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Application of Business Intelligence


Business intelligence applications and technologies enable organizations to make more informed business decisions. Although BI should not be confused with competitive intelligence, BI tools do give a company a competitive advantage.

 

Using BI For Competitive Advantage

For example, a company could use business intelligence applications or technologies to extrapolate information from indicators in the external environment and forecast the future trends in their sector.

Business intelligence is used to improve the timeliness and quality of information and enable managers to better understand the position of their firm in comparison to its competitors.

Business intelligence applications and technologies can help companies analyze the following:

  • changing trends in market share
  • changes in customer behavior and spending patterns
  • customers' preferences
  • company capabilities and market conditions.

Business intelligence can be used to help analysts and managers determine which adjustments are most likely to affect trends.

 

BI Based Business Decisions

Business intelligence systems can help companies develop consistent and "data-based" business decisions — producing better results than basing decisions on "guesswork."

In addition, business intelligence applications can enhance communication among departments, coordinate activities, and enable companies to respond more quickly to changes (e.g., in financial conditions, customer preferences, supply chain operations, etc.) because they are usually supported by a data warehouse on which analytical information about these processes resides.

When a BI system is well-designed and properly integrated into a company's processes and decision-making process, it may be able to improve a company's performance.

Having access to timely and accurate information is an important resource for a company, which can expedite decision-making and improve customers' experience.

 

BI Supports Product Development

In the competitive customer-service sector, companies need to have accurate, up-to-date information on customer preferences, so that the company can quickly adapt to their changing demands.

Business intelligence enables companies to gather information on the trends in the marketplace and come up with innovative products or services in anticipation of customer's changing demands.

Business intelligence applications can also help managers to be better informed about actions that a company's competitors are taking.

 

Enhancing Business Peformance

BI can help companies share selected strategic information with business partners. For example, some businesses use BI systems to share information with their suppliers (e.g., inventory levels, performance metrics, and other supply chain data).

BI systems can also be designed to provide managers with information on the state of economic trends or marketplace factors, or to provide managers with in depth knowledge about the internal operations of a business.

 

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