BUSINESS Intelligence, popularly known as BI, improves the overall performance of the company using it. (http://www.erppandit.com/Respond-to-changes-with-Business-Intelligence.html) It can benefit companies in many ways. It will help to 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.
With Business Intelligence, organizations will able 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.
Information is regarded as the second most important resource a company has. So when a company can make decisions based on timely and accurate information, it can improve its performance. Business Intelligence also expedites decision-making, as acting quickly and correctly on information before competing businesses do, can often result in competitively superior performance. It can also improve customer experience, allowing for the timely and appropriate response to customer problems and priorities.
The prime objective of BI is to improve the timeliness and quality of information. Timely and good quality information is like having a crystal ball that can give you an indication of what is the best course to take.
Business intelligence can get you the following information:
The position of your firm in comparison to its competitors
Changes in customer behavior and spending patterns
The capabilities of your firm
Market conditions, future trends, demographic and economic information
The social, regulatory and political environment
What the other firms in the market are doing
You can then deduce from the information gathered what adjustments need to be made. Businesses realize that in this very competitive, fast-paced, and ever-changing business environment, a key competitive quality is how quickly they respond and adapt to change. Business intelligence enables them to use information gathered to quickly and constantly respond to changes.
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