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What is Business Intelligence, and How Does it Benefit My Business?

By  Paragon Paragon  on 2013-05-22 07:15:00  |  Featured in  Insurance , Advisory Services
Paragon
Posted By Paragon
in Insurance in Advisory Services
on 2013-05-22 07:15:00

Business IntelligenceThere are many different types of business intelligence tools that can benefit enterprises with improved methods of accessing and acting upon competitive intelligence, internal analysis, and market intelligence. Business intelligence solutions are often critical to an enterprise organization’s performance and capabilities at all levels.

But what exactly is enterprise business intelligence? How are these software tools enacted? What are the benefits to businesses? The following information should help answer some of these questions.

What is Business Intelligence (BI)?

Business Intelligence, or BI, comes in many forms. The term is used to describe any type of software technology that is used to pluck data from a range of sources to help businesses create adaptable reports, view and analyze up-to-date information, and ultimately make better decisions. Whether it is used to pull information for competitive intelligence, internal analysis, or market intelligence, the goal should be the same – simplifying the unearthing and analysis of vital information so members of business teams at all levels can better understand the issues and challenges they’re facing and more simply collaborate to find more productive solutions.

Although many companies struggle to make the necessary changes to take advantage of this type of software technology, business intelligence consultants can make the process much easier by presenting a plan of action and assisting in the transition toward a more intelligent and analytical business model in the future.

How Does BI Improve Competitive Intelligence?

BI can help businesses improve their competitive edge with better tools to discover, share, and analyze metrics and turn data into more actionable information while accessing new data about the competition. Today’s business intelligence solutions make it easy for all authorized users in an organization to access and interact with competitive intelligence from one secure, centrally managed data warehouse. This, in turn, allows businesses to gain an advantage by making more strategic decisions, acting on information more quickly and responding to new information in smarter ways.

How Does BI Improve Internal Analysis?

Not only does BI help give enterprises a boost against the competition, it also helps them look inward to see how they can improve their policies, procedures, systems, and structures for improved productivity and increased revenue. Enterprise business intelligence software can be used to retrieve, analyze, and consolidate information regarding an organization’s transactions and financial systems to see what their strengths are and where improvements can be made.

How Does BI Improve Market Intelligence?

BI software can be used to gain access to a wealth of market intelligence and provide better tools for analyzing and acting upon this valuable data. This might include detecting consumer “bottlenecks,” monitoring buying patterns, and profiling customer behavior. With all this information available from one centrally located source and a host of tools to optimize its use, businesses can respond to changes in the market much more intelligently. This allows retailers to change their production patterns, for example, to reduce overstock and waste. There are many ways BI can help improve market intelligence when used effectively.

Business intelligence consultants can help enterprises of all sizes and in all industries streamline their data systems in order to connect authorized users with the right information when they need it in order to make more strategic decisions. This minimal investment in the business will more than pay off in the end.

Contractors, staff, managers and executives will all be able to do their jobs more effectively with this sort of intelligent software solution in place. Having the ability to develop more meaningful reports, more effectively analyze information, and ultimately manage projects better benefits businesses by helping them increase revenues and improving operations at every level.

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