What is Business Intelligence and how does it affect your company ?

Research house Gartner says enterprise data executives should keep an eye on the booming data science market for new critical capabilities and use cases. It says enterprise data and analytics executives should keep an eye on the booming data science market for new critical capabilities and use-case scenarios for platforms.

BI refers to the tools, technologies, applications and processes to support better business decisions, ranging from operational to strategic. Bi applications mine data gathered from a data warehouse of which contains a copy of analytical data that will facilitate in decision support.

Amongst myriad uses, business intelligence tools empower organizations to gain insight into new markets, to assess demand and suitability of products and services for different market segments and to gauge the impact of marketing efforts.

Enterprise leaders take a look at their organisation’s analytics and Business Intelligence (BI) resources today and take stock, and work with data science teams to identify their most significant challenges and high-priority needs.

Business intelligence is understanding more about the other business you are trying to work with in any capacity. Generally, sales teams research this information to be prepared for objections specific to a company’s situation.

It's particularly useful to know if the company you are trying to sell to is cutting budgets, having an increased personnel turnover, showing decreased sales numbers, about to merge, or outsourcing with competitors at lower prices.

Outside of in-depth business intelligence, there are many other things to look for in a company to evaluate its health. This research will be easier if the company is publicly traded, if not, you’re up to your own devices.

If you’re part of a sales team, it’s a very good idea to do business research to personalise a sales strategy, not only will you be more prepared for their objections, but you will appear more genuine in understanding the obstacles this company will have to overcome to move forward with the sale.

Your sales team should have a long checklist of things to look for, to see if a company is a good candidate for a sale. The more things on the checklist that match up, the more ammunition you have from your business intelligence you can use to help them understand how great of a candidate they are.

Business intelligence tools are essentially data-driven Decision Support Systems (DSS). It is sometimes used interchangeably with briefing books, report and query tools and executive information systems. With these tools, business people can start analysing the data themselves, rather than wait for IT to run complex reports.

This information access helps users back up business decisions with hard numbers, rather than only gut feelings and anecdotes. Here are 5 ways EOH SAP Business Intelligence Solutions can benefit your company:

• Reduce cost and increase profitability

• Easier decision making

• Improves efficiency

• Self-Service BI

• Implement a Business Strategy