Measurement: Create KPIs (Key Performance Indicators) based on historical data;
Data collection: Identifies market opportunities and data quality for decision making;
Analysis: Identify necessary improvements in processes;
Action: Support the new product development process and the Customer Journey;
Monitoring: Identify new market opportunities;
Companies seeking to differentiate themselves in the market overseas data or expand their business see business intelligence as a core business strategy. BI serves as a guide and allows the company to stop wasting money and time implementing flawed processes.
Some of the main reasons for implementing Business Intelligence are:
With BI, your company improves the visibility of existing processes , making it possible to identify points for improvement in your business.
Using a BI system, it is possible to create quick reports , minimizing time and resources. This also allows employees to be more productive in their tasks.
The BI system assigns accountability in the organization as there must be someone who must have responsibility and ownership for the organization's performance against defined objectives.
The BI system also helps organizations as decision makers get a big-picture overview through typical BI features like dashboards and scorecards .
It simplifies business processes.