Business Intelligence Part 1 – Overview

-George Fassett

Date :- July 26, 2022

What is business intelligence and why do I want it in my business?

Business Intelligence incorporates a number of tools that can help an organization advance its operations as well as improving its productivity. Some of these tools include but not limited to data mining, the architecture of communication, advanced analytics, visual analytics, data tools, and best practices to help businesses make better data-driven choices. By using a clear understanding of your firm’s data and the ability to move rapidly in response to changes in the market or supply, means you’ve achieved current business intelligence in real-world practice. Below are some of the crucial areas that can help you improve and master the art of doing business in a digital world:

Historical data analytics

Historical data analytics is the exploration of economic trends over a defined period of time. Market related indicators such as inflationary constraints, price, and volume can be quantified and analyzed over a certain period. Portfolio managers may obtain insight into a market’s internal structure by studying its prior behavior. Historical data analytics is crucial and it can help your organization to get insights on a given market, boost the rate of consistency, development of a strong system. One of the most used data analytics tools include backtesting. Backtesting is the process of applying a business technique or strategy to a historical data collection that has been chosen. Backtesting studies, automated trading systems, algorithmic trading, and more conventional trading methodologies all depend on statistical data that has been gathered via lengthy statistical forecasting studies.

Measuring your business, from sales, delivery, and post-sales support

Sales Performance is the ability of the sales team, both collective and individual, to be successful in selling operations; it is the ability to accomplish sales targets. When it comes to evaluating sales performance, a range of metrics may be used, contingent on the job and environment in which the salesperson works. Delivery performance refers to the company’s ability to fulfill order requests and offer consumers with items or services. The success of these operations is dependent on the ability of your teams to accomplish tasks in accordance with the conditions of delivery and within the confines of your functional capability. Post-sales support refers to the ability of a business to provide excellent consumer services after purchase of a product or service. The most relevant KPIs for providing service and support to customers include support transaction volume, service delivery cost, support delivery channel, and customer satisfaction.

Key Performance indicators for business and employees

When it comes to making progress toward a goal, key performance indicators (KPIs) are what you need to keep an eye on. Using KPIs, a company may concentrate on strategic and operational improvements, build analytic foundations for decisions, and pay attention to what really matters. Some of the key performance indicators include: quality, flexibility, time, and safety. Organizations are also bound to monitoring and measuring the performance of its employees. Some of the KPIs for employees include: productivity-based, customer-based, and time-based KPIs.

Dashboards and Reporting in your daily, monthly, quarterly, annual and historical views

Dashboards are data visualization tools that allow users to see particular variables, statistics, and key performance indicators (KPIs). Organizations are able to make use their dashboards to monitor, measure and analyze various datasets in crucial areas while providing information in an interactive, simple, and visually appealing manner to the end user. There are major reasons why organizations should utilize dashboards in their reporting to analyze historical data. Some of these reasons include: saving time, offers customizable approach, delivers timely information, it fosters real-time analytics, minimizes costs, and finally foster consistency in cross-functional communication.

Software and technology for the small to medium business that centers on Business Intelligence and best practices

Modern corporate settings are increasingly dependent on technological innovations. It is possible for a company to realize its full potential by implementing the appropriate software or technology. Business software may improve the efficiency with which a company operates while also simplifying the management process. Small enterprises can handle all of their needs and duties with the aid of the correct software or technology, from high-level strategic objectives to day-to-day business operations. Some of the software and technologies that SMEs are using in their operations include: antivirus software, mailing and data storage management software, accounting software, points of sale technology, and human resource and payroll software.

Conclusively, it can be noted that Business intelligence assist firms in making better choices by projecting current and historical data within the context of their business. Analysts may use business intelligence to give performance and competitive benchmarks, allowing the company to function more smoothly and effectively. The ability to identify market trends helps analysts to enhance sales and revenue. Using the correct data in the right way may assist with anything from compliance to recruiting initiatives.

Stay tuned for this 6 part series breaking down each of the sections above. Please post any feedback on the Mebuis LinkedIn page where we share daily thought leadership, business solutions, and discuss the latest in business and technology.

Business Advisors focused on Leadership & Business Intelligence, Strategy & Change. Mebuis focuses on significant problem solving, strategies for remedy, and implementation for your business needs.

Business Intelligence Part 1 – Overview

-George Fassett

Date :- July 26, 2022

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