Business Intelligence (BI) is a tool that allows you to accurately analyze your data. This makes it easy to understand your business and to monitor your competition accordingly. With BI, you can make critical decisions based on concrete and tangible information.
For example, you collect information on the sale of your products but, at the same time, you also analyze their evolution. Based on this research, you will understand the behavior of your consumers and at the same time make the necessary adjustments to your services and products to match the demand.
The example described above is only one of many possible applications of Business Intelligence. In other areas, data is collected from your IT devices and, coupled with powerful algorithms, BI will allow you to organize the maintenance of your facilities in a predictive way.
Business Intelligence: a decision-making tool
Let’s go back to our example of product sales.
Faced with a large number of competitors, some companies react too slowly when a product similar to theirs is put on sale. However, this situation can be avoided thanks to an anticipation system.
Indeed, dashboards allow, firstly, to identify the different trends of the moment and, secondly, to orient a new strategy around the marketing of the competing product or service.
What is Business Intelligence?
Le terme Business Intelligence (BI), ou informatique décisionnelle, regroupe toutes les applications, outils ou infrastructures permettant un accès à différentes informations utiles. L’informatique décisionnelle offre la possibilité aux entreprises d’effectuer une veille concurrentielle tout en analysant le mode de consommation des acheteurs.
Cela permet d’améliorer le fonctionnement de votre entreprise, de l’optimiser mais aussi d’accompagner la prise de décision. En d’autres termes, les décideurs auront en leur possession des informations utiles pour orienter leurs prises de position.
What are its tools?
BI includes all the tools and methods used to collect data either from simple Excel files or from databases linked to a company application. This can also be the case for external sources and even sources linked to a production system in more industrial contexts.
These data are then grouped in a central database and linked together. The data will then be used to create dashboards. As a result, decision-makers will be able to implement effective strategies to compensate for the various discrepancies observed.
What are the risks?
As in any expertise, the 0 risk does not exist.
Indeed, the amount of data can sometimes become colossal. It is therefore necessary to pay particular attention to the context and to use the right sources. BI must be a well thought-out task so that it can be beneficial for your company.
Today, volume is not really a concern. Your data hosted in the cloud with players like Microsoft or Amazon will eliminate this drawback. On the other hand, you will face other concerns such as privacy and cost control.
What benefits for your company?
Business Intelligence, or BI, as its name implies, allows business leaders to facilitate their decision-making while improving their strategy. In addition, BI optimizes internal processes and enables the generation of new revenues while anticipating the decline of certain products.
Identifying market trends is an efficient and optimized way to breathe new life into your business.
