What is business intelligence?
Business Intelligence is a general term used to indicate a number of activities that a company can commit to collecting information about their market or competitors. Some areas that are often included under the blanket of business intelligence are: Competition analysis, market analysis and industry analysis. Some people also consider industrial espionage, which acts for the purpose of collecting information as a form of business news. This group then collects information by the company about how well the company is doing and where improvements can be made. The group then focuses on external sources that may include public records of other companies in the same sector, market analysis by third parties and information about customers' survey. The group can then immerse themselves in specific competitors, as by examining their public information business model and in some cases using an industrial spy to hide information.
Business Intelligence Systems are contrasted with more classic forms of information collection according to their interdepartmental focus and their general overview of business business. They are also unique in using advanced technologies and techniques to the center of gravity for data and the most optimal way of crunching this data. While the group responsible for market analysis could have a strong understanding of the specific market sector on which the company operates, their lack of the same detailed understanding of specific competitors and the company's internal management makes their information less useful. In the Business Intelligence, all these different forms of business improvement are connected, so communication is fast and easy and every segment helps to inform the other seg, so their knowledge is even more valuable than they would be on themselves.
Once there is a business intelligence system, the company can expect to find improved turnover times at SData running, ideas for new business initiatives, more targeted marketing campaigns, a much more accurate picture of the needs and desires of customers, and a strong understanding of how best to compete with the best competitions. The improvement of business agility, which comes with business intelligence, is in most cases considerable and allows companies to better use the ever -developing market conditions.
Using industrial espionage in business news is widely considered to be something gray area. Some businesses decide not to deal with hidden information about information, while others consider this to be the main part of the Healthy Business News program. Many areas commonly referred to as industrial espionage are fully legal, for example, careful monitoring of patent submissions and companies predicted by the competitor where the competitor moves on the market. Other methods such as the use of bribery to obtain information from the best scientists or install hidden tracking systems at the company headquarters,are not.