Why you should apply Business Intelligence in your company
What if we told you that your data has the power to create information and increase levels of competitive advantage?
Surely, as time passes, you accumulate more and more data of all kinds, even discarding much of them as they become obsolete over time and do not bring anything new to your company.
The Business Intelligence (BI) methodology is based on using information technologies to generate knowledge from data. The type of knowledge that you can generate by applying this can be focused on your audience or team to be more productive or to offer them exactly what they need.
Perhaps at first glance you may think that information and knowledge resemble each other as concepts, however, they differ greatly, here is why:
- Data is the minimum unit with which your company works. It’s objective, impersonal and does not have analytical characteristics.
- The information appears as soon as the data is processed. It is formed from data sets that share characteristics with each other. From these groups you can start making decisions in business.
- The knowledge increases when new paths arise, and content is produced. This process happens after having analyzed the information obtained from the data processing.
The ability to transform information into knowledge is what makes your brand stand out and adds value to your company. The BI methodology allows you to:
- Develop the ability to identify the results.
- Encourage analysis to understand why it occurs.
- Prepare yourself with tools to predict and anticipate the outcome.
- Know how to decide the best way forward that suits your company.
As you can see, it is a great way to make project management in your company more efficient, effective and increase profit margins.
Maria C. De La Cruz
August 8, 2019