Today’s companies are immersed in the information and knowledge society. Coupled with the widespread use of new technologies, it is not surprising that data has some value in business decisions and marketing strategies. What is Business Intelligence?
The generation of data from users
Through the interactions of users in the digital environment, an amount of data is generated that record their activities, interests, and actions. Data and reports that can be used by companies in decision making and that guarantees an improvement in the user experience. Without neglecting the advantages that this entails for organizations.
What it means to use data in business decision-making
Creating an effective decision system based on business objectives, on the current situation of the company and having the indicated data on the table will bring many benefits to the company.
Data-backed decision-making expands business possibilities and personalization of the commercial offering. At the same time, work teams can optimize their time and functions.
In addition to decision-making, it is also useful when setting goals and improving the business approach. Thus improving the options to build customer loyalty.
Different data-driven strategies
In this way we will distinguish the following strategies based on the data:
- Business Intelligence (BI). It seeks to analyze the performance of an organization.
- Business Analytics (BA). From the BI information, patterns are detected in the information that can predict future results.
- Big Data. Through computer applications, the value of the data is extracted at a high speed.
- Data Management. Known as managing data in business decisions, it focuses on optimizing data availability and security.
The role of the analyst in the value of data
But no matter how many computer applications there are, the role of the data analyst remains fundamental.
It is a professional with a high capacity in solving problems responsible for the collection and analysis of information and data of a certain sector such as, for example, sales or markets, and whose analysis and generation of data reports is fundamental in making business decisions aligned with the objectives.
Its functions include:
- Collect and organize data that influences business decisions.
- Analyze them, compare them with other relevant data and detect significant changes for the company.
- Identify possible changes in markets or consumer preferences.
- Point out new market opportunities beneficial to the company that also help to obtain competitive advantages.
- Study weaknesses, errors or failures, as well as the strengths of the company collected in such data.
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