The business world is now more complex than ever. That’s why it’s necessary to identify new opportunities and to apply effective strategies to keep the competitiveness of any company at short, medium and long term. Business Intelligence (BI) is fundamental to the right working and success of any type of business. This concept refers to the process of compiling great amounts of data and then process them in structured reports to later proceed to the Business Analysis (BA). Business intelligence helps analysing past, present and future trends of any industry or business and it plays a very important role in predictive business analysis.
Business intelligence vs business analysis
These two terms are usually used as synonyms. However, both concepts are related but have some differences. While business intelligence is the process of compiling raw data from different sub-units of a business, the analysis is the process of transforming such data into useful reports to apply the results when predicting business development and business process improvements. Some experts consider business analysis to be a part of business intelligence.
Business analysis techniques
There are several techniques that can help data analysis to make sense and to be analysed according to different factors:
- PESTLE is focused on the analysis of the external factors of a company: politics, economics, sociologic, technologic, legal and environmental.
- MoSCoW is applied to prioritize the needs of a company according to various criteria: ‘Must have’ is what we can’t manage without, ‘Should have’ is what we can manage without but is good to have, ‘Could have’ is what we wish to have but we don’t need and ‘Won’t have’ is what we intend to have in the future.
- MOST studies the mission, objectives, strategies and tactics for a business to take the path of success.
- SWOT is applied to define strengths and weakness of a company and the external opportunities and threats it must face.
- VPEC-T analyses values, policies, events, content and trust from multiple points of view.
- SCRS is focused on top-to-bottom solutions, going through present strategies, needs and solutions.
Everything is easier thanks to technology.
In nowadays market, there are many tools available that will help you implement your business intelligence strategy. Besides, they make data analysis easier and more efficient. Don’t hesitate and try Kiply in your company. Team management, performance analysis, the productivity of your company and the motivation of your workers are just one click away.