Nowadays, managing information has become a very powerful weapon for entrepreneurs allowing them to find solutions, new business opportunities and generate efficient strategies; this is achieved by knowing in detail the interaction between the business and external agents such as customers, suppliers and competitors. Business Intelligence and Business Analytics methodologies, through various techniques, allow analyzing historical information and identifying trends based on behavioral patterns. Both methodologies complement each other to perform a detailed analysis of the current and future performance of the company in order to make the right decisions.
We are in the era of information, where it is growing rapidly and exponentially; it is considered one of the most valuable assets for companies, so it must be complete and secure. The information is prepared in advance and then, through the creation of dashboards or visualization boards, it is possible to perform a quick and effective analysis for timely decision making.
Currently, there are several Business Intelligence and Analytics tools, easy to use, such as PowerBI, Tableau, among others, that allow analyzing the information and thus find competitive advantages in the context in which the company operates; this is, by digging information to discover anomalies, diagnosing the causes of different behaviors and events to define trends.
The results can be very diverse when the analyses are carried out, all in accordance with the purpose of the study, so that they can be used:
a) negotiate a discount with suppliers for consistently purchasing products throughout the year;
b) to determine the assignment of the term or quota of a loan to a client according to its payment compliance,
c) review the turnover of an item in inventory in order to make effective acquisitions.
Given the importance of the decisions to be made in the business world that seeks sustained growth, the Business Intelligence methodology is gaining space in the field of information management, either to search for trends by analyzing the historical behavior of the customer and projecting it, or by establishing a connection with other people who have the same tastes.
In conclusion, information analysis is no longer an option for companies that want to be competitive, but has become a necessity for making effective and timely decisions.
Ing. Vilma Álvarez Intriago, MAE, MATI
UEES ONLINE Teacher
Excellent analysis of the information that is handled in the business environment, in your article my dear magister, it is essential for decision making.
Very good article excellent analysis
How interesting the three results that the author emphasizes when performing data analytics in business, I find them very clear and concrete, it invites and motivates me to learn more about the subject.
Excellent teacher!