How Business Intelligence Is Crucial to Company Success

Analytics are everywhere. Big data affects every industry and, as businesses produce more and more, it is becoming increasingly essential to have the right tools to capture, analyze and use this information for better decision making.  According to an article in Forbes, Executive Management, Operations, and Sales are the three primary roles driving Business Intelligence adoption but with analytics on a steady rise, no industry should remain stagnant when it comes to its business data.   

Good BI Plays a Crucial Role in Business Success

Business intelligence (BI) is the collection of business data through technology then utilized to determine market opportunity, strategy and development.  BI is not just an accumulation of information, it is a set of processes that can help businesses analyze historical, current and predictive views of business operations.  Companies generate tons of information every day so which insights a company decides to focus on, how they track, analyze and report those metrics and what they do with that data makes all the difference. 

The Richemont Group Case Study

The Big Data Boom

At the recent Dell Technologies World conference, Michael Dell, CEO and Chairman of Dell Technologies, said “There is an explosion and tsunami of data that is sweeping us into the digital age. Data is our greatest asset and most important resource. Turning that data into action and progress and outcomes and success is the heart of digital transformation.”  As businesses produce mass amounts of data, it can become increasingly difficult to analyze so much information quickly and efficiently.  It is paramount to have access to the right BI tools that enable the most relevant information. 

Data service providers should be doing more than just storing and organizing analytics.  In the same way that a company’s products changes, BI tools should also evolve to meet the ever-changing needs of a company’s products.   With so much data out there, it is important for service providers to fill the role of supportive partners by personalizing tools, prioritizing results and ensuring all needs, big and small, are being met. 

Editorial Link by Knewin’s host of services presents a total and tailored view of your media presence.  From competitive benchmarking, advertising vs editorial comparisons, social media and influencer engagement to an array of other services, contact us about how we can be your BI partner.