Business intelligence is a complex of processes, helping to obtain important information for business, analyse obtained data, which enable business company shareholders and managers to make informed business decisions.
Business intelligence encompasses a variety of lawful instruments, technologies, programmes and methodologies that enable the collection of data from open internal and external sources and their analysis and submission of reports to business decision-makers with the purpose of increasing business competitiveness.
The result of the analytical work of business intelligence forms the base for strategic planning relating to investment, new technologies and other activities.
The sources of business intelligence source include all open data bases and any other open and legitimate sources of information.
Objects of business intelligence activities:
- legal, economic, technological, social and political business environment;
- competitors’ strategic plans, technologies, products, business processes, funding sources, etc.;
- reliability of customers and business partners, shareholder and the corporate governance structure;
- financial reliability of customers and business;
- authenticity and reliability of documents and other information provided by customers and business partners;
- measures against industrial espionage;
- potential internal and external threats to business, etc.
Integrated and continuously applied business intelligence tools will help you:
- to predict changes in the market and the business environment;
- to predict actions of business competitors and suppliers;
- to identify new or potential competitors;
- to reduce the risk of industrial espionage;
- to learn from other companies’ achievements or errors;
- to follow information on patents and licenses;
- to assess the new business acquisition focus;
- to assess the impact of changes in economic, technological, political, social, demographic and other factors on your business, etc.
The difference between business intelligence and industrial espionage is that the information sources of business intelligence are always legitimate, open and universally available, its operating methods are ethical, legitimate, open and ensure the confidentiality of collected information.