Business Intelligence

3x puncte

categorie: Engleza

nota: 7.40

nivel: Facultate

Business intelligence is used to collect data from customers usually within the marketplace. There are many ways to collect data from your customers; it can be as easy as a POS system (point of sale), collecting data on what customers are buying and which products they are not interested in, collecting data on customer habits and preferences by asking them in surveys or polls. There are even marke[...]
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Business intelligence is used to collect data from customers usually within the marketplace. There are many ways to collect data from your customers; it can be as easy as a POS system (point of sale), collecting data on what customers are buying and which products they are not interested in, collecting data on customer habits and preferences by asking them in surveys or polls. There are even marketplace specialists that watch customers behavior in the marketplace and report back to the companies giving them insight into how their customer respond to stores, personnel and product and services that a business sells.

Once this data is collected, it is up to an organization to use this data appropriately. Not only do businesses have to keep customers satisfied buying their products, they also have to compete with competitors that are constantly looking to poach a businesses customers and make them their own. Businesses today must constantly evaluate the effectiveness of their competitors and choose smart strategies that not only hold their competitors at bay, but also grow their own businesses market share. Business intelligence can help a business determine the strategies that your competitors are using to steal customers away, as well as help your own business to differentiate itself from others, effectively growing a larger and more profitable customer base.

Business partners are essential to any business, whether it is suppliers, payment processing companies, customer support companies or delivery companies that help your business throughout its cycle, it is important to make sure that all businesses partners associated with your business are in balance with you. Having a supplier that isn't able to keep up with your demand or having a customer service contractor that is unable to help you with certain support problems can cause your business to fail.
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