If you are ready to start your firm, there are many things you need to figure out in advance and answer any questions. For example, where to get start-up capital, how to draw up the correct documents for private entrepreneurship, how to hire employees, work exclusively on the Internet, or open a physical representation in the form of an office or a store, etc.
However, in dealing with such important points, you can easily miss the details that will allow your business to grow in the future. Our experts from Cherry Road technologies refer to such subtleties as the business intelligence system and understanding of how it works in practice. But first, you need to understand the theory on this issue.
What is BI?
If you look at this abbreviation as an established definition, then it is oracle business intelligence. In decryption, this means a special set of applications that are responsible for collecting data, strategies, documents, etc., to subsequently simplify them for the perception of the owner of the company and the analysis of processes within the enterprise. In addition, this technique allows a company to track its growth or decline by examining past, present, and future actions. Such aspects should not be overlooked, although it seems that this is just a piece of cake business analytics can save your business and keep it afloat.
In addition, bi-systems were also created to use the weaknesses of competitors, track the popularity of a particular product of your production, know what will be in fashion in a couple of months, and also understand what projects to start preparing now so that later launch them in time.
What are the benefits of working with BI?
Once you’ve figured out everything about the business intelligence definition, it’s time to demonstrate exactly what bonuses you will receive when you start using new technologies.
Advantage number 1: your data will be alright.
At the moment, this is important not only for IT companies but in general for the entire business segment. The amount that mankind produces every year now has not been there for thousands of years before.
Using a truly magical tool called BI, you will be ready to collect, group, and use the latest data in record time, and react to what is happening in the information field of your company.
Such an advantage seems especially valuable when you look at it from the point of view of a successful marketing line of the created business.
At the moment, due to the globalization of the market, each new entrepreneur will have competitors around the globe. You need to be fast, have quality and unusual fresh ideas. How can you do this if you do not own the information?
Benefit number 2: the ability to review the costs and income of the company.
This plus is a logical continuation of the previous one. When you see the whole picture as a whole, and not only from your manager’s chair, it will be easier for you to understand which aspects of the enterprise are severely lame, on what it is pointless for you to spend the company’s funds, and also how profitable it is to continue to operate in the same mode in which you previously worked.
Business intelligence pushes companies to make the right decisions, backed up by facts.
Advantage number 3: the ability to focus more on the needs of the consumer.
Your target audience, or even the entire list of people, including even random buyers and users, will not be able to convey their opinion about your service.
You will be able to take into account the moments that, according to statistics, most often concern the company’s clients.