The market is a truly wild environment and you need to be prepared to face all challenges, so it is recommended that you use the best tools. And one of the most important is Business Intelligence, a way to guide yourself in the market that promises to bring many more opportunities for you and your business.
If you want to learn what Business Intelligence is and how to perform this type of analysis then continue with us in the article below. Good reading!
What this article covers:
What does business intelligence mean?
Business Intelligence brings together two concepts that in Portuguese mean “intelligent business”, and in fact what is not lacking for the Business Intelligence technique is intellectual work and financial enterprise.
But the Business Intelligence technique itself consists of a way of analyzing different data available in the market to reach some conclusions that can be advantageous for your company. Information is everything, and having the best information available at your fingertips to create new market strategies is a huge advantage for your business.
What is business intelligence for?
There is an infinite number of information available in all kinds of environments, social, political and especially virtual. Much of this information is already publicly available, but working with this amount of data may not be easy, but all the necessary effort in analysis can bring numerous benefits to your company.
Business Intelligence then acts in this sense, both in the analysis of the data itself and in the attempts to collect this data. Once collected, the data is analyzed and the results of this analysis are used by the company to take actions in the market, thus guiding marketing campaigns, creation of new products and various commercial strategies. This is the essence of Business Intelligence.
What are examples of business intelligence?
Today, the market has already established how advantageous it can be to adopt Business Intelligence practices in a company. A very interesting example of applied Business Intelligence is a case that occurred with the company Hello Fresh, an American company that produces meal kits.
With Business Intelligence, the company was able to create an ideal profile of 3 types of buyers, saving the marketing team hours and funneling the entire strategy not only of sales but also of creating items, advertising and offers that were already conceived with current data. and accurate about your customers.
Among the processes that can serve as examples for the realization of a quality Business Intelligence are:
- Data collection and mining;
- Benchmarking and analysis of performance;
- Statistical analysis;
- Graphical and visual analysis.
With these steps, any company can perform its own Business Intelligence and obtain the benefits of the technique.
How important is business intelligence?
A company does not actually need Business Intelligence to function, but although the importance of Business Intelligence is not intrinsic to the functioning of a company, it has great value as a method of leveraging sales, of giving more assertiveness in marketing strategies and also to create a closer relationship between client and company.
Let’s check out all the benefits of adopting quality Business Intelligence in your company:
- More scientific decisions based on solid data;
- Advantage in the market;
- Better insight into opportunities;
- Prevention of errors and faulty actions.
These are some of the most interesting points in using a good Business Intelligence method in your company.
How does business intelligence work?
The first and most basic need to be met for the proper functioning of Business Intelligence is to define the goals of a company and then begin the search for the data necessary to achieve this objective.
Which industries use business intelligence?
Practically all sectors of a company stand to gain from the adoption of Business Intelligence, but among the sectors where the action is most successful are the marketing sector, sales planning and the management sector.
What platforms and tools use business intelligence?
Technology has greatly changed the way we make our decisions and carry out our processes, and Business Intelligence has benefited greatly from the new technological methods of aggregating information and analyzing it.
Today there are already softwares capable of collecting some data, selecting them and even carrying out a preliminary analysis crossing some important information, leaving the human effort only for a second analysis and necessary adaptations to a new strategy. So if you want to perform Business Intelligence as you learned in the article, bet on the best software on the market.