If your company still makes decisions based on intuition and the experiences of more experienced employees, how about rethinking and adding one more factor to that decision? Meet Business Intelligence.
So, in today’s content, we’re going to explore the universe of business Intelligence and how it can change how you make plans.
What Is Business Intelligence?
Business Intelligence defines a strategy for capturing and using data as support information for making important decisions.
However, it is necessary to emphasize that the strategy is not a model that automatically gives you the “yes” or “no”.
In other words, the intention is to provide you with all the information you need to make the best decisions.
So let’s take the 2014 World Cup as an example. Did you know that the use of BI was a crucial factor in the victory of the German team? As?
Using information collected from national team matches, such as:
Number of passes;
With this information, the coaching staff and the players could create data and observe who could improve, who was doing their best and where to allocate all the members—leading the team to achieve an extraordinary result in the competition.
In addition, BI is heavily involved in creating consumer profiles (age, gender, time of year, etc.)
Perfect for mapping advertising campaigns, product launches and promotions.
Among several examples, we can agree that today everything can generate data. From walking your dog to exploring an oil well, data is everywhere.
How you handle this data will position your business in relation to others.
Many businesses waste their data; those who use it in the best way come out ahead.
How Does Business Intelligence Work In My Business?
Now that we understand what Business Intelligence is all about, let’s understand how it can do what it proposes.
We can summarize the performance of Business Intelligence on three fronts:
- Action and Monitoring.
So, let’s break down each of these steps.
As already mentioned, a company can generate a gigantic flow of data daily. However, data alone and without treatment are often challenging to deal with.
Thus, the function of this step is to collect, classify and store data from all sources (sensitive, non-sensitive and other sources).
CRM ( Customer Relationship Management ) software is a practical example of many companies’ reality.
The software can collect information such as name, e-mail, and telephone and thus organize the commercial team around it.
The previous step is essential for conducting a BI process; however, collecting data is not enough to make a bold decision.
Therefore, we must filter the information and segment it.
Thus, this filter may involve discarding irrelevant information or identifying crucial information for each type of decision.
Action And Monitoring
Time to use the strategy to its purpose!
After the organization, it is possible to extract information from the data. Therefore, we can use the inputs for guided and mapped decision-making without the need for “guessing” or intuition.
For example, with a solid base of information, it is possible to monitor and predict problems in production plants, define maintenance schedules and create operating routines that generate maximum productivity.
Finally, measuring and collecting information about the BI outcome is essential.
Since it can be optimized and generate more returns for your business.
What Are The Advantages Of Applying BI In My Business?
Therefore, let’s dive into the reason for this content, how Business Intelligence can leverage your company and why you should consider its application.
Let’s see some examples of advantages that your business can get by adopting Business Intelligence models.
As we already mentioned, the main objective of the BI strategy is to provide information for strategic decision-making.
Consequently, with more information, the assertiveness of your strategies ends up becoming greater.
So, let’s imagine a tourism company that uses the information collected from the consumption profile and identifies that the demand for travel to the Northeast increases in January.
With this information, the company can plan goals and create marketing campaigns and promotions to take advantage of the trend.
This type of example applies to many other lines of business.
Expands Risk Control
A system with a well-applied Business Intelligence philosophy can, in addition to collecting and exposing data and intuitively, help to control all areas of your plant, including preventing accidents and predicting future crises.
In the same way as the previous topic, data collection can optimize all processes and areas of the company if handled correctly.
As BI turns out to streamline and make data analysis faster, it is possible to adjust the process effectively in a short time.
Also Read: Understand What Big Data Is And How It Will Help Your Business!