in the manufacturing process?
Companies that invest in Business Intelligence are providing their resources the opportunity to increase knowledge levels. It’s very important to increase levels of competitivity. Business Intelligence solutions allow to evaluate company performance and make well-based decisions for the future.
If your company has a Lead, you should evaluate de potential customer to verify the viability of making future businesses. When you evaluate the client, you should look for some indicators: financial situation, feedback from another competitor, payment conditions, business activity (industry), among others.
With a Business Intelligence your company will have a global vision, because the solution allows you to post, analyze and document all data properly, providing you a quick response capability. Who adopt Business Intelligence culture will have advantages against competitors.
The focus on Business Intelligence will increase your capacity to analyze costumer current trends. As you will know what customers are buying, you will use the information to develop products to face your customer needs. You will produce to respond to current consumption trends, increasing profitability.
Business Intelligence Methodology
The methodology that is associated to Business Intelligence is “Data Warehousing” – central data repository where all information is compiled. “Data Minning” consists on exporting valuable information from all the info that was collected in 1st phase and is supported by a set of reports and analyses. “Business Process Reengineering (BRP)” helps you with the optimization of processes implemented in your company and “Benchmarking” provide performance optimization.
Types of Business Intelligence Solutions
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“Data Minning” Solutions
Software solutions that allows posting and analysis of a many information. This type of software combines the use of historical data with statistical algorithms, to obtain data based on probabilities.
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“Query Report” Solutions
Set of tools that allows you the construction of reports, based on store Data Warehouse.
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“Budgeting and Forecasting” Solutions
Functionalities that allows you to control budget, combined with sales planning and forecasting.
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“BPM/CPM/EPM” Solutions
Role of analysis that provides a way for your company monitor their performance related to some indicators.
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“Dashboard” Solutions
Information panels that show indicators of comparability between the real and outlined goals, promoting the analysis of data generated data.
The acquisition of Business Intelligence solutions is recommended for small, medium and large companies. These solutions help in tasks optimization, making decisions, reducing costs and tasks duplication. There are many solutions that offer analytic reports and diagrams, which allow an effective response even for those who don’t have many resources to invest in technology.
To take full advantage of Business Intelligence solutions, you should invest in training your resources. Besides that, it’s also important to ensure that the solution is customized, following company growth during the years.
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