Business intelligence (BI) is an umbrella terms that refers to the ability of an organization to collect, maintain and organize knowledge. The information gathered can be used to help develop new opportunities, think up strategies that can grow the business and use data to gain a competitive market advantage. It’s the idea of making better business decisions based on facts vs. feelings of where the market may go.
BI can be useful for both small, new companies and large, older corporations. For smaller companies, having the agility to move on a business fact is important. Data may show a new customer demand that you can meet because there is less red tape to go through when making decisions. In larger corporations, BI arms mid-level employees with the facts they need to sell their ideas to upper management. Many times, upper management employees go with their gut. They may have been in the company for many years and have a knack for knowing the business. However, markets change and consumers change. Data is what could convince management to go into a new, growing market vs. sticking with a market that is on the verge of decline.
The basic components of business intelligence include gathering, storing, analyzing and providing access to data. If your company needs help with any of these steps, you can talk to API for business intelligence advice. A company like this will show you where to find the data and even the best way to deploy it across your company once its been gathered.
Remember, the business landscape is constantly changing. In order to stay ahead, use facts to create data-driven results.