Retailers will identify the type of Business Intelligence that can be accessed to inform their business plan. [printfriendly]
What is Business Intelligence?
Business intelligence data can come from a number of electronic/online sources. The data is commonly being produced by most eSolutions and then just needs to be captured and interpreted. Depending on what eSolutions you are using right now, such as online sales or a POS system, there is likely a lot of data you can gather to make your business better. Any online/Cloud or eSolution you are using will gather data far more effectively than you could manually. You need to access it (that is your analytics) and interpret it (that is the intelligence).
Business intelligence data / analytics can be found in the following examples:
Online analytics: website, mobile, social media and/or Google analytics
CRM (customer relations management system)
POS (point of sale system)
Supply chain system
Customer support system
While the terms business intelligence and business analytics are often used interchangeably, there are some key differences:
|BA vs. BI||Business Analytics||Business Intelligence|
|Why did it happen?
Will it happen again?
What will happen if we change?
What else does the data tell us that we never thought to ask?