Whoever attempts the most stuff usually wins. Does your business put a priority on its business intelligence process? Would it monitor your competitive evaluation, marketplace trends and its knowledge of market change? And most importantly, does it put a priority on making changes because of this of insights from this analysis?
This is a four-part series on critical elements of business intelligence. This first part discusses an overview of business cleverness and the three types of business intelligence that are most significant to the common business. What is this is of business cleverness? Business intelligence (BI) is an umbrella term which includes the applications, infrastructure and tools, and best practices that enable access to and evaluation of information to improve and optimize business decisions and performance.
It is the set of techniques and tools for the change of raw data into meaningful and useful information for business analysis purposes. BI technologies are capable of handling large amounts of unstructured data to help identify, develop and otherwise create new proper business opportunities. The purpose of BI is to permit for the simple interpretation of the datasets.
Identifying new opportunities and implementing an effective strategy based on insights can offer businesses with a competitive market benefit and long-term stability. BI technology provide historical, current and predictive views of business procedures. Common functions of business intelligence technologies are reporting, online analytical processing, analytics, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics and prescriptive analytics.
- Factors that assist in the growth of e-commerce are
- It helps Business Growth
- Understanding key financial principals
- Ability to formulate and effectively implement business plans and strategies is essential
- Good knowledge of IDS principals, the purpose of them and an understanding of how they work
- Allocatively Inefficient -Monopolistic Competition
- “Safety is a full time job: don’t make it a component time practice.”
- Team player with capability to colaborate with fellow team members locally and overseas
This is a very large numbers of business intelligence tools. Most businesses would do very well with these three: market evaluation, competitive analysis, and SWOT evaluation. They are the ones we shall discuss is this 4 part series. These BI analyses can be used to support an array of business decisions which range from tactical operational to strategic.
Basic operating decisions include product placement or pricing. Strategic business decisions include priorities, goals, and directions at the broadest level. In all full cases, BI is most reliable when it combines data derived from the market in which a company operates (exterior data) with data from company resources internal to the business such as financial and functions data (inner data). When combined, internal and external data can provide a more complete picture which, in place, creates an “intelligence” that can’t be derived by any singular set of data. If comprehended broadly, business cleverness can include the subset of competitive intelligence.