Business intelligence: what it is and when it can make a difference

Find out why this type of activity has crucial significance in the life of a business.

When we talk about Business Intelligence, we refer to that set of methods, software and tools that allow us to collect, study and process data, representative of what is happening within the company.

On the other hand, amarket research agency specializing in the study of online big data is in charge of examining external data.

We speak, in this case, for example, ofmarket analysis orcompetition analysis.

These, in fact, together with the target audience analysis, are able to provide insight into everything outside the company.

Let us, therefore, try to explain exactly what business intelligence consists of and its role in the digital age

Business Intelligence is by definition the indispensable foundation of any type of business.

As we have already reported, Business Intelligence is all about the study and processing of unstructured data disseminated throughout the company into strategic information useful for improving its performance.

Talking to businesses, we realized that for SMEs, doing “Business Intelligence” seems to be only about large companies, multinationals and often in the financial sector.

Nothing could be more wrong!

We understand, then, why business intelligence is so important.

Read also: Google search trends: 5 useful answers for your company that you can get by leveraging Google Trends data

What one must realize is that, before making any decisions, one must be able to measure and track everything that happens within one’s organization.

By doing so, you can understand whether or not any strategy or test is working; how it can be improved and what the next step is to be taken.

Beware, though!

To be in full control of the business, it is not enough to rely only on this type of data; rather, it is necessary to look at the data provided by the market as well.

Therefore, we speak of Market Intelligence, which is that set of methods, software and tools that enable the collection, study and processing of data related to everything outside the company.

From here, note the difference between the two!

At this point, it is easy to see that, in fact, this kind of activity was already being implemented by companies, small or large, in past decades, before the advent of the Internet.

Think, for example, of thestatistical use of internal data regarding the most prolific time slots, the products with the highest conversion rates, or the promotional campaigns that were most successful.

Or to in-store surveys conducted to understand consumer needs and preferences.

But then, to date, what has changed?

With the Internet boom and the development of new cutting-edge technologies, the amount of data available to businesses has increased exponentially.

This presents a challenge for today’s managers, who must adopt innovative analysis methodologies to manage all this new knowledge.

Those, therefore, who are able to do so will enjoy the benefit of being able to make more knowledgeable, timely and informed decisions.

The main examples of the results that can be achieved with Business Intelligence and Marketing Intelligence.

At present, to deprive oneself of the strategic information that these actions allow to be laid bare is to condemn oneself to an inexorable fall.

As you have certainly noticed, people are increasingly living symbiotically with the technological devices that connect them to the Web and are relying on them for an increasing number of actions.

In doing so, they provide a wealth of data and information that any company can study and leverage to adapt its strategies.

In this case, thanks to Market Intelligence, it is possible to identify market trends, the needs that users manifest or, again, analyze their behaviors and those of competitors.

Similarly, with Business Intelligence one is, on the other hand, able to identify ways to increase profits, predict success, or discover complications or structural problems that plague, for example, production.

By combining together Business Intelligence on the one hand and Marketing Intelligence on the other, one can, for example, compare one’s internal data with that of competitors and thus improve performance.

One is able to make one’s internal processes more efficient in order to satisfy the consumer more.  Or you can differentiate your offerings to respond to different market trends while optimizing production costs.

In such cases, you will be able to say that you are in full control of your Business!

Read also: Searching with Google: How to understand in advance what is happening in your market

Do you want to make the most of Business Intelligence for your business? Rely on us at CMI!

Central Marketing Intelligence was established precisely with the goal of ensuring a state-of-the-art business intelligence service for its clients.

To do this, we have combined our high-level training with the use of the best tools available on the market today and the development of revolutionary methods to fully exploit the great power of Big Data Online.

But our mission is not limited to finding information and processing it. In fact, we provide all our clients with a specific and detailed report including targeted action plans based on the goals.

Do you want to experience the superpowers of Business Intelligence with the CMI method?

Contact us now for a free consultation!

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