What is business intelligence

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categorie: Economie

nota: 9.97

nivel: Facultate

Without customers a business can't survive. Businesses need to sell their products and services. Business intelligence helps businesses understand their customers better, looking at their preferences, helping businesses adapt to their customers demand. Business intelligence is used to collect data from customers usually within the marketplace. There are many ways to collect data from your customer[...]
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Without customers a business can't survive. Businesses need to sell their products and services. Business intelligence helps businesses understand their customers better, looking at their preferences, helping businesses adapt to their customers demand. 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.
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