Learn How Business Intelligence and Business Analytics Differ From one Another – If you have plans to build a business or company, it is important to carry out Business analytics and business intelligence before running the business. This is done so that in the future the business will be successful and sustainable. This assumption is not limited to large businesses only.
Learn How Business Intelligence and Business Analytics Differ From one Another
But also when opening a small scale business. If you have quite a large amount of capital, it would be a good idea to recruit several experts to carry out analytical activities related to the Business analytics and business intelligence you are going to run.
Types of Business Analytics
In simple terms, Business analytics and business intelligence is a process carried out to evaluate whether the business or enterprise that will be run has a number of risks. Apart from that, this activity also aims to see the possible prospects that are inherent when it is running. In essence, it is used to analyze opportunities and risks as well as solutions when there are problems so that company goals can be achieved well. Business analysis itself is divided into several types, including:
1. Descriptive Analysis
This analysis process uses data mining to find out what the current business conditions are. Such as information related to purchasing interests, demographics and customer behavior. This takes the form of sales figures or the company’s financial condition. Data is obtained from social media metrics such as the number of followers, likes and so on. In essence, this analysis uses exact number calculations. Not based on cause and effect.
2. Predictive Analytics
As the name suggests, this analysis is used by a company to make predictions about what steps it should take in the future based on current trends. For example, using data from the previous year to find out which product models are still in demand by consumers. It is also used to research whether they would buy it again if it was produced sustainably
3. Perspective Analysis
The data source for this perspective Business analytics and business intelligence is the result of descriptive and predictive analysis. Next, make related estimates about the next steps to be taken to attract customers. Apart from that, it is also to find solutions if something happens based on the same experience as the previous year.
How Business analytics and business intelligence Works for a Company
To carry out a business analysis, there are at least several steps that must be taken so that the business develops and survives even though economic conditions are difficult. By taking this step, at least the risk of minimal failure can be reduced because obstacles can be predicted beforehand. Here’s how to do this analysis:
1. Determine Opportunities Using SWOT Analysis
The first thing to do in business analytics is determine opportunities through SWOT reading. Namely an analysis based on strengths, weaknesses, opportunities and obstacles. These four components are used to see the potential that can be developed in a business. Apart from that, it also analyzes what solutions or solutions there are if there are problems that hinder the company’s journey.
2. Anticipate Threats with Innovation
After the SWOT Business analytics and business intelligence is complete, the next step is to prepare solutions to the many existing challenges. Through these preventive measures and mitigation activities, business risks can be inventoried so that the business survives even in difficult conditions. So, to get around existing threats, they are usually answered through new innovations. This is an anticipatory step against possible threats to the business.
3. Determine the Marketplace
In all Business analytics and Business analytics and business intelligence, a marketplace is something that must be done. Even though the target is for all groups, it should be categorized at least based on the consumer’s age, interests and occupation. This is done for content creation to be right on target. After knowing the market segment, it will be easier to penetrate the market through existing social media.
4. Calculate the financing budget
Business analysis is also related to calculating the financing budget required from process to product to customer. For this reason, take into account raw materials, staff and employees, marketing costs and expenses for the energy needed such as electricity, fuel, gas and so on.
5. Use Promotions
If you already have a detailed financing calculation, the next step is to plan marketing and promotional patterns. Make sure your marketing plan is carried out in a targeted manner so that it is right on target. So that the costs incurred are not wasted. If the plan is not carried out in a structured and directed manner then there will only be waste with no results at all.
6. Ask for suggestions from customers
Having suggestions and criticism from customers certainly adds political value to Business analytics and business intelligence continuity. Because consumers feel cared for. Apart from that, this criticism will indirectly answer business challenges and help determine the business in a better direction.
7. Carry out a Monthly Evaluation
All Business analytics and business intelligence that have been made require a complete monthly evaluation. Starting from the production process to sales. Don’t forget that any constructive criticism or suggestions should be used as material for consideration for development steps in the next period. Apart from that, the evaluation process becomes a benchmark for the effectiveness of the business that has been carried out.
So, those are several types and ways of implementing Business analytics and business intelligence. That way, the business you run can survive and continue to grow with an ever-increasing number of customers.
