Every type of business, regardless of its size, nature of operation and duration of time it has been operating, uses business intelligence in one way or the other – it is a global phenomenon. Let us put things into perspective;
- Walmart invests loads of cash into category analysis of its stock to dominate the retail market.
- Harrah’s has revolutionized the gambling scene by eliminating the need to construct mega-casinos but instead sharping the customer service experience.
- Yahoo and Amazon constantly change their business model to suit the needs of their clients based on a “test and learn” approach.
While these businesses use business intelligent in various ways, the bottom line is that every business stands to benefit. Not only in connecting with the customer, but also in improving the level of communication within. In time, businesses that incorporate some form of business intelligence are able to align goals to performance.
When is the best time to incorporate business intelligence in business?
While it goes without saying that business intelligence is for all business types, there is a wide range of applications for the same. Is it time to use business intelligence in your business? The following are clear indicators to help you establish your need for technology in business;
- Is there a need to collect and use data from multiple sources or apply such data across multiple scenarios?
- Do you sense a vacuum in the operations, finances, news, or events?
- Is it necessary to have access to any data set pertaining to the business in a quick and efficient manner?
- Does the current growth of business come with the demand for you to provide information to the end-user?
- Is there an acquisition or merger in the pipeline? How about rapid growth in the business over a short time period?
- Are there any new products that the existing market needs to be introduced to?
Do any of the above scenarios apply to you? Then it is indeed time to use business intelligence in your business.
The core function of business intelligence is to empower employees and customers for the greater good of the business. Unlike before, companies now allow their employees to access company-analytical data and match this against the original business plan. Employees who are equipped with the tools for business intelligence are better at telling data stories, have a fast work pace, embrace smarter approaches to work and are able to adapt to a transparent work environment. That is what taking it to the next level entails.