Tag: Business intelligence

What Are Business Intelligence Reports

Traditionally, business intelligence takes the form of quarterly or annual reports. Business intelligence tools backed by software work continuously at the speed of light, but what about quarterly reports? [Sources: 12]

Business Intelligence platforms enable companies to use existing data architectures and develop custom business intelligence applications that make information available to analysts to query and visualize. These other tools are so-called “business intelligence tools” and are used to analyze and report the data. The fact that it is made easy for virtually everyone to obtain useful information from business intelligence tools has led to a new generation of tools aimed at abstracting the need for IT interventions in the preparation of reports. Business Intelligence Tools are connected to Excel and other business analytics tools such as Business Intelligence Platforms. [Sources: 2, 3, 4, 14]

Data science provides an algorithmic model from which business intelligence developers can feed the prepared data into it. Business Intelligence tools include embedded, open source, and proprietary data science tools. Some of the most important business intelligence tools are: Data Science, Business Analytics, Data Analysis and Data Visualization. The functionality of business analytics includes data analysis, data visualization, data analysis, visualization and reporting. In return, business intelligence analysts offer their expertise to meet the requirements of business intelligence and analytics. [Sources: 4, 13]

Embedded Analytics can even integrate business intelligence reporting and analytics into the applications that the workforce uses on a daily basis. Business Intelligence can perform data analysis, data visualization, visualization and data visualization and generate critical business intelligence. Teams themselves can also benefit from paid business analytics by analyzing various aspects of technology, analytics and operations. You can communicate, collaborate and collaborate with colleagues and other stakeholders without waiting for technical support. [Sources: 6, 15]

The Sage 300c has enhanced intelligent reporting capabilities that allow you to easily customize financial reports and create new reports tailored to your business needs. For enterprise reporting – class business intelligence – Qlik provides powerful tools that help users create eye-catching reports – memorable reports with its Sense Analytics in a variety of popular formats, including Microsoft Office PDF and HTML. [Sources: 15, 16]

Business intelligence tools turn raw data into meaningful and useful information. Business Intelligence Solution turns raw data into meaningful and useful information – Business Intelligence tools and business intelligence solutions for corporate reporting – Qlick’s BusinessIntelligence tool transformation from raw data into meaningful and helpful information for business analysis and reporting. [Sources: 13]

BI tools analyze data sets to provide users with detailed business status information. SAP Business Intelligence offers several advanced analytics solutions, including business intelligence solutions for business analytics, business data analysis and business reporting. [Sources: 2, 17]

BI reporting is an important part of business intelligence because it helps managers to collect data in a timely manner – supported decisions. If you want to deliver business intelligence reports that are important, take a step back and find out what is important for the people who use the report. When writing a report, you first find what your business intelligence user wants to see in his report: the key indicators (KPIs) that drive the business, and any interactivity you generate for him, like a drill-down dice game. The information is displayed in meaningful colors and visualized in a standard layout – which you use in your reports. [Sources: 7, 9, 10]

Business Intelligence Dashboards help companies monitor their performance indicators in real time and provide a view of relevant data and analytics. Business intelligence solutions provide this functionality, making it easy for companies to monitor business performance and metrics in real time. Below you will find a dashboard that generates a Business Intelligence Report for the KPIs and KPIs of your company. [Sources: 1, 10, 13]

With Qlik Sense, you can empower your employees to use and explore information resources, discover key insights through visual and conversational analysis, create and share interactive dashboards, and create their own business intelligence reports without relying on developers or IT. Our self-service BI solution enables data aggregation and serves as a data stream for analysis and predictive analytics to feed data in appropriate formats into your business intelligence system for reporting and further analysis. Sinn allows most non-technical users to not only access data, but also create an interactive business information dashboard. Take advantage of the power of our BI solutions, such as Business Intelligence Dashboards, Analytics and Data Management, to make it easier and more efficient to get the data you need and to create accurate reports quickly. [Sources: 11, 13, 15]

The separation between business intelligence and business analytics can help you narrow down the type of functionality you need for your BI tools. If you use business intelligence, you can use the same data and represent it as you want to see it without custom development, but if two managers want to see the data in different ways, then you have the cost of multiple custom reports. Reporting provides static information, while business intelligence and smart analytics give you the opportunity to test yourself to see it differently. It also provides the kind of reports you can watch daily or weekly, while Business Intelligence gives you access to drilling and spinning data, so it looks different to do anything without creating a new report. You can leave it at that or, if you want to see the same data with custom developments in some way, just present it differently. [Sources: 0, 3, 5, 8]

Adrian is the CEO of Reporting Accounts, he is active around the web and can be found over at Gitlabs.

