While framing any business strategy, one of the most critical element is Business Intelligence (BI). This is because Business Intelligence is of utmost importance for any organization to understand, analyze , capitalize on each opportunity and predict the company's future growth plans. Business intelligence is basically collecting and analysing all such facts / data that would help or affect the business. It basically involves collecting data or information from all possible sources or to put it conversely collecting information with a 360 degree view. While collecting / using the data, the most important thing is the time factor. It is very important that all facts should be collected at the right time and should be analysed properly. This will yield in better-informed decisions.
In the current business scenario, I feel most businesses are having Business Intelligence units in an unorganized way. For example, especially in India, most businessmen have information about competitor's products and the prices not only in an unorganized way but confined only to limited area or locality. If he has organized knowledge about the product and his competitor, it will be very useful for him to capitalize on each and every opportunity that comes on his way or his competitor's way.
The above is a very basic example. There are many more ways where setting up a simple business intelligence unit in your organization can help you achieve much better results. So if you are planning to take any strategic decision, see that you have proper Business intelligence on your business. If you need any help on Business Intelligence do write to me. I will provide you with a proper strategy to set up the same :)
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