Business Intelligence 101

The goal of every business is to be successful by gaining new customers and retaining old customers. A crucial way of achieving this end is through “Business Intelligence.” Business intelligence is also known as simply BI. Business intelligence can be defined as a process of collecting information in area of business. An essential idea of business is that data is enhanced into information and then into knowledge. Business use BI to gain an advantage in marketplace by understanding their customer’s needs, customer’s decision-making processes, and economic, cultural, and technological trends. Business intelligence involves analyzing not only customer but entire industry as a whole. Finally, business intelligence is driven by a goal set by company. The goal can be short term or long term.

History of Business Intelligence

Business intelligence was first referred to in Sun Tzu’s “Art of War.” Tzu claimed that in order to win a war you had to have complete knowledge and understand of your strengths and weaknesses as well as those of your enemy. This is core idea behind modern business intelligence. A company must know itself better than anyone else, and know its customers and competitors better than anyone else. It is ironic how much business and warfare are alike. In BI, one must sift through heaps of data (both external and internal) for management to then device strategies for marketing and where to take business.

Key Performance Indicators

In BI, present state of business is assessed by use of Key Performance Indicators (KPI). Data is becoming available to businesses faster as more organizations implement KPI. In past, data was available after one or two months, which did not help businesses adjust their strategies in a timely manner. More recently, however, banks have tried to make data available sooner and with shorter intervals, especially for businesses that have higher operational/credit risk loading (I.E. wealth management and credit cards). Some companies can get data weekly, which helps them adjust their strategies more efficiently than ever before.

Top Ten Tips About Communication with your Employees Effectively

Employees need to have most effective communication directed at them to ensure they deliver. Yet managers in business and organisations so often fail to grasp basics. These Ten Tips will help you to get message across most effectively.

Communication is basis of who you are as a manager/leader in business. The rules are simple and good news is that you can learn them and develop your skills...and it's quite easy! Here's low-down on great Communication:-

The best communicators...

1. Keep It Simple

   Great Communication is about making what you say very easy to understand. Just realise that important messages get across better without loads of technical jargon or 4 (or more!) syllable words. Less is definitely more.

2. Know Their Audience

   It is important to understand that there are different levels of message for different groups of people. This is not demeaning those different groups - indeed, it honours them that you have taken time to think of them. Be aware of who you are talking to and pitch message accordingly.

3. Listen Well

   The best Communication is as much about listening, as what you say. It's 'two ears/one mouth' thing - keep how you use them in proportion. People love it when you listen to them and you will learn much more about them and their situation. Check out Dale Carnegie's 'How to Win Friends and Influence People' - a fantastic little book that's stood test of time.

4. Pay Attention

   It is important that when you are in dialogue with someone, be it on phone, face-to-face or in a group, that you give them your full attention. If you go off-message because of interruption or distraction you will lose them and your credibility.