What is Business Intelligence?

In this Sprocket Talk video, we dive into What business intelligence is and why it is important to your company.

We also share three way you can use business intelligence for your company today.

Start making smart decisions using the business intelligence, "data" you are already collecting.

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Let’s get a Business Intelligence definition out there to start.

Business intelligence is made up of the strategies and technologies used by enterprises for the data analysis of business information.

Business intelligence technologies provide historical, current and predictive views of business operations.

At a basic level, it leverages software and services to transform data into actionable intelligence that informs an organization’s strategic and tactical business decisions.

Why is it important for your company?

What gets measured gets improved. We know that in marketing.

It’s true at all levels of a company.

Business intelligence is important for your company because people need data to do their jobs better.

Some companies have a business intelligence analyst on staff.

Others use business intelligence tools and have teams put them to work. Either way, leveraging data to make decisions will help take your business to new levels.

How can you use it for your marketing, sales, and service teams at your company?

Business intelligence tools will help you better manage big data, make better decisions and move faster.

1. For instance, the first way you can leverage business intelligence is for better supply chain management.

A company that wants to better manage its supply chain needs business intelligence capabilities to determine where delays are happening and where variabilities exist within the shipping process.

This could be physical supply chain as well as digital supply chain. Think SaaS as well as manufacturing.

2. Another way you can put this all to work is to better understand the big data (and dark data!) in your business.

Many organizations still struggle with how to wrangle their data, so you’re not alone.

What if you could have an executive dashboard that gives prices by region and another dashboard that showcases vendor performance.

3. A third use of business intelligence is simply better planning.

From marketing to sales to procurement, you can look at reports from the previous year’s numbers - that’s business intelligence - then create forecasts for the following year - that’s business analytics.

Add to that the human creative factor of asking “what if,” and you’re putting business intelligence to work for your company.

Now that you know what business intelligence is and why business intelligence is important, make sure you are implementing it for your company’s success.