Business intelligence incorporates the technologies and strategies used by one in understanding the flow of their business. At present, it focuses more on data analysis to come up with a clear report on the state of the business.
The term of business intelligence dates back to the 1800s, first coined in a book where a businessman got outsmarted by competitors who had a deeper knowledge of the business. This shows how important this business aspect is if you want to make it as an entrepreneur.
Visualization focuses on the visual presentation of data related to business intelligence. The data may be presented in for of charts, graphs, plots and many more to show how the business is faring.
Once you got a clear picture of business intelligence and visualization, you can know how to apply it to your business. Below are some of the ways you can apply the concept to your startup for efficient results.
- In The Financial Markets
Business intelligence and visualization play a major role in the financial markets. This is true when one is deciding to either buy or sell stocks. The determinant factor in such a setting is the trends in this particular market.
You can have a look at the trends and have a visual presentation of how the market is currently performing and also its past performance. This gives you a clue on how the market can perform given similar conditions. This is a form of predictive analytics in business which allows you to make informed decisions on the type of financial instrument, opening and closing times of the trade.
Once you get this facets right you can come up with a strategy to help you have a successful trading session.
1: In Benchmarking
Benchmarking allows you to analyze your performance in comparison to a previous financial period or your competitor. This gives you a clear picture of how your business is faring at the moment. By looking at the information you have, you can make informed decisions to push your business forward.
In benchmarking, charts or graphs are efficient due to the clear visualization.
You can use the business intelligence and visualization metrics in initiating collaboration between two departments in your business or with another business. The data you have is useful in determining your business performance. This information is important in a collaborative effort especially with other businesses as they have a clear starting point.
You can enable data sharing to initiate the collaboration.
3: Knowledge Management
Data visualization help you to come up with and create efficient management systems for your business. The information is important in indicating the business growth and also in coming up with projections and risk analysis. All of these are important when it comes to management more so in decision making.
Business intelligence and visualization is a vast area which is very important for your business. Mastering it means you know the bearing of your business and hence able to make proper decisions promoting its goodwill. You can opt for various courses under this discipline for you to get the concept well and use it to your advantage.