What is Business Intelligence and how is it applied?
Business Intelligence is defined as a range of methods, techniques and technology for analyzing business data information. The use of Business Intelligence gives a company a competitive edge.
The ever-increasing number of people shopping online has led to an endless flow of data on the Internet. These data can be turned into information that online brands and companies can use to optimize their business strategies.
"71% of Spanish population between the ages of 16 and 65 (27.5M) claim they shop online, accounting for 19.4M consumers (IAB, Elogia)"
Below we explain what Business Intelligence is and answer important questions on what it involves.
What is data worth?
Data alone doesn’t create. The challenge for companies is to create tools that can translate data into comprehensible information that offers insights for strategic needs, as well as for sales and positioning objectives. However, as this requires lots of time and cutting-edge technology, companies may prefer to partner with a technology firm specialized in this field.
Data can be visualized into something simple and intuitive, which can then be quickly transformed into knowledge. Having a better knowledge of the market, price planning, trends and market share of both your company’s product performance and that of your competitors, enhances online and offline decision making strategies.
What does business intelligence create?
Knowledge of and the ability to monitor online results
Optimization of resources allocation
Monitoring and tracking competitors
Expanding market knowledge
Understanding consumer behaviour
Who can benefit from business intelligence?
Any company that does business on online or that is planning to expand their online business needs Business Intelligence to stay competitive in in the aggressive digital environment. Business Intelligence is not reserved for data scientists or CEOs, it can be used at any stage in the value chain to enhance decision making.
Benefits of working with technological partners specialized in Business Intelligence
Organizing the collection, treatment and analysis of data in-house has certain advantages, but also many limitations. The allocation of resources for hiring specialized employees in this field can result in a high opportunity cost. The traditional method of tracking and transforming data is costly and cannot take into account the dynamic nature of the online market. In addition, data shown on conventional large spreadsheets is unappealing and makes them difficult to grasp.
Implementing Business Intelligence with a company specializing in artificial intelligence (AI) software offers the possibility of automating the process. AI can update data in real time and transform them into something beautiful that is simple to grasp, thus freeing your staff to focus on important business’s objective tasks.