What is Business Intelligence (BI)?
Business intelligence is a powerful set of analysis and reporting tools that can help you make the best business decisions by making it easier to understand data and help you see patterns, trends and anomalies. It is the art of turning data into information that you can use to make the best possible decisions.
Business Intelligence (BI) is one of the most useful tools that can be implemented in any organisation. In its own way, it integrates more and more elements of the business into one place where everyone can easily understand processes and see what steps to take when new questions arise.
How to implement BI in your company?
Analyse your company
First of all, you should make a complete analysis of your company, by that we mean analyse your business processes, production methods, workforce capacity, company goals and results.
Analyse your business and understand where you are now, how much money your business generates and discover the strengths and weaknesses of your business. Evaluate the impact of your strengths in different time periods, sectors and regions.
Once you have this information you will have the basis to start using Business Intelligence as a tool to make better business decisions.
Analyse producers and consumers
The second step is to differentiate the roles of each person involved in one way or another in the business.
It is necessary to differentiate those who produce (workers, suppliers, etc.) from those who consume (mainly customers).
Once differentiated, you will have to know what each worker produces, how much time he/she dedicates to each client or product, if he/she does it effectively, etc.
The best tool to extract worker analysis is Clockio, a tool to know everything you need to know about your employees.
For the consumer or customer area, you will need to know the buying patterns, the types of customers your company has.
For more information on types of customers, click here: SEE LINK
Market analysis and trends
The next step is closely related to the buying patterns of the main consumers of your business, and then you will need to do a market and trend analysis.
In order to design a new product line, it will be essential to identify the latest trends and those that will dominate in the coming years.
Analyse the market and understand how to qualify it. Know how to analyse trends, make predictions and find new growth opportunities for your business.
Examine statistics and forecasts for a specific sector. Analyse market size, growth rate and gross margin data.
What are the products that sell the most, why, and what is the service that everyone is talking about? Ask yourself these questions and find out the answers.
Next you are going to implement an analytics dashboard. This open source product provides a wide range of data tools that a company needs to improve business decisions as well as its visibility in the marketplace. It will allow you to collect and manipulate data from all kinds of sources, making it easier for business users to start analysing data rather than limiting themselves to a specific workload.
Contact Additiu Digital to increase your visibility and analyse it. SEE LINK
Now you know how to implement Business Intelligence in your company, it is very important to have a broad and complete view of everything that happens regarding the business. With all the information that BI will provide you, you should use it to better think about the next move of the company.
It is also very important to learn from mistakes and move forward learning from the lesson, but prevention is better than cure. Prevent more mistakes with Business Intelligence.
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