Business intelligence or market intelligence is the process of studying, analyzing, and visualizing information related to businesses, products, or markets.
Business intelligence is, therefore, a broad concept that can encompass:
- Price intelligence
- Competitive intelligence
- Technology intelligence
- Market research
- Monitoring of customers, suppliers, and distributors
- Google search analysis
The typical intelligence process is often done in several stages:
- Collection of information useful to the company
- Information storage
- Data analysis
- Data visualization
This process is often used to ensure that business leaders make relevant decisions in the management of their business, according to the evolution of their environment. Indeed, one of the objectives of business intelligence is to encourage a simple and clear visualization of data in order to implement an effective strategy.
Business intelligence can be facilitated by the use of various tools, methodologies, and applications that help gather data from internal and external sources for immediate analysis and visualization. Establishing business intelligence processes can play a key role in improving strategic planning.
Companies are also implementing business intelligence processes to ensure they remain competitive in increasingly fast, complex, and competitive environments.
Finally, business intelligence can have purely commercial objectives with the direct objective of increasing revenue. Indeed, it is also an excellent way to develop and create new business opportunities.
Examples of Business Intelligence
Currently, many businesses are investing heavily in setting up or evolving their business intelligence processes with the aim of determining market trends, tracking their competitors, keeping abreast of technological advancements, and improving their products and/or services. They also use it to find out what their customers need and how they want to be served. In this case, the business intelligence joins the market intelligence.
More traditionally, some companies specializing in business intelligence will follow and monitor commercial practices in a market, follow calls for tenders, or the arrival of new suppliers. All this on behalf of their client.
Business Intelligence Tools
These are the tools that help the business to monitor and observe data trends and generate business ideas for effective decision-making. The information and trends revealed by these tools assist companies in their decision-making and their efforts to maintain or improve the profits of the company.
These tools cover a very broad scope: from the analysis of raw data to the visualization of this data. These tools also include reporting and dashboard solutions that provide raw information through various filters.
Some examples of business intelligence tools:
- Yellowfin BI
- Oracle Hyperion System
- Wiser Solutions Catalog Intelligence (formerly WorkIT Software)
In summary, business intelligence can offer tangible benefits as it helps accelerate and improve effective, real-time decision-making. It also helps identify market opportunities by monitoring market trends with the goal of increasing sales and subsequently increasing profit margins.
Editor’s Note: This blog was originally published by WorkIT Software. WorkIT was acquired by Wiser Solutions in early 2021 and this blog has been revised and repurposed for a global audience.