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[B1042]Business Intelligence And Reporting

by Ismael D. Tabije, Ism

Business intelligence (BI) has two different meanings related to the use of the term intelligence. The primary, less frequently, is the human intelligence capacity applied in business affairs and activities. Intelligence of Business is a new field of the investigation of the application of human cognitive faculties and artificial intelligence technologies and the management and decision support in different business problems.

The second, which is the subject of this article, relates to the intelligence as information valued for its currency and relevance. It is expert information, knowledge and technologies efficient in the management of organizational and individual business. Therefore, in this sense, business intelligence is a broad category of applications and technologies for gathering, providing access to, and analyzing data for the purpose of helping enterprise users make better business decisions.

The term implies having a comprehensive knowledge of all of the factors that affect your business. It is imperative that you have an in depth knowledge about factors such as your customers, competitors, business partners, economic environment, and internal operations to make effective and good quality business decisions. Business intelligence enables you to make these kinds of decisions.

A specialized field of business intelligence known as competitive intelligence focuses solely on the external competitive environment. Information is gathered on the actions of competitors and decisions are made based on this information. Little, if any, attention is paid to gathering internal information.

Business Intelligence enables organizations to make well informed business decisions and thus can be the source of competitive advantages. This is especially true when you are able to extrapolate information from indicators in the external environment and make accurate forecasts about future trends or economic conditions. Once business intelligence is gathered effectively and used proactively you can make decisions that benefit your organization before the competition does.

The ultimate objective of business intelligence is to improve the timeliness and quality of information.

Businesses realize that in this very competitive, fast-paced, and always changing business environment the only thing that will help them gain a competitive advantage over their competitors is how quickly they respond and adapt to change. Business intelligence enables them to use information gathered to proactively respond to changes.

BI provides many benefits to companies utilizing it. It can eliminate a lot of the guesswork within an organization, enhance communication among departments while coordinating activities, and enable companies to respond quickly to changes in financial conditions, customer preferences, and supply chain operations. BI improves the overall performance of the company using it.

Information is regarded as one of the most important resources a company can have, second only to human resources. So when a company can make decisions based on timely and accurate information it improves the performance of that company. BI also expedites decision making because businesses realize that information can be used to achieve a competitive advantage so that when a business obtains key information they quickly use it before a competitor obtains the same information. It also maximizes the customer experience because when you are able to properly cater to the wants or needs of a customer you enhance the customer's experience.

Business intelligence does not mean donning a pair of dark glasses and standing in the corner of a rival business's office to steal their trade secrets. It is far more than that, after all what use is the secrets if you don't adapt your own business to make it more appealing than theirs? As cutthroat as it seems, it can be almost guaranteed they will be doing the same to you. Business development is essential but you must be flexible especially when you are faced with competition. A simple but effective way to analyse just how much of a threat a rival is a process called SWOT, which looks at the Strengths and Weaknesses of your rival and displays the Opportunities and Threats these facts present.

If you know, everyone will.

Don't trust channels that start off ?a friend of a friend's brother told me? because even if the information is legitimate, it will be old. After all, it would have to pass through all those people before it reached you and your rival would probably have changed their plans by then anyway. Secondary sources are never reliable for up to date information. If you want to stay ahead of the game you must spend a proportion of your profits on finding the information out first. For example, if you work in retail, employ a plain clothed individual to simply walk around your rival's shop, speaking to the staff to see how they handle their customers as well as to check their prices. This form of gathering business intelligence is simple and the easiest to implement into your own business development.

Protect what you know

A good defence is important as a good offence. After all your rival will be after your information as much you are after theirs. Simple things like putting a password on your computer to pop up whenever it switches to screensaver can stop people prying into your files while you're away from your desk. A number one way to protect yourself is to never give anyone a copy of your business plan or even to see it until you are certain they will keep it confidential. The last thing you want is for your business plan to turn up in your rival's office.

Work as a Team

Everyone under your employment must work as a team for efficient business development. Ten or even twenty people with ears and eyes open can protect your business from your rivals but also pick up business intelligence that would slip by an individual. Encourage this among your employees and you never know just what they may report back with. Regular meetings should be held where these can be accumulated and discussed in reflection to business development.

Collect contacts

Business intelligence isn't just about the competition. It's about your own business development just as much if not more so. The best way to gather information to help and bolster your company is to visit business conventions and conferences. While the Internet is a great resource for information, nothing can compare to sitting down and meeting professionals and possibly even starting new contracts. This will also help you get a much wider scope of the business market as a whole as well receiving business intelligence that would never make the Internet. However if you can't make a large number of these conferences there are sites and forums on the net with excellent contact and information exchange opportunities. An excellent example of this would be www.singingpig.co.uk.

Article Source : Is It So Small A Thing

About Author

Both Ismael D. Tabije & Julie-ann Amos are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Ismael D. Tabije has sinced written about articles on various topics from Skin Care, Business and Finance and Investment Management. Ismael D. Tabije is the Publisher-Editor of www.BestManagementArticles.com, a unique niche-topic article directory that features exclusively business and management topics. For a large dose of business intelligence tips, ideas and strategies, see. Ismael D. Tabije's top article generates over 12100 views. to your Favourites.

Julie-ann Amos has sinced written about articles on various topics from . Julie-Ann Amos is a freelance writer with www.exquisitewriting.com on business and property investment. She recommends www.singingpig.co.uk as one of the most effective sources of information for small businesses and property investment. Their property. Julie-ann Amos's top article . to your Favourites.