The introduction of the concept of digitalisation has turned business upside down, more transparency and accessibility are being provided to all, and digitalisation has touched every strata of society thus the reason for the sudden gushing of the competition. Just pick up any industry, and look at the cutthroat competition they all face. Anyways, look at the increase in the number of startups if one observes the startup graphs for the past decade. The past three to four years showed a maximum number of startups, and these startups had further challenged the well-established companies. In such a scenario in order to survive one needs to incur a new department in their organization which is business intelligence, these will be the people who’ll analyze the market trends and the products that need to be manufactured in order to thrive, further they will also be dealing with how and when your products need to be launched so that it can cover a maximum portion of the target customers.
Business intelligence is the term used for the collective resources and skills one uses in order to survive cut-throat competitions. This term is not new to the business world but with the invention of digitalization and the broadening of the platform, one seems to use this term more effectively and frequently. Earlier the data was collected via survey and estimation, which would take quite a time now to get feedback, and analyzing the market trends had become a task of a few hours. Every organizational data is backed up by database management software which stores the data and helps the analysts to draw conclusions about what their customers like and demand. Decision-making is more effective and judicious via this method further delays in decisions have also been curbed by digitalization.
Some of the business intelligence techniques are analytics, predictive modelling, online analytical processing, model visualization, data mining, etc. Analytics consists of observing the market trends, feedback, and problems so that one knows which method would suit best the products to be sold whereas predictive modelling uses models to demonstrate the trends and forecasting probabilities. Business intelligence backs up the management’s decision with proven facts and figures. By model visualization one knows the exact problem he or she will be facing with the product, further visualizing helps the producer know the message he wanted to convey to his or her customers reaching them, and if not the possible issues could be resolved before launching the products.
BI techniques help the organization to carefully plan and execute its moves so that the chances of slipping up are reduced since the competition is increasing. It means one slip-up could cost you an entire decade of hard work. Everyone is keen to occupy the throne you are holding, and BI enables one to eliminate possible threats.