Making better, data-driven business decisions is at the heart of Business Intelligence. It will show you the truth, the health of your business to help you generate insights (ideas) in the information analysis process. A good look at your internal data, in addition to external data, i.e., market and competition, gives you a view of the whole picture. There is nothing better than seeing and truly understanding what is generated within your business and how the market is there.
Understanding Business Intelligence Processes
In Business Intelligence such as seen in molecule.io for example, the order of factors does change the product! Therefore, it is essential to follow the order in implementing this strategy to obtain the expected results.
The first step towards Business Intelligence is mobilizing all the people involved and essential in the company’s management. It is necessary to understand how the business works, who and what will be favored by the implementation of Business Intelligence. It is also the right time for discussions on issues related to management. This will help establish the needs of the business.
Initially, senior management must understand the importance of Business Intelligence and be bought into the initiative. Structural decisions may be necessary for the company to adopt a data-driven culture and senior management “sponsorship” is vital for initiatives to move forward.
Subsequently, it will be necessary to disseminate this culture throughout the company. At this moment, it is essential to be involved with the entire organization—managers, Supervisors, Coordinators, Analysts, Assistants, Interns, etc. Everyone will need to be involved and bought into the initiative, as the organizational culture is made daily in the work dynamics of all the institution’s employees.
The SWOT Analysis will help understand the internal and external environment of the business. Mapping the key sales processes and strategy and all data sources will guide the definition of goals and indicators.
After understanding the company’s needs, it’s time to collect all kinds of data sources existing within the business, whether in databases, spreadsheets, platforms, to be used in the process.
System Structuring And Analysis
At this stage, the solution begins to take shape as the phase of extracting, consolidating, and transforming data into valuable information begins. Through defined goals and indicators related to key processes, technologies and digital assets (such as spreadsheets and dashboards) are used for process efficiency. They contribute to constantly aggregating and monitoring data in real-time, enabling analysis.
After all the tools have been applied to bring together all the essential information in one place, all the data and reports are presented to the company to continue the process. The team will learn to use the information, and managers and analysts will use the tool for queries. Given the results presented, and if they are not expected, it will be necessary to define new strategies, goals, and objectives. Reducing losses, avoiding risks, reducing costs, and investing correctly are some of the first steps that can be taken.
Last but not end, you need to monitor the data and results frequently, you can see this on sites like molecule.io amongst others. Continually review and refine established goals and indicators. And even if nothing has changed in the company’s strategies, evaluating and analyzing the numbers produced, and always proposing suggestions is the way to growth. In this way, it is easier to follow its evolution history.