How data science is helping companies extract business insights from data.
Monitor you Business
BI is seen by companies as a way to remain competitive even in challenging and saturated markets. This type of approach stands out for establishing a set of strategic actions focused exclusively on statistical findings. In this role, BI serves as a wise advisor, pointing out flaws and highlighting opportunities based on hard facts.
In general, BI involves bringing the right information to the right people at the right time. This requires asking the right questions and analyzing the data knowingly to understand the whys of the business, acting on them.
Because of the quick action on the data found, companies that use BI can optimize processes much more quickly and directly compared to those that do not use it. And a company's processes make a big difference in results, whether in terms of product quality, sales and customer retention, employee satisfaction, etc.
If you find no flaws in any process or approach, it is probably because you are failing to look for them. There is no perfect company, and it is essential to look for bottlenecks to prevent them from becoming serious problems that threaten the future of the business. Some problems do not even immediately affect the company financially, but they can undermine employee morale and hinder future performance.
Nobody remains in the market without knowing well who are the current players, the potential threats, the trends that are emerging, who are the consumers, and how their buying habits evolve. When evaluating cross-data between different sources, BI provides a complete overview, a 360 ° view of the market, which will give you total conditions to know who is competing and how to do it.
Identification of opportunities
Innovation is the engine of companies that stand the test of time, and that only happens when leaders can identify opportunities and pursue them before others do. With the powerful insights that BI offers, it’s easier to find the blue gaps and oceans on the market to focus on them.
Risk prevention and management
Risks are part of any enterprise, but it is also important to work to keep them under control. In many cases, you will not use BI to solve problems or increase sales, but to take preventive actions that minimize or eliminate future risks.
Efficient information management
Having a large volume of data is of no use if you do not know how to manage all the information and organize it so that it is a source of clarification, not confusion or frustration. Through the BI system, all relevant information can be transmitted on dashboards that facilitate decision making at all organizational levels.
How to use BI in my company?Applying BI requires more than choosing a good tool, and it certainly cannot be limited to a specific position or function. Professionals from various sectors of the company should be encouraged to use data as the basis for their decisions. But above all, it is crucial to remind them that this is not just about seeing obvious information on the dashboards.
It is necessary to be curious, search in-depth, and find the best solutions by also observing the data that are not on the surface. With everyone involved together, using BI as a form of mining, and not just consultation, the company will have a Business Intelligence strategy that works effectively.