Business Intelligence Software: Benefits to Combining Internal and External Data

Business Intelligence

Finding business intelligence software that gives you a complete picture of everything in your business isn’t always easy to find. It’s one reason maybe you’ve waited to invest in BI software, even though you’re realizing doing too much guesswork about business reality isn’t smart.

In today’s more competitive business climate, not knowing everything about your business can end up hurting you in the long run. All it takes is overlooking one tiny piece of information, and it could snowball into a bigger problem financially.

Going with a “gut feel” about your company should never be a way to envision the future. More so, when customers demand quicker responses in services you provide, you have to make quicker decisions.

BI brings all of this to you, frequently using real-time technology. The problem is that while you may have insight into internal issues, should you also look externally?

When you integrate an internal and external view of your company, you get a wider view since outside situations could directly affect what happens internally.

The Online World as an Outside Source

Placing the Internet into the business intelligence equation, you have a vast digital world to explore in how it affects your business. The challenge behind this is far too much BI software out there ignores data from the Internet.

So much is happening online you need to explore, including your own role in marketing. Social media alone has many areas to explore, including how your content performs there and how people interact during conversations. More so, you can get an idea of which social media channel works the best with your content so you eliminate the ones not working as well.

One danger about social media is spreading yourself too thin and not properly targeting the right demographics. BI can study metrics there, plus other places where you’re not directly involved. For instance, BI could scan industry message boards to see what people are talking about and if they happen to mention your company.

Exploring outside databases from financial or marketing research companies could bring deeper insights as well, though it’s not always easy to gather this or put in a readable form.

Remember, offline environments are just as valuable. Looking at variables out in the real world could end up shaping things more than anything you find online.

Using BI to Understand Nature

You may not think something as simple as the weather could apply to your business, and yet it can when it comes to something like logistics. Getting products delivered on time matters when related to weather.

Studying BI on weather patterns and other acts of nature gives you a better idea of how to prepare and the best days for deliveries.

Metrics on Populations in Specific Regions

As part of your marketing efforts, you want to know what regions to target if doing offline advertising. Looking at the analytics behind the populace you sell to gives you more variables on the neighborhoods they live in, what their incomes are, and even what crime statistics are.

All of these potentially give you deeper insight into the people you market to and how your products help them solve problems.

Socioeconomic Factors in Determining Business Success

If you own a brick-and-mortar business depending on in-person visitors, analyzing socioeconomic factors about your area determines what kind of customers you’ll attract.

Studying this before you even open your business doors gives you insight into where you should locate, or if you need to move to a different region.

Contact us at MaxQ Technologies, Inc. so we can help you with reliable business intelligence software in finding thorough data.