Business Intelligence - BI, What Is It?

In this article, understand what BI - Business Intelligence is and how this technique can help your company make decisions.

Business Intelligence is responsible for strategically using data in organizations through the collection, processing, and analysis of any type of relevant information, enabling better business decisions. Every process, activity, routine, and form of communication can be worked on to achieve better results and gain greater competitive advantage.

Business intelligence means reinventing oneself, internally and externally, which is fundamental to optimizing processes and positioning better before the target audience, clients, suppliers, and competitors.

The use of information to influence corporate strategy has always existed, but until then companies explored it very little. With the support of technological solutions, readings became more assertive, as did the quality of insights.

What is business intelligence (BI)?

BI — Business Intelligence — consists of collecting, storing, processing, analyzing, and applying data, which is essential for more assertive decision-making. Today, BI is extremely important for defining a strategy and building an action plan.

It provides insights and discoveries about any subject related to the business, which can be applied day to day, whether in operational techniques, market research, audience study, communication, etc. It is worth noting that business intelligence is not a technology, but rather a concept, although tools, software, and innovative solutions may be part of the process.

What is the main objective of Business Intelligence?

That is, insights that then become intelligence so they can be applied in the company across its different fronts — and especially in strategic planning.

The main objective of BI is to make the company take corporate decisions more assertively. Based on information — internal and external — the business directs its strategic planning, without depending on "trial and error".

Thus, with access to a database and with the help of technological tools, it is possible to better understand each business front. In other words, your company begins to act based on assertive intelligence, a reality where not all decisions are holistic, but the result of an analytical reading of the market.

How does Business Intelligence work?

Information by itself generates no value for organizations.

One of the main highlights of business intelligence is that its data collection adds new points of view and practical applications of strategies, and it works in companies from different segments.

But how does the BI process actually work?

As complex as it may seem, its composition is divided into stages, classified as: collection, analysis, sharing, and monitoring.

In which areas of a company can Business Intelligence be implemented?

One of the main advantages of business intelligence is that any organization can use data to transform its operations, from service to operations, from administration to technical support.

The ideal approach is to understand in which organizational pillars your company most lacks direction and to seek specific objectives, such as: Optimization, cost reduction, quality, productivity, opportunities, benchmarking, market share, among others.

7 Reasons for companies to invest in Business Intelligence

• Support in decision-making
• Competitive advantage in the market
• Improvement in internal processes 
• Presentation of data on consumer behavior
• Identification of opportunities
• Increase in profitability 
• Prevention of failures 

Tips for implementing Business Intelligence in your company? 

Business intelligence is a topic that attracts the interest of any manager who wants to develop their own business. However, where should one start applying it in the company?

Define your business objectives 

This is exactly what it is about: discovering what your company needs in the strategic sphere (growth, cost reduction, greater market share, etc.), so you can then know how to conduct BI!

Establish the KPIs

Now, you must understand the key performance indicators needed to achieve these objectives and establish them as targets in strategic planning.

Choose a tool 

There is no BI without a technological tool that makes it possible to integrate areas and data and still deliver all the analytical potential that the topic requires.

Engage the team 

Finally, bring the team along in the implementation process. Educate them about the subject and talk about the importance of data flow so that the business and each person's work can develop and improve!

Conclusion

Do not think that business intelligence will remain the same. In fact, it is a constantly evolving topic and is extremely influenced by market, consumer, and competitor changes. Everything influences your Business Intelligence, so it is important to keep your eyes open.

We at COSTEN - Projects and Management are pleased to help companies implement and enhance their strategic planning through accessible tools in the market, developing people and processes to achieve success in a healthy, efficient, and assertive way.