In a more competitive environment than ever, the implementation of Business Intelligence is an optimal strategy that helps entrepreneurs steer their ship towards success. This is why companies are seeing a steady increase in investments in Business Intelligence.
Business Intelligence Means Working Smarter, not Harder
Before the information age, things were simpler, there was always a predominant business model for each sector of industry. Thus, it was easy to understand plans and tactics of competitors within the same business. Now, every business has multiple models that continue to evolve.
Airbnb is perhaps the biggest hotel chain without a single room. Uber is a cab company without owning any vehicles. PayPal can be seen as a bank.
A study by Boston University’s CIS found that Business Intelligence generated $13.1 billion revenue worldwide. While 54% of business professionals are aware of the importance of analytics for competitiveness, 75% businessmen and women will employ the use of Business Analytics by 2020.#BU #CIS found Business Intelligence generated $13.1 billion USD worldwide.Click To Tweet
Here are our 3 Business Intelligence Steps:
1. Keep Your Competitor Closer
In order to protect your position in the marketplace, you must understand where your competitors stack up and where they fall short. If you can manage to maintain healthy relations with your competitor, you may learn more about them than any external analytics could ever show.
This knowledge will enable you to make moves that would avoid your competitors’ mistakes and improve upon their achievements.
2. Know Your Competitors to Stand out From Them
In structuralist theory, significance lies in the difference between two things.
As an entrepreneur, you should always compare yourself and your business to the competitor. This will aid you in determining what makes your businesses unique.
The study of your competitor and their actions allows you to define the best path to take for your business. By knowing the competitor’s angle, you will know what direction to take to stand out.
You can then test various strategies to get your brand noticed. Sometimes, a simple touch of originality is all it takes to conquer the market.
3. Don’t Rest on Your Laurels!
Keep an eye on your competition to anticipate and maintain a competitive advantage.
After all, your competitor is what will continually push you to grow and adapt your business. Competition stimulates and energizes your business in several ways. You can and must transform the challenges of your competitors into opportunities.
Edgy Labs can walk you through the steps you need to take, and offer you the opportunity of specially-developed solutions and technologies. Check out our home page for a list of products and services or email us at firstname.lastname@example.org with questions or for more information.