As a company grows, a wealth of information from various sources are collected. Cumulatively, this intelligence can understand customer buying trends, product life cycles, behavior of the industry and market, and more.
This information can be compiled and used to make more reliable decisions for your business and the industry in general.
Some companies have found that their data analysis actually have market value and reports can be sold through licenses to other companies. There are various companies that can apply business intelligence to marketing procurement and agency management.
Your business is capitalizing on your business intelligence?
To get the most from your business intelligence, one of the first steps is to implement a solution that will bring together in a form that can be easily used all your data. A strategy for business intelligence (BI) will help you choose the right tools and the platform for your business.
Here are the first steps to enjoy your business intelligence:
What are your company's overall objectives? carefully consider your business vision and mission. In your strategic plan, there should be several items that require reliable business data in order to run properly and achieve the goals and objectives. Note the data requirements and their potential sources.
Where are your data sources? Your product information can be held in an application or database, then your CRM information can reside in a completely separate environment. Identify all your data resources, including data reliability, frequency, it is updated, and what is the potential to be placed in a centralized repository for BI usage.