What Is Business Intelligence And What Are Its Advantages For Your Company

For the vast majority of entrepreneurs, the most difficult part of running a business is decision making. Lately, optimizing business decision-making has been associated with the concept of Business Intelligence.

Next, we will tell you what it consists of

What Actually Is Business Intelligence?

We call business intelligence to all that group of processes, tools and technologies focused on obtaining quick and easy data from the business management system. These data can be analyzed and interpreted, with the aim of elucidating decision-making and using them as a source of knowledge for the managers of a company.

Within a company, Business Intelligence is applied at three different levels:

  • Operational level: It affects daily decision-making in the company’s immediate workflows.
  • Tactical level: Helps decisions that affect the company in the near future. They may be, for example, monthly operating tactics, which should be continually reviewed.
  • Strategic level: It refers to long-term decisions, setting final objectives that will be those that contemplate decision-making.

Effective Tools For Business Intelligence

Business Intelligence relies on a whole set of tools that help collect relevant data.

Therefore, we can group Business Intelligence tools into five different areas:

  1. Production: They are the tools that will help to obtain statistical data on production lines, inventory turnover and similar concepts.
  2. Logistics: The tools that help to track shipments or monitoring orders, among other tasks.
  3. Finance: Expense reports, cost reports, tax forecast, etc. Here are all the tools that help the financial analysis of a company.
  4. Sales: Tools that provide customer and product data to segment the market and make sales forecasts.
  5. Marketing: Tools for market segmentation in order to help analyze trends in sales and customers.

Advantages Of Business Intelligence

Here are some of the most interesting advantages of Business Intelligence:

  • Greater efficiency: By using business intelligence to centralize all of your company’s information, you can use it to optimize workflows and increase the efficiency of all business processes.
  • Response speed: Obviously, having all the information provided by business intelligence implies that you can anticipate problems and prepare more effective solutions. In addition, you will have more solvent tools to solve unforeseen events.
  • Improved customer service: The centralized database generated by business intelligence implies that, in the event of any problem with a customer, a service can be offered in which the customer feels that solutions are really being provided

TechSmashers
Tech Smashers is a global platform thatprovides the latest reviews & newsupdates on Technology, Business Ideas, Gadgets, Digital Marketing, Mobiles,Updates On Social Media and manymore up coming Trends.

RECENT POSTS

What Is Augmented Reality?

Would you like to know what augmented Reality is and what distinguishes it from virtual Reality? We'll explain it to you.Augmented Reality is often...

Top 5 Presentation Tools That Will Make You Forget Microsoft PowerPoint

Since the first version of Microsoft PowerPoint was released more than 30 years ago, it has become one of the best presentation programs both...

Top 20 Best Digital Marketing Tools In 2021

Nowadays internet has become an integral part of our daily life as people are investing more time online . This is a boon for...

Kodi On The Fire TV Stick – Here Is How To Do It

With Kodi, Amazon's Fire TV Stick becomes a full-fledged media player. We'll show how installing Kodi on Fire TV works.Amazon's Fire TV series is...

Chatting In The YouTube App – This Is How It Works

For some time now, it has been possible to chat in the YouTube app. You can find out how to do this in this...

Top 10 Free Spy Apps Of 2021

Android phones are in high demand these days, thanks to a large number of smartphone users. Android spy apps are gaining in popularity at...

How Can Influencers Help Your Start-up To Grow?

As a start-up, you may be wondering how to build a strong presence through your marketing strategies. You don’t need to have a big...

How To Install And Use Kodi Add-ons

The Kodi media center is incredibly versatile. One reason for this is the possibility of adding new functions to the primary system with add-ons.Movies,...