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What is Business Intelligence System

If you own a business, you should know about the business intelligence system. What is business intelligence system?

The business intelligence is the number of company activities that are needed to gather information about their competitors as well their market.

Some of the areas that are often included in the business intelligence are the market analysis, competition analysis, and industry analysis. Industrial espionage which operates for the purpose of gathering of information is also considered by some people as a form of this business intelligence.

Usually, a business will employ either an outside agency or just develop its own intelligence group dedicated for the gathering of information inside and outside the business. This agency or intelligence group will be responsible for gathering information from the company itself on how well the business has been operating and where are the improvements that can be made. Then, they will look from the outside sources such as public records of the same businesses, third parties’ market analysis, as well as information from the customer surveys. They can even search further into certain competitors by examining their business model or looking on their public information or in some cases with the use of industrial spy who will gather information for them.

Once the business intelligence is in the right place, the company or business can expect to get more enhanced turnaround times on the collection of data, latest business initiatives ideas, more accurate marketing campaigns, more precise idea of the desires and needs of customers, and a very strong understanding on how to compete with strong competitors. The development in the agility of the business that comes with the business intelligence is more substantial in many cases and even let the business to take much better advantage of the continuously evolving condition of the market today.

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