Business Intelligence is closely related to the ability to provide quality information for decision making - strategic, tactical, and operational.
It is a way of gathering and exploring information with the purpose of discovering possible advantages for a company with the objective of helping the understanding of information in order to identify risks and opportunities.
It aims to help ensure the rational management of resources, measure strategy results, monitor processes, and make simulations or analyses to know how to act in possible situations, depending on the scenarios.
Benefits of a Business Intelligence system implementation
Increased agility in information-dependent processes is the main benefit for business management, which contributes to increased competitiveness, knowledge and business transparency.
Considering that mobile devices and internet access are already quite rooted in our reality, being able to perform actions in an agile and accurate way is fundamental for companies that want to consolidate their brand name and simultaneously achieve a privileged position in business.
Risk prevention and increased productivity
Being informed about the analyses and reports that facilitate the monitoring of the business, the sales trends, and the market, allows to avoid production drops, quality deviations, and to predict when it will be necessary to invest in 'material' renovation.
Thus the streamlining of problems with greater ease avoids difficulties and ensures increased revenue, credibility and qualification of a company's products or services.
A correctly articulated Business Intelligence system has the capacity to integrate all sectors and departments of a business, and through correct and efficient use can be an effective aid in the decision-making process.
Regardless of the fact that initially an investment of time and money is required to implement Business Intelligence and to train qualified employees, the ease and practicality in using the system allows to revert the investments in the medium or long term.
The creation and promotion of collective solutions allows innovation and increased income, and generates a much greater strength in terms of the articulation between managers and employees, on the service quality offered.
More efficient and articulated management
The lack of credible and easily accessible information about a company's processes makes management and decision-making difficult. Thus the use of a system that gathers indexes, histories, and performance indicators is a great contribution to efficient business management.
Another advantage of Business Intelligence related to management is the ease of action planning, monitoring and reduction of processes, prediction of eventual risks, increase of productivity, articulation between the different sectors of each company, agility in the analysis of administrative information, and replacement of obsolete tools - such as Excel - to generate and cross-reference reports.
Considering the current growing technological innovation, economic instability and high competitiveness in the market, an effective and efficient management based on real numbers can be a differentiating factor for the increase in profit margin and business consolidation. Thus, it is possible to state that Business Intelligence is essential and valid for obtaining good business results.