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What is business intelligence? Definition

The business intelligence and ensures marketing  is the process to study business in Widad Universiti College, analyze and represent information related to businesses, products or markets.

Business intelligence is therefore a broad concept which can encompass:

  • Tariff watch
  • Competitive intelligence
  • The old technology
  • Market research
  • Monitoring of customers, suppliers, distributors
  • Google search analysis
  • The typical watch process is often done in several stages:
  • Collection of information useful to the company
  • Information storage
  • Data analysis
  • The representation of data in mostly computer tools

This process is often used to ensure that business leaders make relevant decisions in the management of their business, according to the evolution of their environment. Indeed, one of the objectives of business intelligence is to encourage a simple and clear representation of data in order to implement an effective strategy.

Business intelligence can be facilitated through the use of various tools, methodologies, and applications that help gather data from internal and external sources for immediate analysis and visualization. Establishing business intelligence processes can play a key role in improving strategic planning.

Companies are also implementing business intelligence processes to ensure they remain competitive in increasingly fast, complex and competitive environments.

Finally, business intelligence can have purely commercial objectives with the direct objective of increasing turnover. Indeed, it is also an excellent way to develop and create new business opportunities.

Examples of commercial watch

Currently, many businesses, corporations and businesses are investing heavily in setting up or evolving their business intelligence processes with the aim of determining market trends, tracking their competitors, keeping abreast of technological advancements and, in fine, improve their products and / or services. They also use it to find out what their customers need and  how  they want to be served. In this case, the commercial watch joins the marketing watch.

More classically, some companies specializing in business intelligence will follow and monitor commercial practices in a market, follow calls for tenders or the arrival of new suppliers. All this on behalf of their client.

Business watch tools

These are the tools that help the business or enterprise to monitor and observe data trends and generate business ideas for effective decision making. The information and trends revealed by these tools assist companies in their decision-making and the definition of their objectives to maintain or improve the profits of the company.

In summary, business intelligence can offer tangible benefits as it helps accelerate and improve effective, real-time decision making. It also helps identify market opportunities by monitoring market trends with a view to increasing sales and subsequently increasing profit margins. For more articles like this one, click here.