Why is Business Intelligence becoming Key Factor for Success of Companies?

It is well known that Management is inspired from the Military School.

In Military, the most important factor to win a war is the Intelligence, and this applies to Business as well.

Business Intelligence (BI) refers to the process of analyzing large amounts of data to help businesses make informed decisions.

BI has become a key factor for the success of companies due to several reasons:

Data-driven decision-making:

With the advent of big data, companies have access to vast amounts of data. However, raw data is of little use without analysis. BI tools help companies analyze their data and derive insights that can be used to make informed decisions.

Competitive Advantage:

BI enables companies to gain a competitive advantage by providing insights into market trends, customer behavior, and competitor strategies. This helps companies make informed decisions about product development, marketing, and pricing.

Improved efficiency:

BI helps companies streamline their operations by providing real-time insights into business processes. This enables companies to identify inefficiencies and bottlenecks and take corrective action.

Risk Management:

BI helps companies identify potential risks and opportunities. By analyzing data, companies can identify trends and patterns that may indicate potential risks or opportunities. This enables companies to take proactive measures to mitigate risks and capitalize on opportunities.

Customer Insights:

BI helps companies gain insights into customer behavior, preferences, and needs. This enables companies to tailor their products and services to meet the needs of their customers, leading to improved customer satisfaction and loyalty.

As a summary, BI has become a key factor for the success of companies as it enables them to make informed decisions, gain a competitive advantage, improve efficiency, manage risks, and gain customer insights.

This article was prepared by Dr. Rebel Hanna, PhD in International Business Strategies and Organization Management, University Professor, lecturer, trainer and speaker at international conferences, businessman, founding member of the Trocadero Forum Institute, Paris, France