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Business is about movement, tempo, and change. Seldom has there been so much drive and energy as there is today. The transformation and digitalization of society and the economy is presenting every industry and business sector with new challenges. Companies are having to rethink how they see themselves, develop successful business models, respond to fierce competition, and establish relationships with increasingly self-confident customers.

 

With the online magazine Transformation Beats, advisory firm goetzpartners scrutinizes these changes and focuses on the trends and companies that are leading the way. It addresses the most important questions surrounding strategy, M&A, and transformation for CxOs, entrepreneurs, and managers. Editorial support for the magazine is provided by independent journalists.

 

Business Intelligence (BI)

Business Intelligence

Business processes create complex structures. They therefore need systems to help make decisions and provide solutions. Furthermore, companies are being constantly forced to efficiently reduce this complexity and develop courses of action with long-lasting profitability. While using large data volumes makes it possible to carry out more detailed and target-oriented data analysis, this all puts extra pressure on servers. Looking at what the term “business” means today, it is clear that today, companies must use the insights obtained from their business processes in a way that doesn’t cause unnecessary pressure or strain. The more target-oriented and transparent their solutions, the greater their business intelligence. This term refers to the knowledge a company gains from the systematic collection, evaluation, and presentation of data and information relevant to its business.

 

Know-how in business informatics is crucial to business intelligence

 

While choosing the right software certainly helps, it is not the only factor to consider when looking for the best possible solution. If we are to understand business information systems as an umbrella term for a modern, methodical approach that is tailored to the market, then a high level of know-how in this area is also a must. After all, while dashboarding, analytical processing, data mining, and data warehousing may seem like abstract concepts, expertise in these disciplines has become vital to current business processes. They are in fact playing an increasingly important role as business tools in competitive companies. Teams or service providers use these methods to develop specific strategies along with the relevant processes and technologies. These are then used to analyze the vast volumes of data in a suitable way and to filter out what is significant to the organization.

 

Those who understand business intelligence create economic added value

 

Used correctly, business intelligence not only allows management to gain a clear understanding of their own procedures, but also makes it easier for them to find out what their customers want, what their competitors are doing, and what the current market developments and trends are. A proper understanding of business intelligence, therefore, ensures that a company can establish a solid platform from which greater economic added value can be achieved.

 

Business intelligence on transformationbeats.com

 

Companies use business intelligence in many areas and in many different forms. On Transformation Beats, experts and practitioners from business and industry explain how the concept is applied in real-life business situations. They break down the specialist jargon of the industry, therefore making it easy to understand and providing more transparency.