When it comes to doing business in the modern world, it can’t be imagined without Business Intelligence. The reasons are simple, and they’ll all be the right ones. If you want your company to prosper and become a big fish in the ocean you need to switch to BI sooner than later. The market for it is ever-growing and it’s not showing any signs of slowing down. We’re talking about billions of people. The first reason things are like this is that this is no longer in the domain of the future. No, BI is the present and some businesses have already been changed by its presence.
When you see how massive enterprises such as Amazon or Tesla are using it, you’ll see that your small firm is already trailing in this department. But, luckily you’re not late for the party. No one is, but only if you react swiftly. BI is the reason why some players in the financial market had more success than others. It covers so much more fields than any human or a team of people could, which makes it an amazing tool worth having. It’s simple, even with all available data our resources are limited by our brains, but BI can be considered an overachiever compared to your average employee. Let’s see how business intelligence turns your data into a business opportunity.
Why Does it Matter?
We’ll start from the basics. It’s the best way to start in a case you never encountered Business Intelligence before. If you have, you might already be looking for the right tool to assist you. That’s fine, and one that could be helpful can be found here. If you’re still sticking with us for one valuable lesson, in the end, it all revolves around the return of investment. Every player in the financial market is focused on ROI. But, what does this mean in the marketing department? Now, that’s an interesting question. Your investments in marketing are hard to translate to financial gains.
These days things are simpler and more complicated at the same time thanks to the presence of multiple social media platforms. Companies all over the world are already using Twitter, Facebook, Instagram, LinkedIn, and other similar platforms. Some major companies are also working and are already implementing platforms of their own. Like we said it’s hard to be spot on with marketing when it comes to ROI, but with BI things change. This player can tell how much returns you can expect when you focus on a certain campaign. With all the data you have available it can predict the outcome with much certainty.
The plans and decisions companies might have are there for humans to create, but rarely can conjure them all together and create one ultimate picture, or collection of data. With BI things are different. This tool can translate everything to data. Chewing up gigabits of data is what computers do, and they can do it fairly better than us humans. No, there’s no reason to fear the Mentat, Dune scenario, this is not a science fiction novel. Instead BI is a must for every company. With the right approach, it can cover the entire field of the data you’ve collected and after rightly assessing them it can show you a clear picture of how your work ended up – is it working or not.
How It’s Done?
Business Intelligence is an amazing tool. It can help a company to join the data it has collected through multiple sectors. Before implementing this tool, most companies had to form task groups and have frequent meetings between departments to determine the whole picture and take a course of action. These days, the date is processed by BI and every department gets it handed to them in a teaspoon. Because of this, the process of decision-making among higher-ups is put on a different level. Some of the processes that were previously handled by humans were never done through-and-through.
Nowadays, thanks to BI data mining is handled on a whole nother level. It can uncover data from various databases, cover the field of all statistics available to your company, and connect them to give you a view at current trends, and for databases that will hold all the info tied together. Furthermore, it can be quite frequent or selective, depending on your needs when it comes to reporting change on the market. You can have daily input on highs or lows in a certain domain. This can be quite beneficial when it comes to making decisions or forming opinions on a certain subject.
Also, while having a team of analytics is still needed, their job is made much easier thanks to the presence of BI. First of all, it cannot only do work on predicting the movement of the market. It can do that based on the data from the past which if the database is massive can have an insight into decades of doing business and markets shifting. Various metrics and benchmarks can only be fully assessed if we know the history behind them. Due to this ability of BI, you can not only get the data served to you, but you can also have inquiries made, to which the Business Intelligence is going to provide the answers. Before, regardless of the number of questions you might have, answers were scarce.
The historical context of business is what matters the most in many spheres of business. Before the introduction of BI, it was impossible to access all the data, and visualize the future based on it. Today, the matters are quite different. BI adds efficiency, speed, quality of processing, and data management unseen in the past. If you’re looking to climb your company to the top of its domain, going forward equipped with a tool like this one is a must. If you’re not quick to ride the technology wave which is in front of you, maybe business surfing isn’t your thing and you need to reconsider your calling. Those who are not moving forward, are always left in the past. Forgotten!
