If you're ready to gain market share and establish a better position in the marketplace, business intelligence is a must. But what is it? And how can it help you accomplish those goals?
What is Business Intelligence?
Business intelligence (BI) is a technologically-facilitated process for analyzing data and allowing for more informed decision making. BI solutions enable companies to efficiently collect disparate data, sort the data for analysis, run relevant queries and develop insightful data visualization models. This last aspect is especially valuable, because it helps decision makers quickly process data and derive actionable insights.
So let's say your organization has a massive data set at hand, but can't sort through it or clean it. That's not business intelligence. That's just data — and in some cases, it's too much data; it can cloud insight rather than clarify it. Remember this phrase: Raw data is dumb data. In the effort to achieve your increased market share, dumb data won't get you there. True business intelligence solutions provide clean, visually informative data.
And how will BI help your organization succeed?
Consider each aspect of your decision-making BI might impact.
If you had clean, clear data about traffic patterns, volume and demographics, would it help you dictate fuel pricing? Highly likely.
What about eliminating the cost of focusing on any initiative that doesn't align with your company's strategic marketplace goals? BI can help with that.
It can also provide customer insight, telling you where and when your customers are more likely to buy, how they act and where your product needs to be positioned to function optimally in the market.
And since BI can provide customer insight, it can also provide insight into your sales channel partners, so you can focus on only the top performers or on developing those at the bottom.
Perhaps most important, good business intelligence (not just dumb data!) can help you develop a clear understanding of your greatest revenue drivers and discover where you can cut costs.
Put it all together, and BI is the ultimate solution for saving time, getting the most return out of sunk costs and maximizing profits, allowing you to focus on gaining market share to establish and maintain your company's marketplace position.
Is there any real reason you aren't using business intelligence yet?
Read more about business intelligence and what Kalibrate can offer you.