New technologies are revolutionizing the way in which companies make their most important and strategic decisions. The last concept to join this revolution is Business Intelligence.
This term refers to the strategies and tools that serve to transform information into knowledge with the aim of improving market studies and the process of business decision making.
“Business Intelligence analyses thousands of data to find out the strengths and weaknesses of companies”
All the information that Business Intelligence analyses come hand in hand with another of the great revolutions that new technology has brought to the business sector: Big Data. This technology captures large amounts of data sets which companies have in an unstructured way and that, until today, conventional tools could not cover during an analysis
Thus, while Big Data is able to collect the data that a company accumulates at a very high speed, Business Intelligence analyses it in an advanced and predictive way and gives results on which companies base a large part of their strategies.
Phases of Business Intelligence
We have already seen how working with digital tools is revolutionizing strategies of companies but do you know what phases the Business Intelligence process goes through until it presents the final result? We show you the 5 most important:
What is happening around the company? Business Intelligence begins its process as an observer. Thanks to working with Big Data, a large amount of information can be treated and analysed. Information that sometimes does not seem to be related to the final strategy of a company, but that this tool uses and an advantage point and to differentiate from other conventional instruments of information analysis.
Being able to access large amounts of information is not relevant if we are not able to understand it. Therefore, Business Intelligence offers a deep analysis of the information obtained through cross referencing data.
In addition to observing and understanding, this new technology is capable of predicting what would happen to the company with its current strategy if the market was modified by some external cause. And the fact is that markets are constantly changing so being able to predict these changes gives a company tranquillity and extra serenity.
When the results of the analysis of the data are known, collaboration between the work teams of companies is necessary. This is the most crucial phase of all, since the interpretation of this given data will determine the company’s success or failure in their strategies.
It is the last step of the process, the most anticipated. In the decision phase, the company shows the result of the analysis of the data with all its interpretations and simulations and, based on these outcomes, decides the direction of the new strategies of the company.
More and more companies are betting on applying the techniques offered by new technologies, which are revolutionizing business strategies because of the capacity they offer to know more about customers, competitors and the company itself.
“Information is the petrol of the 21st century and data analytics the combustion engine” Peter Sondergaard