Generally speaking the term “business intelligence” encompasses a host of business related software and tools. Today, the market needs to track more granular and sophisticated information to get a competitive edge; this is where maximum businesses still fail in procuring the right application and expertise to implement the analytics with extensive capabilities.
These users study the pre-defined reports and provide support in taking the right decisions, but they are not obligated to take decisions. Business Intelligence techniques, if properly applied in retail Insurance marketing can lead to a situation in which each customer can feel that the insurance policy has been designed keeping his requirements in mind.
The factor that gives some companies an edge, in a highly competitive market, is sales forecasting. What sets top companies apart from the rest of the pack, is not just the quality of their product, but also their marketing and sales strategy. Once you have an idea of what you need, the next step is to ensure that your business has been recording the data on which to base this decision, and identify whether the information has been recorded accurately and consistently.
Competitive Intelligence is defined as the process of collecting and analyzing information on the activities of competitors, so as to support the achievement of the goals of the business. 10. A closed-loop process is often used to optimize business performance.
Data management is the foundation for a business analysis. These may include External Partners, Customers, Business Analysts, Suppliers etc. All of these are translated into numerical data and from these data; the leader of the business can make a decision that is synonymous to success.