The terms Business intelligence (BI) and Information Applications are often used interchangeably to refer to the broad category of technologies for consolidating, reporting and analyzing enterprise data to help enterprise users make better business decisions. The collection of raw information may develop piece meal, therefore, the element of analysis is essential in understanding how the information may benefit one’s business or organization. According to Forbes, 53% of companies are using data analytics today, up from 17% in 2015.
CRM is a database that stores customer sales history and interactions, which you could segment for greater productivity and profitability. Software, which allow business firms to make decisions on right time at right costs are knows as business intelligence tools or software.
The last and important stage is executing the derived insights into your business strategies to get the best out of your data analytics. A data warehouse is a central repository for corporate data and information that an organization derives transaction data, operational systems and external data sources.
For each of the little clues that your current business software imparts, there is a wealth of hidden treasure buried deep in your data records. The aim of this stage is to warn the users about various crucial events like poor performance by staff, takeovers, changing trends in market, sales fluctuations and much more.
Market Intelligence corresponds to the strategic management discipline within companies that allow a more deeply know of the market and the company’s performance within it, through a constant flow of information. In recent years the concept of Business Intelligence (BI) has evolved, and as a result, many managers have been reminded why they were collecting all of this data in the first place.