Last Updated on November 11, 2023 by Hina Rubab
What factors determine the success or failure of a business with a similar capital size and a number of employees? This question is also what most corporate CEOs want to know the most. A characteristic of a company that feels the need for management consulting but does not know exactly which part it wants to check is that the problem is also vaguely felt. Within this guide, we’ll discuss some factors that make business intelligence so important.
For those who want to build a diversified management foundation such as work productivity, quick decision-making, and a systematic collaboration system, TPI Insight recommends going back to basics and thinking. It is necessary to pay attention to ‘Business Intelligence (BI)‘ to find clues to answers to scattered problems.
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Smart way to use data
A company that makes good use of BI is a business-related technical term that analyzes and stores sporadically accumulated internal and external data to help companies take meaningful steps. ‘Data mining’, which collects a large amount of data to pick out a certain pattern, and ‘data visualization’ using charts are representative examples of analysis techniques. BI, which focuses on data from beginning to end, can gradually develop step by step from simple information to refined information and analysis that can meet a segmented target.
BI that has evolved by increasing user accessibility
Dating back 60 years from now, BI has been further developed by leveraging digital technologies alongside industrial innovation. Now, companies can get near-instantaneous feedback from customers who buy their products and services if they put their minds to it, and it’s not difficult to gather unstructured text as well. In addition, you can access BI through various devices such as browsers, mobile devices, and documents using smarter tools.
On the other hand, some people who are new to the concept of BI or are already familiar with it are often confused with Business Analytics (BA). To put it very simply, BA focuses on examining data and predicting things that have not happened yet, while BI provides a reference point for a more productive or effective overhaul of the business system currently in operation.
BI application examples of domestic and foreign companies
There are quite a number of ways in which BI can increase business productivity with data from the past to the present. By analyzing consumer behavior, understanding market trends, and tracking company performance backward, you can build an optimization model that increases profits and reduces costs.
A well-established BI is a satisfactory tool for companies with multiple branches to derive business items to focus on a specific branch. Or, there is a way to find out the cause of the constant decline in sales by using BI to track and uncover the comprehensive chain flow.
BI management methods that businesses need to know
BI tasks, which the Business Intelligence Companies in India mostly managed, are shifting toward being handled by the business departments that need the data. This is to reduce the unnecessary request-review-report system by directly accessing the database. Excellent security and optimized data management are key to establishing a ‘self-approach’. It is for this reason that the expected efficiency varies depending on which BI tool is used.