Developing business intelligence is a unique process for each company or organization. It does not follow a hard fast rule, which is why we are here. Business intelligence is the complete fluid understanding of your business or organization, managed through the harmony of technology and team players. Business intelligence empowers companies with a deep awareness of their customers, vendors, and employees.Understanding how your customers interact with your company based on data is reliable and efficient. Being able to connect the correct steak holders to actionable data keeps your business growing. Avoiding lost sales, increasing the accuracy of procurement, and eliminating lengthy reporting delays are just a few benefits of developing business intelligence.
For example, one of our experiences working for a large rapidly growing distribution company was to this exact point. Although overall the company was growing most of their product lines and customer accounts, specific locations of a large customer had stopped buying a particular item, which was unknown to the company for several months. The main reason the company didn't know, was simple; there was not a weekly report comparing the proper metrics to uncover this small but important detail. This item was large and took up valuable space in the warehouse, plus purchasing was planning around this item being active. Therefore compounding the problem, on hand inventory building up (slowing sales) while inbound purchases are scheduled. This is not what anyone wanted, or set out to do, but just what happened due to the lack of business intelligence. Business intelligence would have brought this to the attention of the sales team much sooner, which could have reached out to the purchasing team letting them know to cut back on their planning for that specific item.
Knowing faster is the key to avoiding these situations, and that's what we are here to do. Create powerful channels of information through the construction of a few databases that feed custom reporting that is built around your companies goals or KPI's.