This post will address a very current topic for companies: the use of advanced technology to improve management — more specifically, the use of Business Intelligence.
Very famous around the world, Business Intelligence is another concept that occupies an important space in the business world. It is the result of software development, the increasingly strategic role of IT in corporate management and the growing need to analyze data more efficiently. For more details on this subject, continue with us. Good reading.
Also called simply BI, Business Intelligence companies in India consists of the processes of collecting, organizing, analyzing, sharing and monitoring all the information that is essential for the management of a company.
It is, therefore, the set of theories, processes, methods, technologies and structures that form an advanced automated management system, with the potential to convert an enormous amount of data into valuable information for the elaboration of strategic planning and right decision making.
With BI, it is possible to properly interpret data with the help of high-performance software and guide managers’ decisions, making them much more professional and less intuitive. Using this powerful tool, the management team succeeds through knowledge and practice.
BI can be used as an extension of corporate management systems, such as ERP, CRM, WMS and others. In fact, it must be integrated into these systems, sharing data and information. Thus, it will take advantage of these other systems to expand its database, receiving and giving support to increase the quantity and quality of the flow of information.
In other words, Business Intelligence carries out the old symbolic process that, in the context of architecture, was known as “cutting the rough stone”, making it a useful and important stone for the construction process, giving more beauty and safety to the building.
Benefits of Business Intelligence
Business Intelligence has become a necessary tool for all companies that want to achieve competitive advantages and remain active in the market, even considering economic crises and high competition. Among the benefits that BI provides, we can mention that it:
- helps to make well-informed and calculated decisions;
- reduces costs;
- eliminates duplication of activities;
- improves the organization;
- allows for forecasting corporate growth;
- it is an important ally in the elaboration of strategies;
- provides reliable information whenever it is needed;
- allows a real-time view of the company’s performance (both in general and individually).
Considering the cost-benefit, investment in Business Intelligence can be considered affordable. In some cases, larger investments may be necessary, but depending on the company’s profile, more specific solutions can be adopted, but still in accordance with the business requirements.
Business Intelligence as a business tool
Data management and analytics companies consists of a specific structure that brings together sectors such as the business set, business management and information technology. While the primary sources of information are collected within the company itself, the secondary ones refer to:
- the needs of the public that consumes the company’s products/services;
- to customer decisions;
- the most important industrial conditions;
- to competitive challenges;
- to economic and technological issues; and
- to cultural trends.