"Business Intelligence - Data and information, but also knowledge and understanding"
How does the workday routine of a manager in the sales world begin?
By checking reports: Rows upon rows that meticulously detail the sales volume, which agent sold, what product was sold, whether it's a sale in the private or business market, in which geographical area the sale was made, what additional benefits were given in the product sale, and so on...
There's no doubt that the reports provide him with a lot of numbers, data, and information, a great deal of information.
Indeed, the advanced technologies available today allow managers in organizations to receive available data and information, which has certainly revolutionized the worlds of management and especially sales management.
That same diligent manager who thoroughly read and went through the entire long report for a long hour, what did he understand? What will he do with all this information and data tomorrow? In a week? In a month? What does it mean? The answers to these questions are found in the world of Business Intelligence. BI (Business Intelligence), according to Brian Canning, refers to:
A process that collects data and presents up-to-date, concise, and useful operational information.
Making better business decisions using all the data and information collected in the organization.
The ability to respond to market trends and opportunities.
There isn't much difference between accumulating a lot of information and data and the absence of data and information. Business intelligence is only useful if it can be acted upon. Only if one can see the forest for the trees. Let's return for a moment to our manager. What business decision can he make after scanning the report? Can he infer from the data that there is currently more demand for one product over another? Does he know which "product" to promote (and that is indeed in the company's inventory at that moment)? Can he respond in real time to a decrease in sales in the northern region due to a targeted campaign by the competing company?
Before delving into what the data before him can or cannot represent, first and foremost, understanding is important: Who are his customers and what are their needs? What is the organization's ability to deal with challenges in meeting customer needs? What is the managerial priority in the organization?
Business intelligence is a process of massive data collection in the company (customer interactions and surveys, inventory status, human resources, financial reports) to make the best strategic decisions based on the best information available in the organization along with the ability to respond in "real-time". Business intelligence is above all knowledge and understanding, not just data.
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