Business Intelligence to predict market trends
Posted: Wed Dec 11, 2024 8:13 am
It is already known that Business Intelligence tools for companies are one of the most powerful weapons to predict market trends and, therefore, avoid failure when launching new products or services, improving existing ones or even creating new companies.
However, it is a term that continues to be wrongly attributed to large businesses, as if more modest businesses could not choose to benefit from this type of methodology that optimizes the business decision-making process.
In this article we tell you how to efficiently business owner database integrate Business Intelligence into your business to predict market trends. In short, what Business Intelligence can do for your business.
How to efficiently integrate Business Intelligence into your company?
Business intelligence , supported by technology , can improve your company's decision-making, streamline processes and enhance results.
Within the company, it can be conceived as a tool for strategic planning , offering a global source of data, which is fed by other sub-sources from other departments of the company. In addition, it provides an informative view of the current, historical and predictive state of operations.
It also allows you to analyze types of market trends based on sales patterns, prices and customer behavior, thus helping your business in decision-making.
Ultimately, when business intelligence is supported by business vision and the appropriate technological resources, the results are truly promising.
Keys to predicting market trends with Business Intelligence
The truth is that the vast majority of businesses in our country are small and medium-sized companies or self-employed.
According to the latest data from the Ministry of Employment and Social Security , large companies represent only 0.2% of all existing companies in Spain, while 45.9% are SMEs and 53.9% are self-employed . So, why not apply Business Intelligence to this type of business as well?
It would certainly help to avoid the closure of many establishments or companies that, either due to not making the right decisions from the start, or due to poor planning in the execution of their business strategy, end up closing sooner or later.
Will my business fail?
Analyzing the most common mistakes these businesses make and the factors that ultimately lead to failure is one of the essential steps to avoid following the same path.
For example, before launching into any type of business project , regardless of its size, it is essential to ask yourself these questions:
Location : Is your business going to be located in a middle- or upper-class area, in an area with unskilled labor, or in an exclusive neighborhood? It may seem obvious, but there are still those who do not take into account the need to locate in a place with a favorable business climate for the type of business that is going to be started.
Marketing Plan : Do you have a solid marketing plan for your company launch? You'd be surprised how many companies and startups don't have this in place. Indeed, most business owners are not experts in marketing, but rather in the products or services they sell. Therefore, don't hesitate to always consult with a marketing professional who can guide you through the launch process and, if possible, in the subsequent consolidation and loyalty phase.
Competition : Is there enough space in your sector for your business? There is plenty of everything, so it is essential to find a sector full of opportunities and, above all, spaces to grow within it.
Team : Are you hiring the people your business needs or just the people you've found? Make sure your employees are part of your business vision and are exactly the people who will work with the necessary involvement to make your company work.
Treasury : Always keep a fund operational and available for possible emergencies because you will have to face the payment of salaries, suppliers and expenses (among others) and you will not always have the same sales or the same income.
Market Demand : Do people really need what you're trying to sell them and would they be willing to pay a price that matches what you need to make it profitable? If not, you might as well leave it at that.
However, it is a term that continues to be wrongly attributed to large businesses, as if more modest businesses could not choose to benefit from this type of methodology that optimizes the business decision-making process.
In this article we tell you how to efficiently business owner database integrate Business Intelligence into your business to predict market trends. In short, what Business Intelligence can do for your business.
How to efficiently integrate Business Intelligence into your company?
Business intelligence , supported by technology , can improve your company's decision-making, streamline processes and enhance results.
Within the company, it can be conceived as a tool for strategic planning , offering a global source of data, which is fed by other sub-sources from other departments of the company. In addition, it provides an informative view of the current, historical and predictive state of operations.
It also allows you to analyze types of market trends based on sales patterns, prices and customer behavior, thus helping your business in decision-making.
Ultimately, when business intelligence is supported by business vision and the appropriate technological resources, the results are truly promising.
Keys to predicting market trends with Business Intelligence
The truth is that the vast majority of businesses in our country are small and medium-sized companies or self-employed.
According to the latest data from the Ministry of Employment and Social Security , large companies represent only 0.2% of all existing companies in Spain, while 45.9% are SMEs and 53.9% are self-employed . So, why not apply Business Intelligence to this type of business as well?
It would certainly help to avoid the closure of many establishments or companies that, either due to not making the right decisions from the start, or due to poor planning in the execution of their business strategy, end up closing sooner or later.
Will my business fail?
Analyzing the most common mistakes these businesses make and the factors that ultimately lead to failure is one of the essential steps to avoid following the same path.
For example, before launching into any type of business project , regardless of its size, it is essential to ask yourself these questions:
Location : Is your business going to be located in a middle- or upper-class area, in an area with unskilled labor, or in an exclusive neighborhood? It may seem obvious, but there are still those who do not take into account the need to locate in a place with a favorable business climate for the type of business that is going to be started.
Marketing Plan : Do you have a solid marketing plan for your company launch? You'd be surprised how many companies and startups don't have this in place. Indeed, most business owners are not experts in marketing, but rather in the products or services they sell. Therefore, don't hesitate to always consult with a marketing professional who can guide you through the launch process and, if possible, in the subsequent consolidation and loyalty phase.
Competition : Is there enough space in your sector for your business? There is plenty of everything, so it is essential to find a sector full of opportunities and, above all, spaces to grow within it.
Team : Are you hiring the people your business needs or just the people you've found? Make sure your employees are part of your business vision and are exactly the people who will work with the necessary involvement to make your company work.
Treasury : Always keep a fund operational and available for possible emergencies because you will have to face the payment of salaries, suppliers and expenses (among others) and you will not always have the same sales or the same income.
Market Demand : Do people really need what you're trying to sell them and would they be willing to pay a price that matches what you need to make it profitable? If not, you might as well leave it at that.