As a business owner, you want to know everything about your business. You need to know when to make a change and which changes will be the most effective. One way to do this is by collecting data about your own company using Business Intelligence (BI). This enables you to identify trends in your workforce and the ways you can improve efficiency within your company.

BI can also help you with strategic planning, as well as understand customer behavior to offer better products or services. BI is often used by management and marketing teams to better inform and plan for the future. This sounds great, but what does it mean to you? It means you have access to information about your sales portfolio, what products are selling better, and which demographics are most interested in your products. In this article we are going to go through all the details about business intelligence and how you can use it to your advantage.

The main objective of Business Intelligence is to group data and interpret it to take advantage of it so that it becomes useful information for the company. This information helps identify problems, risks, and opportunities for a business. As a result, managers have more confidence to make decisions that seek to improve products and / or services, to improve customer service and other important points for a business. 

One way to apply Business Intelligence is to create business action plans. These are documents that are used to guide the business future of the company. They allow the planning, analysis, prioritization and execution of commercial activities. These documents are designed to be reused in order to maintain and grow the business. Rather than being written for each and every day, they should be used in situations where they are most needed, which means they are created every six months, at least.

When learning how to apply Business Intelligence in your company it is important that you have a large set of data that your company uses frequently. The data should include everything from sales figures to financial statements. This data must be analyzed to identify trends, problems, opportunities, and intelligence. 

Once the analysis is complete, it is time to take the data and find solutions to these problems. One way to do this is to develop problem-solving teams. Troubleshooting teams should be made up of analysts, programmers, and people who are knowledgeable in the areas where you need the most help. When the team is made up of the right people, they can quickly identify problems and find possible solutions.

Of course, Business Intelligence is not the only thing that should be used to analyze your business. You should also pay close attention to financial data. Financial intelligence helps determine your future profitability and allows you to plan for the future. That's why it's important that you have access to accurate and up-to-date financial data that you can quickly analyze and determine your business needs. 

What is the true value in implementing BI? 

BI systems drive decisions based on historical, current, and potential future data.

  • Descriptive analytics: 

These analytics reveal what has happened or is happening and are part of dashboards, business reports and data warehousing. When managed well, you will have a better understanding of problem areas in your business and will be able to find opportunities for improvement. 

  • Predictive analysis: 

These advanced analytics use data mining, predictive modeling, and machine learning to help make projections of future events and assess the likelihood of something happening. 

  • Prescriptive analytics: 

These analyzes reveal why you should take a particular action. Prescriptive analysis enables optimization, simulation, decision modeling, and provides the best possible analysis for business decisions and actions.

BI software collects data from sales, production, finance, and many other sources of business data. Many companies use industry data to compare performance with the competition. Applying Business Intelligence in your company is a vital tool for growth, at Ancient Technology Group we are aware of this, that is why we use the most advanced technological tools on the market to provide a quality Business Intelligence service. If you are interested in implementing this technology, please contact us to speak with one of our experts. 

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