Better understand what Business Intelligence is
As we said, Business Intelligence is linked to decision-making, using data, with the aim of understanding whether investments are yielding results. Thus, BI uses tools and software, within a set of processes, to deliver the best information for decision-making.
It is also important to understand that, unlike Marketing Analysis , BI encompasses all sectors of the company, from finance to operations, including marketing and sales.
Within BI we basically have three pillars, which generally follow the data path step by step: data collection ; organization and analysis; action and monitoring.
Data is thus collected, organized in a database and presented visually to facilitate motorcycle owner email lists analysis and decision-making, where it is subsequently used in practice, monitored and improved.
As you can see, these are constant processes of analysis and improvement, the objective of which is to help in the interpretation of data, to identify advantages for the business.
Why is BI so important?
BI helps structure strategic planning and business improvements, helping to create solutions for customers. In this way, companies can remain competitive against their competitors, standing out in the market.
The application of BI allows for more efficient management of information, with better identification and application of business metrics and KPI (key performance indicators). In addition, the proper use of Business Intelligence allows for optimizing processes that can make a difference, such as product quality (as mentioned in the example above), sales, and customer maintenance.
Other important points are linked to the identification of failures and new opportunities. Adjusting the company's organizational structure and its processes is linked to better performance. BI also enables the identification of new opportunities in the market.
Big Data and Business Intelligence
There is a direct relationship between Big Data and Business Intelligence. Although in both cases we are talking about data, the concepts are complementary, but not the same.
The vast amount of data that today's technology allows us to collect is analyzed by data specialists, data science professionals, who look for correlations in information to bring benefits to companies. This is called Big Data, which can originate from websites, blogs, social networks, applications, tools and other types of data generators.
In BI, we take Big Data one step further. Structured data becomes an understanding and guide for decision-making. This information, therefore, already has meaning and relationships with each other, allowing the company to have direction and create strategies to increase its efficiency and competitiveness.
How to apply Business Intelligence
To apply BI in a functional and assertive way, there are three main points: data quality; clear objectives; adjustments and improvements.
If quality information is not collected at the starting point, the entire process can be contaminated. In other words, without quality data, decision-making will be affected at the other end. Information must be easy to interpret, with a quality infrastructure, access and security rules. Good data governance will be necessary here.
On the other hand, it is necessary for the company to have clear objectives. Knowing the objectives, weaknesses and strengths of the business will make data collection and analysis much more objective. The results will be much faster, since their implementation and analysis will be done in a more objective way.
We now move on to the third point, adjustments and improvements. If the company has applied the first two efficiently, it will be able to adjust and improve its processes, better identifying bottlenecks and becoming more competitive.