In today’s increasingly more competitive and volatile world, individuals, companies and economic development organizations are seeking every possible tool or means to help them better compete. One of these tools can be business intelligence.
Business intelligence information gathering and analysis is the process of utilizing information obtained from multiple sources to assist an organization in developing strategies to improve their position relative to their competition, better serve present customers, obtain future business, enter a new market and determine whether they enter into potential business relationships.
Information is continuously gathered and analyzed to help an organization make better decisions and be proactive in their actions. Subjects may be company philosophy and history, sales, personnel, finances, quality, manufacturing, research and development, management, domestic and international activities, acquisitions, strategic alliances, joint ventures etc.
Of course, it can be done by organizations themselves or from companies that specialize in business intelligence.
Offers opportunity to revise previously held opinions
Identifies potential threats to a company
Assists in entry to new markets
Helps minimize the effect of surprise developments
Assists in development of sales approaches
Aids in assessment of current or potential sales representatives/distributors, customers and economic development targets
Helps save time and resources
Helps in evaluating the competition
Enables organizations to be proactive rather than reactive
Furthers the development of targeted recruitment strategies (economic development)
I have used these techniques many times when I worked for manufacturing companies as well as state economic development organizations. It helped my effectiveness as well as saving me a lot of time. My partners in this were our sales representatives, distributors, customers and development offices.
By Paul Mastilak