Business intelligence and analytics provide insights into the business operation and future decisions, but it comes down to the differences into how they do it and what information exactly do they provide.
Using business intelligence and analytics effectively is often the crucial difference between companies that succeed and companies that fail in the modern environment.
This is mainly due to the fact that things are changing and becoming more competitive in every sector of business, and the benefits of business intelligence and a proper use of data analytics is key to outperform competition.
Financial planning professionals need to understand that companies that are most successful at marketing in both B2C and B2B are using data and research to craft hyper specific campaigns that reach out to targeted prospects with a curated message.
Additionally, everything is being tested, and then the campaigns that succeed get more money put into them, while the others aren’t repeated.
Business intelligence is especially useful at helping financial planning professionals make better-informed decisions backed up with accurate data. It will ultimately help them spot new business opportunities, cut costs, or identify inefficient processes that need reengineering.
Business intelligence often uses software and algorithms to extract actionable insights from a company’s data and guide their strategical decisions. Business intelligence users analyze and present data in the form of business intelligence dashboards and reports, visualizing complex information in an easier, more approachable and comprehensible way.
Business intelligence is often referred to as “descriptive analytics,” as it only shows past and current state: it doesn’t say what to do, but what is or was. The responsibility to take action still lies in the hands of the executives.
Want to learn more? Tonex offers Business Intelligence and Analytics for Financial Planning Professionals, a 5-day course that covers the changing role of finance organizations and shift of focus of finance practitioners in general and financial planners in particular from that of traditional gatekeeper to that of key decision-makers charged with strategic performance optimization.
Additionally, Tonex offers over five dozen other courses in Business Skills. Training covers everything from business writing and briefing skills to SOW Writing and Risk Management. Here are just a few of our courses in Business Skills:
For more information, questions, comments, contact us.