How business intelligence has changed companies

Business intelligence is a set of business processes that aims to collect information useful for defining strategies. In the historical period in which we find ourselves, the interpretation of the data produced by the company is fundamental to understand how the market is evolving and to anticipate the competitors' moves. Business intelligence uses several tools to organize the data it collects and are usually stored in the Data Warehouse. The definition of Data Warehouse for a company is a process that takes place gradually and that is oriented according to the objectives. In fact, the system stores data from multiple sources, archives them and makes them available for a large period of time, in order to allow precise and effective consultation.

Power to Data
The advent of the Internet and greater access to data produced by those who search online and those who interact with corporate channels, has created a massive production of data, which have been added to those that were already collected internally.
The variety of origin of the data and the increase in the quantity favored the organization of repositories to be consulted periodically to allow managers to analyze the data useful for establishing new strategies.
Data support has therefore become necessary in decision-making processes because through a good analysis of information, trends, needs and requests can be anticipated, managing to beat the competition in a few steps.
Furthermore, obtaining the reports has also become much faster thanks to the latest generation data warehouse software able to extrapolate all the information needed in a few minutes and to divide the final report into sectors, thus providing a detailed answer. An extraordinary advantage for those who, for example, need to evaluate the performance of a specific marketing campaign or the feedback on the sales of a particular product.
To get the most out of these tools, it is a good idea to have an expert and prepared analyst who can give substance to the numbers and give the business a significant competitive advantage. The role of the manager has also changed, because it can no longer disregard specific numerical analyzes and has a great advantage: being able to have the performance results for each sector it deals with and therefore calibrate the projects in a capillary way.

The advantages for companies
Structuring a business intelligence system in a company is the secret to being always on the piece and being able to solve any problems on the run in certain areas of one's business.
Each tool connected to data tracking is useful to keep under control the progress of business plans and to be able to intervene in a timely manner even when there are sudden emergencies. As the advent of Coronavirus has amply demonstrated, in situations of necessity one must be ready for anything. Having the real and updated numbers of your business quickly available, allows you to act immediately to avoid further losses and put all workers at risk.
Business intelligence is therefore indispensable both to aim for growth and an increase in turnover and to resolve unexpected events of any kind.

Thanks to our Telegram channel you can stay updated on the publication of new articles of Economic Scenarios.

⇒ Sign up now

The article How business intelligence changed companies comes from .

This is a machine translation of a post published on Scenari Economici at the URL on Mon, 29 Jun 2020 09:05:58 +0000.