Information regarding business intelligence
Every businessman wants to get success in their business. The success comes directly from the root and growth of the business progress. The root depends upon the business history and position of that trade in the international market. The growth comes from the customer relation. Retention of old customers and gaining new customers are the pillar of growth of a business. Business intelligence can lead a company to gain these objectives. In short form, it is known as BI. It is a process of gathering information in the field of the business. It can give you the accurate idea of the customer needs. Businessman having a large amount of information can utilize it to interact with the business for customer satisfaction. With the help of BI a businessman gain the knowledge about the decision-making process of customer and their need, other cultural, technological and economic trends. When you have enough information and knowledge about your business, you can reach the goal in a short time.
The thinking of business intelligence comes from the “Art of War," written by Sun Tzu. He believed that in order to win the war you have to know about your own weakness and strength. By the side of it, you have to know the strength and weakness of your enemy. This is the central idea of BI to make progress in business. Companies have to know the details about themselves, and also they must know the competitors. Wars and business are same in the state of the competition and benefit. Simply knowing the customer is not enough. You have to collect all information regarding them.
Performance indicator is the key of business progress. It is the way to monitor the state of the business and your condition in the market. The indicator is termed as the Key performance indicator (KPI). With the help of this tool, data is provided more quickly and efficiently. Data should be available for business after one or two months. Banks use this tool to monitor their business to satisfy their customer and increase the number of the customers.
To use BI tools, a company must collect a wide range of information. This tool helps in organizing, storing and collecting of business information and data. The main aim of using data tools is to improve the position and efficiency of the business. There is another tool, which is used for analyzing process. It is known as online analytical processing. There are some other vendors, which help to improve the business with the help of business intelligence. A vendor provides the business tools through which they can make progress in the aspect of the business. There are several vendors, which provide different business tools, which are designed to make advancement in the business strategy.
The most important fact regarding the success in a business is knowledge about the business as a whole. After completing that, try to know about your own position and strength and weakness and try to coverage the lacking using business tools. By the side of it, monitor your opponent’s position and strength. Comparing both these things, you will be able to make progress. With the help of the BI support, you will be notified the lacking and need of your business by which you will be able to attract the customers. When your customers get the more benefit than others, they will possibly come back to you. In this way, the old customer will be persistent and the new customers will be added to you. Business intelligence is the fact that will guide you to do all these things.