As the saying goes, "knowledge is power." To derive valuable knowledge from your company's operating data requires the development of an effective business intelligence (BI) program.
Simply put, BI is a technology-driven process for analyzing data and presenting actionable information to help corporate executives, managers and others make more informed decisions. For example, if you're clear about which customers spend the most money and what they buy, you can develop marketing campaigns and promotions focused on selling to these high-value customers.
Not surprisingly, a well-designed BI program can provide your business with a significant competitive advantage. Consider the following advantages of a BI program: