| Business is always entailed with risks. Not only | | | | need to be measured to find out if the business |
| because there is economic inflation, but also because | | | | intelligence approach of one company is right? |
| there is almost no certainty in terms of sales. As | | | | First off, there has to be an established baseline. A |
| everyone knows, there is a lot of competition in | | | | baseline is a calculation of numerical averages based |
| business, and one of the key strategies is to apply | | | | on certain periods of time. In many Business |
| business intelligence metrics as part of the overall | | | | Process-Outsourcing companies that take customer |
| business management approach. Business intelligence | | | | service calls, Forecasting Data is considered a baseline. |
| is not something like spying on competitors. It is a | | | | People who are in the forecasting department know |
| discipline that was founded in 1958. | | | | how many customers will calls (not precisely, but very |
| Business intelligence is nothing more than analytics. | | | | close to it) based on historical data. Baseline is also a |
| People who run businesses should use numbers based | | | | term used in determining the Process Capability of any |
| on facts to be able to make good decisions. These | | | | business process. A process is an activity where |
| decisions are actually what will take the business to | | | | inputs are converted into outputs for the end user or |
| the next level or advance in its field. Without numbers | | | | the customer. Without a baseline, the metrics of the |
| backing up a decision, everything will be based on | | | | business intelligence will not have a solid foundation. |
| assumption instead of objectivity. As such, there is a | | | | The next metric is the business dashboard. This is a |
| need to know through metrics if the business solutions | | | | file that shows all important numerical figures to the |
| and intelligence applied really fits the company. | | | | leader-or even to the end users-that will make it easier |
| Otherwise, if the very method that is supposed to | | | | for them to analyze data. This is as critical and |
| bring wise decisions is wrong, the entire business can | | | | important as the baseline. Just like in a car, a business |
| collapse. | | | | dashboard is a report or a user interface system that |
| Other than analytics, business intelligence is also about | | | | will facilitate faster information dissemination and |
| technology. Many businesses seem to have been left | | | | analysis. Many of this information may not come from |
| behind because of poor technological applications. | | | | the same source, but these numbers or figures will |
| Every business has to keep up with the times. | | | | certainly help the user achieve what is desired. |
| Services become faster with technology and this is a | | | | There are many more business intelligence metrics |
| critical issue, especially with competitors around. All of | | | | that any company may use other than the ones |
| these are translated into numerical data and from | | | | mentioned earlier. Some may not actually be applicable |
| these data; the leader of the business can make a | | | | for all since industries are different in several ways. |
| decision that is synonymous to success. | | | | However, the two mentioned are probably the most |
| However, what data does one need? What metrics | | | | important of all. |