Making Business Intelligence work for you
Making Business Intelligence work for you is one of the four themes the partners will be presenting workshops on at the Business Festival.
Business intelligence is an effective tool to combine data from multiple internal and external sources. This data is analysed and interpreted so the intelligence can be used to make strategic and tactical decisions.
Business intelligence provides an overview to enable informed decision making and creates intelligence that can’t be obtained from a single source. Business intelligence does not tell the user what to do, but it does allow the examination of data to spot trends and provide insights.
According to the Lloyds Bank Business Digital index 80% of small & medium businesses in the South West do not analyse their data and 85% do not have a business strategy. Therefore, only a small number of businesses can create business intelligence and use it to their advantage.
Here are some top-tips to gather business intelligence for your business:
Maximizing internal and external data -
Internal data - have a think about the data you already hold. Information from sales, finance and HR can all be used to inform decision making.
External data - can be used to feed into business intelligence and can provide insight into your sector, helping to capture opportunities and challenges to your business.
Understanding your customers/ clients - what do you know about your customers? The more you understand about what they like, dislike and love, the better positioned you are to sell them additional products/ services. Customer feedback and annual surveys can be a great way to capture this data.
Gain business insights – Business intelligence gives you information, however this does not help you, unless you understand what this information means to your business. Business insights is about understanding why the information is as it is. The ‘why’ allows you to understand the competitor environment, decide how to design new efficient systems, position your products in the marketplace, resource your campaigns effectively and make numerous other key business decisions. Use your workforce to brainstorm and analyse the data in order to discover valuable business insights.
SW Business Support Solutions who will be attending the FT2G Business Festival can show you how a business strategy can make use your business intelligence to deliver a fast track to growth.
Find out more and book your place at the Business Festival here: https://bit.ly/2WQ3bgg