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

Cosmic Values: Pet Simulator X [Complete Guide]

The intrinsic rarity and desirability of virtual pets in the game are called cosmic values. Each pet in Cosmic Values PSX has its cosmic...

VTOP Login | Vtop.Vit.Ac.In Employee Login: Complete Guide

VTOP Login is an online platform by the renowned educational institution Vellore Institute of Technology. It simplifies the administrative process of the university. It...

The Role Of Dental Software In Streamlining Revenue Cycle Management

In the rapidly evolving landscape of modern healthcare, efficient revenue cycle management (RCM) is crucial for the financial sustainability of dental practices. Dental practices...

Mangaowl – Read *FREE Manga Online In English

With more than 5000 manga publications, MangaOwl is the leading internet manga platform in Japan. Users can find the largest collection of free and...

Roku TV: What Is It And How Does It Work?

You hear much about Roku TV; you need to understand it. Here is a manual for all you want to be familiar with, possibly...

10 Apps To Organize Your Work

Introduction Organizing your work, in addition to being a necessity, can also bring many advantages. The deadlines and different commitments you have can become an...

IT Democratization: Create Your Custom Software

The process of developing software for computer applications is known to require advanced computer skills from those involved. With the advent of low-code solutions,...

How To Streamline Enterprise Operations via Digital Transformation?

The significance of digital transformation for businesses in the dynamic world of business cannot be emphasized. Businesses that adopt digital transformation will reap several...