Business Intelligence is the set of techniques, methodologies, or processes of a company that uses data to facilitate a series of decisions.
The value that all the processes that comprise business intelligence bring can make the difference between good decision-making and not. Through a series of internal processes, BI analyzes the data and metrics of the company and forms a set of strategies, which allow for optimizing its operation.
We can use it to detect areas for improvement or increase the performance of specific departments. Relevant data is all related to production, for example, but also an external press release. Therefore, given the amount of information handled in a business, the directive can rely on data management tools.
Application Of Business Intelligence In Decision Making
Once we are clear about how Business Intelligence works, we need to know some of its benefits and how they influence decision-making. You will find BI tools supporting multiple databases like Postgres, MySQL, Planetscale, BigQuery, Redshift, etc. You also have to decide which tool can be helpful for your business. Metabase has gained popularity in recent years, but you should check for some metabase alternatives; maybe you can find something more efficient. Choosing the right BI tool is of utmost importance, so make sure to do your research before investing in any. Understand the needs of your business, what kind of data you will be collecting and analyzing, and choose your BI tool accordingly.
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It Allows Us To Get To Know Our Client Better
A BI tool should analyze the consumption habits of our customers, their way of buying, sales channels, etc. Even age, demographics, etc. It also helps in managing the team better; it also helps in creating marketing strategies. This will allow us to make strategic decisions in this regard.
Other relevant data to optimize business performance are those related to sales figures. By handling all the data associated with this field, we will find out which line of our business works best. And we can focus on enhancing it and taking advantage of it: Offer discounts, increase investment in marketing, see what new product starts to work better, etc.
Control Of Results
Just as it is easy to analyze sales, it is straightforward to compare with the objectives set in the previous strategic planning process. Observing the actual results against the markers, we will discover potential deviations. This will allow us to correct them for future projects. In the long term, we will achieve optimal financial and product returns.
Each Department Will Have Its Benefits
For example, in human resources, they will observe which workers are performing the most. In finance, which processes carry more costs. In marketing, which advertising campaigns get the best results. And they will all be connected.
Thus, thanks to Business Intelligence, we can observe what is happening in our company at all times. You will see exactly where your company is, and you will be able to compare it with the actions of the competition. It helps to analyze the data they offer us, interpret it correctly, and predict what will happen in the future. In the end, it helps in making sound decisions that improve business performance.