business intelligence

Business intelligence: the intelligent management of information

When the trees do not let you see the forest

business intelligenceWe all know how important it is to have information and know how to handle it correctly in all areas of life and, of course, in the world of the company, where a suitable solution can be a revenue of many thousands of euros. For example, a company like Gatorade has achieved daily savings of $ 23,700 by accessing the product demand data in real time and updating its main indicators every 45 minutes … something that is only possible using Business Intelligence applications (B.I).

Every day in our companies, from SMEs to large corporations, we have to handle a multitude of data and sometimes due to its volume or lack of specificity we are not able to analyze in detail what is really important for the achievement of the objectives we set ourselves, that is to say ‘ the trees do not let us see the forest ‘, but fortunately there are tools available to everyone, who manage all this information to be able to adopt the best possible solution.

Business Intelligence (B.I.) goes far beyond a mere computer tool, they are systems that allow transforming data into knowledge to obtain a competitive advantage. They allow to collect, debug and transform data from transactional systems and unstructured information (internal and external to the company) into structured information for direct exploitation or for analysis and conversion into knowledge.

By having accurate information in real time, it is possible to identify and correct situations before they become problems or losses of control, allowing us to identify opportunities. BI solutions can be applied in any area of ​​the company and allow us to quickly detect in which of them an improvement is necessary.

We can access data instantly to plan new campaigns, sales promotions, trends to capture consumer loyalty, find sales opportunities with existing customers, identify customers who place orders less frequently than before, make dashboards, etc. .

It is essential to use BI when we frequently invest more time in the collection and administration of information, than the time we use to analyze it, or when we are not able to find the data we need.

It is also necessary to use BI solutions when faced with the lack of information about the purchase patterns and profiles of our customers or data on the profitability of the products, and even know with certainty if the company’s employees have reached the planned objectives.

A BI system provides us with the appropriate solutions to avoid the receipt of delayed information, return of merchandise, planning of wrong forecasts, extra work for the production of reports, and allows us to maintain a close communication with the various sectors of the company to execute a common strategy

It allows the decision-making bodies of the company to have the information they need at any moment in a quick and useful way.

We move from static information to flexible dynamics and instantly with a considerable saving of time for decision-making, taking advantage of the relevant information of the different strategic tactical and operational indicators.

We can analyze the speed of thought, answer questions in real time, explore the data in the same way we think, that is, make the most of our time and significantly increase our productivity.

Although the B.I began as an exclusive technology for large organizations, the good news for SMEs is that we are increasingly finding more options at a lower cost, easier to implement and manage.

Go ahead and start increasing your productivity!

Jose María Vassallo

CEO Besoftware BSW

Article included in Vida Económica Magazine Business intelligence: la gestión inteligente de la información (pdf)