Business intelligence might still sound familiar to some people who have never heard this term. But this term is certainly often heard by some people, especially those struggling in the business world. The term which is also often abbreviated as BI itself is generally interpreted as a knowledge gained as a result of data analysis at a company. So this system is commonly used by companies to be able to get information about what companies want to know. For example, such as marketing performance or sales results. Or it could be that the company wants to know various things about consumer behavior. So in this case the company can implement this system to get a picture of certain matters relating to the products it produces.
Benefits of Business Intelligence
Basically the use of business intelligence can provide positive benefits for its users. Some of these benefits include the following:
- Analysis of consumer behavior
Consumer behavior basically becomes something that is considered important for a company in an effort to market a product. By conducting an analysis of consumer behavior, you can gain knowledge and understanding of what to do with your product. Producing products must be at least based on market demand. So you need to understand what is being wanted by consumers so that you can produce products that fit the needs and desires of consumers. However, a product would be more easily accepted by the market if needed.
- Sales predictions
Business intelligence has also become a system that can be useful for companies to determine various steps and efforts in terms of product sales or marketing. With this system the company can carry out marketing activities if it is right on target. To achieve results on target, the company should be able to carry out prediction activities on the sales process to be carried out. The product sales process is certainly very important in marketing the product. The right sales will make the product become a best-seller in the market so that later you can get the appropriate results.
- Financial budget
With a BI or business intelligence system, you can also do the right planning or budgeting. Because through this system a company will be guided to conduct surveys in order to obtain various data obtained. The results in the form of data which is then processed later will help you in determining various efforts that need to be done as the next stage. To determine various efforts, it is definitely necessary to have a budget. Therefore budgeting of funds needs to be done appropriately so that every step taken by the company tends to be efficient.
- Optimizing operational performance
With the data, all employees in a company can work in accordance with needs. In this case, the BI system will assist and facilitate employees in working so that appropriate results can be obtained based on all data that has been obtained. In other words, the operational performance of a company can run more optimally. Optimal performance in the end can help obtain the right analysis results so that later the sales process can be carried out on target.
- Risk analysis
Risks that may be experienced by a company can also be predicted. In this case the use of the BI system can also help companies to conduct risk analysis. Various possible risks can be predicted so that the next company can make prevention efforts. Prevention efforts carried out as a form of anticipation of all risks that may be experienced by the company. For example, the risk of loss can result in bankruptcy and even bankruptcy.
Steps of Business Intelligence
As for the implementation of business intelligence, there are several steps that are commonly taken, as follows.
- Identify the problem
Problem identification is the first step in a business intelligence system. In this case the problem that needs to be identified is all matters related to the business world. through this effort, some types of data will be found later to support the company’s analytical activities. From the results of this analysis will be obtained later on all matters relating to your business or business. Therefore, identification of the problem must be done clearly so that later it can be obtained clear results of the analysis.
- Identify location
Each company certainly requires a variety of data. Generally the data is sought to be obtained with regard to various things that can support the activities of a company. This also includes locations related to the process of data acquisition. Location needs to be known because this location itself will also become data so that it can provide information about a matter to a company.
- Change the data
Data obtained for example from the results of a survey by a company is usually still raw. So all the data that has been obtained must be processed first before then analyzed. If the data has been processed then this means that the data is ready to be changed to become a more precise and processingable form. Data that was still raw needs to be changed to become data that is consistent.
- Retrieve data
You need to retrieve data from various data that has been processed in the previous stage. The data taken is then classified based on the subject matter. Thus the data analysis process can later be done in an easier way. Data analysis can be done by looking at data that has been centralized so that the analysis results can later be right on target.
- Install the application
The final step in the business intelligence system is to install the applications needed to be able to process data. You might be able to install an application to assist employees in carrying out all their duties. The application installed certainly aims to facilitate employee performance in terms of data analysis. Provide applications that can help you access data so that later work can be done more effectively and efficiently.
Through business intelligence applications according to the steps suggested above, of course you can get a variety of appropriate and maximum benefits. The same is true when deciding to use an appropriate product to support a company’s finances. One of them is through the use of JojoExpense . Through these products, company finance can be optimized and more efficient. Breakout can be done faster and the potential for fraud can also be avoided more optimally.