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What is Business Intelligence and how it benefits companies?

The big difference between successful companies and those that are not is the ability to make good decisions, especially when there are multiple internal and external factors that can take the right path. Mistakes are often made as leaders rely on previous experiences, corporate paradigms, or simply intuition.

Faced with a scenario of accelerated technological changes, companies need to keep up, be more agile, carry out transformations with foundations and achieve continuous improvement of their processes. However, the question arises, how do I know what to do and when to do it?

To solve this question, organizations rely on business intelligence, a key element to be able to detect improvements and create cross-cutting questions, break beliefs and constantly delay decision-makers to innovate and be able to make significant modifications.

Internally, business intelligence covers various levels of the organization such as:

1. Operational level: The rescued information directly influences the daily operations of the company, directly affecting productivity and good use of resources.

2. Tactical Level: Information is mainly used for middle managers to follow up or take action.

3. Strategic Level: Information necessary for high command positions and that allows key decisions to be made within the organization.

There are multiple technological tools to optimize the collection, processing, and visualization of data, one of these are those that allow the handling of data such as Dashboarding and reporting visibility (Tableau, PowerBI, ClickView, Clixsense, Airtable, Google Data Studio, among others).

It is also important to keep in mind certain external variables that can affect, benefit or harm the performance of a company.

  • Economic, political, and environmental conditions: Political stability of the country, the tax rate, the variation in supply and demand such as what happened with the pandemic, and being able to be attentive to regulatory changes in terms of the environment. These factors are not only important to be able to internationalize, but they also serve to adapt to changes and deliver a service or product in accordance with regulations.

  • Cultural and social aspects: Being able to know what the client is like, their wishes, and needs. In which it is very important to be aware of emerging trends and demographic analysis.

  • Industry trends: Know the new trends in recent times that can revolutionize the market and if that is compatible with the proposal delivered by the company.

  • Competition and customers: Having a knowledge of who the competitors are, what they offer, and how concentrated the industry is creating a positioning in the market, together with a clear identification of customers (History, Strategy, Key People, News involved) allows save time and improve sales.

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