Business intelligence is responsible for strategically using data in organizations by collecting, processing and analyzing all types of relevant information, allowing companies to make the best decisions.
Each process, activity, routine and form of communication can be worked on to achieve better results and obtain a greater competitive advantage, one more step for companies to reinvent themselves, both internally and externally.
If you want to better understand what BI is and how it is essential in management, keep reading this article and find out!
What is Business Intelligence or BI?
BI – Business Intelligence – consists of collecting, storing, processing, analyzing and applying data, which is essential for making more assertive decisions.
According to Gartner 's Glossary of Terms , BI is “ a general term that includes the applications, infrastructure and tools, and best practices that enable access to and analysis of information to improve and optimize decisions and performance .”
Today, it is an extremely important concept for defining spain whatsapp data strategy and developing an action plan. This is because it provides knowledge and discoveries on any business-related topic, which can be applied in everyday life.
It is worth highlighting that business intelligence is not a technology, although innovative tools, software and solutions can be part of the process.
As a process, it seeks to transform and rethink the large volume of information on a business-related topic.
Thus, with an in-depth reading of the data, its variations, characteristics and history, we seek to find actionable intelligence.
In other words, knowledge that is then transformed into intelligence to then be applied to the company on its different fronts and, in particular, to strategic planning.
What is the main objective of business intelligence?
The main objective of BI is to help companies make decisions more assertively. Using information (internal and external), companies can direct their strategic planning without relying on “trial and error”.
Thus, with access to a database and the help of technological tools, it is possible to better understand each business front and, from there, obtain a competitive advantage in the market.
In other words, your company begins to act based on assertive intelligence, a reality where not all decisions are holistic, but rather the result of an analytical reading of the market.
The result? Growth and development in general, but especially financial.
How does Business Intelligence work?
As complex as it may seem, BI is divided into four stages, classified as: collection, analysis, sharing and monitoring.
Information alone does not generate any value for companies, so this strategic organization makes the difference in the flow of processes and, consequently, in the results achieved.
Let's take a closer look at each of the four stages of business intelligence.
Step 1: Collection
Collecting data determines what type of information is useful for the business and what objective it wants to achieve.
To analyze and understand what strategies should be adopted to increase revenue, the data collected will come from investments, sales and production costs, for example.
It is at this stage that the database is also cleaned to select what is really interesting according to the objective of the study.
Additionally, if you want to improve your communication and align your brand's stance with audience expectations, you need to collect data and history of customer interactions, whether from social media, comments on website posts, SAC, etc.