Saturday, December 4, 2010

Business Intelligence – A must for future prospects of your business

Wikileaks is the talk of the town these days. Go anywhere, overhear any two people and there are 60-70% chances of people talking of covert intelligence leaks leaked out by the Wikileaks. It’s all about intelligence – the hidden secrets, details and strategies. The information gained through illegal means to expose people internationally. But that is certainly not what Business Intelligence (BI) is about.

BI is in fact a tool in the hands of an entrepreneur to gauge and adjudge the strengths and weakness of one’s business for working out remodeled strategies for better future prospects. Today, thanks to the capabilities of the digital world, computer based tools and techniques are now available to analyze the business data (that may includes the number of customers, buyers, sellers, actual sales, profits, losses and anything that one deals in day to day business environment).

Based on the current and previous business details, technology and software can now provide a precise analysis of the pitfalls and gray areas to predict areas of strength for future prospects. The predictive analysis in fact is the key to tomorrow’s business that an entrepreneur would like to have from his team of managers to work out his future business strategy through better business performance management and usage of resources. The analysis also provides an important input for reducing costs by buying best raw materials that boost production through efficient investment.

The predictive analysis thus helps in taking better and wise business decisions. Going a little outward, one can intelligently monitor his competitors and their approach based on their business trends by compiling data from both overt and covert means.

By adopting the BI, one is in fact laying the basis of analytical approach to problem solving at levels of management. The analysis on daily, weekly and periodical basis of every facet of business at every level provides an updated analysis to alter or modify business strategy, goal posts and investment. This however requires training of the managers and key employs because unless they know what to dig out of their routine work, the BI will not able to provide a comprehensive predictive analysis.

By incorporating the management and the employees, one is in fact enhancing their confidence into him and emphasizing a role for everyone to be part of the predictive analysis for the betterment of the organization and ultimately ensuring better prospects for the workers and everyone in the organization. The BI also ensures objectivity in the efficiency of the work force as now everything is based on benchmarking through confidence and training.

Anyone in business today not taking advantage of the BI would soon run out of its steam and lose the race. So use the technologies of today for a better future business prospect.

Related Link: Business Intelligence (Wikipedia)


Well-structured, informative article.

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