Over the years, businesses must gradually adapt to the needs of society. Which refers to the fact that in the digital age everything must be updated within it. For this reason, there has been the Business intelligence as a set of tools capable of solving various problems within the organization. Thus, it is presented as one of the technological solutions most innovative in decision making within a company.
Business Intelligence: What are the benefits for the business?
As mentioned above, Business Intelligence (BI) is applied to take data, convert it into information to, later, have an understanding of how the company works. This is quite interesting, since it allows optimizing all kinds of processes where it is pertinent to make a decision based on improvements.
One of the best-known advantages of Business Intelligence is that for there are multiple solutions to a problem and the one selected will depend on the company's approach. Which implies that, easily, the solution for one is not the same as for another and this is what makes the transformation unique. Acting as a strategy within a company to achieve a notable advantage.
The benefits that can be found with BI are:
- Entry into new and different markets.
- Offers and product promotions that are attractive to customers.
- Cost optimization and production planning.
- Elimination of information gaps that do not allow maintaining a uniform structure.
- Analysis of different profiles that can act as clients.
- Control of finances.
- Performance of a specific product.
Main Business Intelligence tools
The solutions found with the application of BI are always in the process of transformation; that is, when each step is started, it is preparing for another one in the future that will attract more notable improvements. Obviously, this step by step is carried out with the tools that constitute the BI itself. Therefore, the best known methods to apply this strategy are:
- DSS or Decision Support System.
- EIS or Executive Information System.
- BSC or Balanced Scorecard.
Likewise, the data measurement systems are:
- Data warehouse.
- Data mart.
Know if a BI solution is necessary: How to know?
According to what was stated in the Business Intelligence, multiple options are known that will allow the expected results to be achieved. These technologies are truly fast, discovering empty spaces within the organization and filling them. But, How can a user know if his company needs BI solutions? Well, the solution is to carry out a questionnaire where questions such as:
- How important are products and customers within the company?
- Do you have any competitive advantage that differentiates you from other existing companies in your sector?
- Is it possible to have a clear vision within the company with all the participants?
Remember that BI ensures that a company needs to have its data available to all those who make it up, so tools are needed to extract it, empty it in a standard format and store it so that it can be analyzed correctly. Go ahead and study your business!