Sources:

[0]: https://hetras.shijigroup.com/post/what-is-the-difference-between-reporting-and-business-intelligence?locale=en

[1]: https://www.klipfolio.com/resources/articles/what-is-business-intelligence-dashboard

[2]: https://www.cio.com/article/2439504/business-intelligence-definition-and-solutions.html

[3]: https://chartio.com/learn/business-intelligence/business-intelligence-guide/

[4]: https://www.omnisci.com/technical-glossary/business-intelligence

[5]: https://bautomation.com/services/business-intelligence-report-writer/

[6]: https://searchbusinessanalytics.techtarget.com/definition/business-intelligence-BI

[7]: https://www.mastersindatascience.org/learning/benefits-of-business-intelligence/

[8]: https://bredetservices.com/blog/traditional-reporting-vs-business-intelligence/

[9]: https://www.clicdata.com/blog/4-secrets-getting-internal-business-intelligence-reporting-right/

[10]: https://www.passionned.com/bi/reporting/

[11]: https://www.scnsoft.com/blog/self-service-bi

[12]: https://technologyadvice.com/business-intelligence/

[13]: https://www.predictiveanalyticstoday.com/top-business-intelligence-tools/

[14]: https://www.softwareadvice.com/bi/

[15]: https://www.qlik.com/us/business-intelligence/business-intelligence-reporting

[16]: https://www.afon.com.sg/blog/business-intelligence-vs-reporting-whats-the-difference

[17]: https://mopinion.com/business-intelligence-bi-tools-overview/

INTRODUCTION:

Continuous research and assessment are an important factor in the longevity of your business. Market research is one of the most crucial building blocks of any new as well as grown-up businesses. It includes the assessment of the strengths and weaknesses of the competition. Market research allows you to make changes and swiftly promote your business without compromising your actual position in the market. It is a vital step before moving into a new business or planning to uplift an existing one, as it saves your money from failed projects.

As nowadays, the outbreak of the COVID-19 pandemic has occurred globally, many of the companies are facing serious financial difficulties. The main reasons include precautionary shutting down of the markets on an almost global level, as well as the online sale and purchase of goods and services. So, in this condition of financial issues, it is quite good to research your competitors and suppliers so that you may outstand the competition or at least improve your business a bit more than others.

However, governments all over the world have taken initiatives to settle down the competition so that the availability of goods and services, especially food, does not become a global challenge. This study covers some benefits and important reasons to research your competitors and suppliers continuously.

WHO ARE YOUR COMPETITORS?

All businesses have to face competition. Every one where your customer can spend his money instead of you is your competitor. Competition is not just another business offering a substitute, and it may be a similar product that takes your money away from you, making it redundant. Today, with the increased use of internet marketing, you do not only have to compete with your immediate neighbor but also with businesses from other countries.

Types of Competitors

There are three main types of Competitors:

• Direct
• Indirect,
• Alternative competitors.

Direct Competitors:

A direct competitor is another firm that offers the same solutions to meet the needs of your customers as your business does. Direct competitors meet the most visible competitive pressures that most companies endure, even though they are only one.

Indirectly Competitors:

Indirect competition is a battle between dealers whose products or services are not the same but who can still meet the needs of consumers. This term is in stark contrast to direct competition, in which companies are selling products or services that are mostly the same.

Alternative competitors:

An alternative competitor is another company offering a product or service that users can use instead of adding your product or service.

WHO ARE YOUR SUPPLIERS?

A supplier is a business or a person who provides products or services to another person or business. It is like an intermediary between the manufacturer and retailer. The supplier purchases high-quality products at a good price from the manufacture and provides a retailer for resale.

A supplier makes sure that the stock is of sufficient quality, and the communication is forth-coming.

As the markets get saturated with different competitors, companies need to work closely with their suppliers to get the best out of their products.

HOW CAN YOU ASSESS YOUR COMPETITORS?

Market research involves collecting and analyzing information about your competitors and suppliers. There are many ways to assess your competitors. For example, you can get to know your existing competitors through advertising, exhibitions, trade fairs, and many more. To assess your competitors, read about them. Look for ads or articles in the mainstream publications or trade press. Get to know their marketing strategies and their contacts. Ask for a trial in the case of online business competitors.

