{"id":259283,"date":"2024-02-09T04:43:16","date_gmt":"2024-02-09T04:43:16","guid":{"rendered":"https:\/\/imarticus.org\/blog\/?p=259283"},"modified":"2024-02-09T04:43:16","modified_gmt":"2024-02-09T04:43:16","slug":"business-intelligence-knowing-the-business-market-demand-customers-and-competition-as-a-ceo","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/business-intelligence-knowing-the-business-market-demand-customers-and-competition-as-a-ceo\/","title":{"rendered":"Business Intelligence: Knowing The Business, Market Demand, Customers and Competition as a CEO"},"content":{"rendered":"

In today\u2019s digital age, businesses must clearly understand their data to stay competitive. With the data, business owners can make more informed decisions and help the business thrive in the competition. This process of acquiring information which assists intelligent decision-making is known as business intelligence (BI).\u00a0<\/span><\/p>\n

Business intelligence is an architecture that helps collect and analyse data to discover meaningful information about the business. This blog will discuss business intelligence, its applications and the various tools used in the process. To learn the practical applications of BI, get a <\/span>certificate course in management<\/span>.\u00a0<\/span><\/p>\n

What is Business Intelligence?\u00a0<\/span><\/h2>\n

Business intelligence allows businesses to analyse their accessible data and convert it into actionable intelligence. This information is presented in the form of reports, dashboards, graphs, charts, summaries and many more, making it easier for managers, executives and other officials to read and comprehend.\u00a0<\/span><\/p>\n

By understanding this data, stakeholders can understand their market, competition and audience. In the BI process, businesses collect data from their internal systems and external sources, prepare it for analysis, test queries against the data and create an organised outcome.\u00a0<\/span><\/p>\n

To become an efficient leader, you will have to make informed decisions for the benefit of your organisation. There are several credible <\/span>CEO training programmes<\/strong><\/a> that will help you gain the necessary management and leadership skills.\u00a0<\/span><\/p>\n

The primary purpose of incorporating BI<\/strong><\/a> initiatives is to make better business decisions. This will help organisations increase revenue, gain a competitive advantage over business rivals, and improve operational efficiency.\u00a0<\/span><\/p>\n

How Does Business Intelligence Work?<\/span><\/h2>\n

Different organisations have different goals. In order to track the performance of the company against these set goals, they gather the data needed, analyse it and decide which actions they must take to reach the goal.\u00a0<\/span><\/p>\n

Raw data is collected from the various business systems. This data is then processed and stored in data warehouses, applications, the cloud and files. Once stored, users can access this data to analyse and answer any business queries.\u00a0<\/span><\/p>\n

There are also various data visualisation tools that convert the raw data into graphs or charts, which are then presented to any of the critical stakeholders or decision-makers.\u00a0<\/span><\/p>\n

Business Intelligence Methods\u00a0<\/span><\/h2>\n

Business intelligence<\/strong><\/a> is an umbrella term covering the methods and processes of collecting, storing and analysing data from various business activities and operations to optimise performance. All these methods combine to create a comprehensive business view that helps decision-makers make better, actionable decisions.\u00a0<\/span><\/p>\n

Some of these processes are as follows:\u00a0<\/span><\/p>\n