While the profit and loss statements are the primary focus of most companies, there is hidden value in business intelligence. As a company grows, a wealth of information from a variety of sources is gathered.
Cumulatively, this intelligence can encompass customer buying trends, product life cycles, industry and market behaviors, and much more. You can also search the catalog of design items through various online sources. This data can also uncover potential bottlenecks with processes or problems with disparate data.
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Is your company capitalizing on your business intelligence?
To make the most out of your business intelligence, one of the first steps is to implement a solution that will bring all of your data together in a form that can be easily utilized.
A business intelligence (BI) strategy will help you to choose the right tools and platform for your business.
The following are the first steps to taking full advantage of your business intelligence:
What are your overall business goals? Carefully consider your business vision and mission. In your strategic plan, there should be several elements that require reliable business data in order to properly execute and achieve the goals and objectives. Note those data requirements and their potential sources.
Then look closely at the total cost of ownership (TCO) of your BI solution to be sure it will provide sufficient ROI for your business.
Your business intelligence may be more valuable than you think. To make the most out of your company information, consider a BI solution that is tailored to meet your business goals.