Researching your competitor is far easier than it may seem. While researching your competitors, keep in mind to collect information about their prices, quality, customer service, and if their marketing material is as engaging as yours. Keep a record and evaluate the information you collected about your competitor and find out the gaps in the market that you can exploit. This also indicates the situation of supplier saturation in your area of the market.

Check for what you can learn from and perform better, what they are doing the same as you, and what they are doing worse than you.

WHY SHOULD YOU RESEARCH ABOUT YOUR COMPETITORS AND SUPPLIERS?

Nowadays, due to COVID-19, many companies are facing financial difficulties, mainly because most of the customers have switched to online shopping where they can browse and give a try to different companies providing the same products or services. In this situation, running your business smoothly and coping up with the competitors is quite difficult. Even you may lose your customers, and your competitors may lead the market.

However, you can achieve success by optimizing your marketing and sales according to your competitor research. Knowing about your competitors and their offers can make your marketing, products, and services stand out. You can use this knowledge to create marketing strategies such as setting up a competitive price and improving your business performance by taking advantage of the weaknesses of your competitor.

If you found something that your competitors are doing better than you, you must update your product, service, or marketing as well as customer service or anything that makes you better than your competitor. You can also opt for changing your suppliers to go for the better ones.

Once you have got the idea, no doubt you can do even better. Once you research your competitors, you get to know their potential to bring about a positive change in the market. Maybe, you have been planning to do so or having a product licensed for a long time before someone else could. 

COVID-19 AND ECONOMIC COMPETITION:

During normal days, the competition is needed to keep the prices at their low. Still, in the present condition, when the COVID-19 crisis has affected the markets all over the world, the collaboration has been preceded. The governments have been balancing the defending competitions with some exemptions to competition rules so that the entire economic sectors can survive.

THE ULTIMATE BENEFITS OF COMPETITOR RESEARCH:

Due to the COVID-19 pandemic, when almost all the businesses are facing difficulties regarding sales and finance, researching and understanding your competitors and suppliers is a very useful tool to enhance your business. While everyone else is striving to drive their business on the best pace, market research, or you can say competitor and supplier research prepares you for the global market changes. This is how you cope up with the global market change, and your business will not be left behind.

While you collect and analyze your competitors’ information, you get to know your potential customers and as well as different ways to please them. Through this knowledge, you can effectively plan and develop a strategy to promote your product, service, or marketing. You can alter the suppliers or a specific component of your business, including suppliers, accordingly.

Doing proper homework for researching the competitors ultimately saves your capital from being wasted in failed projects. Market research where saves your money, it also helps you to bring out the most unique and the most innovative project out of the numerous similar ones.

Especially during the present days of COVID-19 pandemic, when everyone is locked in their homes, you cannot get to know the direct customer reviews. In this situation, researching your competitor helps you optimize your products, services, or marketing while being within budget.

CONCLUSION:

The outbreak of the COVID-19 pandemic has up-ended the markets all over the world. This has led to massive shifts in demand and supply, asymmetry in information and other disconnects in markets, as well as significant uncertainty of the market. All this has changed the dynamics of affected markets and will continue to change in the near future.

These changes are more likely to trigger the market competitors to raise concerns, including fixed prices for the supply of a product, restricted supply, or allocated markets for specific products. Moreover, the deceptive marketing practices, including misleading advertising saying the treatments are effective for the coronavirus, and anti-competitive conduct by the dominant firms will be a threat to other competitors.

To evaluate the competitors and suppliers, you must first know who the competitors are and how do they compete with you. Once understood about the competitors, collect all the information on their product and marketing, including their lowest price, marketing strategies, and quality. This will help you identify your strengths and weaknesses so that you may improve in certain fields, including changing your supplier.

By proper competitor research, you may also get to know if they have launched or planning to launch a new product in the market. The competitor research does not mean to imitate the values of a competitor, but it means to create a room for continuous improvement. During the COVID-19 pandemic, almost all markets are facing difficulties regarding their finance sector. This is because the coronavirus has heavily affected sales and marketing, leading to uncertain changes in the global market. During this period, where many companies have lost their financial stability, and many others will be going to lose theirs, proper competitor research may be beneficial to run your business swiftly.

Bio – Adrian is the CEO of our sister site Reporting Accounts, he is very active around the web and can be found in places such as VK / VKontact he is well known in the UK worlds of Accountancy and Ecommerce.