ADVERTISEMENT
TechEconomy
Wednesday, June 4, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » How Entrepreneurs Can Leverage Business Intelligence

How Entrepreneurs Can Leverage Business Intelligence

Techeconomy by Techeconomy
January 20, 2023
in Commerce
0
How Entrepreneurs Can Leverage Business Intelligence
Image Source: pixabay.com

Image Source: pixabay.com

RelatedPosts

50% Discount on kOnga

How You Can Get Up to 50% Discount on Konga

June 3, 2025

Jumia Marks 13 Years of e-Commerce Innovation in Nigeria

June 3, 2025

Business intelligence has changed over the years, today it is something much more powerful and profitable than ever before, writes CHARLIE FLETCHER

=====

Running a successful business is a constant battle. There are thousands of things to keep in line and balance such as keeping up with competing businesses, balancing costs and expenditures with profits, and maintaining a high degree of customer satisfaction with your products and services. Fumbling badly on any one thing can bring the entire business down.

Every organization has some set of policies, goals, and strategies in place to help guide decision-making and gather data.

Doing so is seen as an essential component of leading an effective business. However, if done improperly, you’ll see negative impacts within your company over the long term. Unfortunately, stumbling when making these influential decisions can become a high-stakes game that many startups lose. After all, nearly half of businesses are bound to fail within the first five years of being open.

One strategy that many smart business leaders are beginning to pursue is business intelligence (BI). The strategy first emerged in the 1950s as a form of decision-making for business leaders. However, in recent years, it has evolved into much, much more than that.

What is Business Intelligence?

The definition of business intelligence is something that has evolved over time. The 1950s definition is still intact, to some degree, but ultimately business intelligence is more than that now. Today, business intelligence encompasses the technology-driven process of collecting, analyzing, storing, and utilizing data to provide valuable insights for management on how the business should operate.

It’s also a growing field. Today, business intelligence software revenue is nearly $24 million annually and growing steadily. This growth can be attributed to the fact that more and more business leaders are recognizing the power of technology that allows them to gain insights into potential opportunities and take advantage of them in a timely fashion.

Ultimately, this can be the key to out-competing even some of the stickiest competitors and winning over a greater number of potential (hopefully soon to be fiercely loyal) customers.

Business intelligence technology involves a wide array of tools. Some of the tools can capture data from both internal and external sources, while others can use programming and algorithms to make sense of a bunch of seemingly random information. Still, others can put all of that information into graphs, charts, and reports that can easily be disseminated across the organization in a usable manner.

Building Strategies that Work for Your Business

With these options available, it can be difficult for any entrepreneur to determine the right strategy for their small business.

Furthermore, it can be challenging to identify exactly what information you need to pull out of all of the information collected. Do you need artificial intelligence software or something else? For this reason, it is valuable to start the process with a plan and an understanding of what questions about customers or your business you want answered.

For instance, if you are interested in evaluating whether a new technique or tool is profitable to the business, you might ask questions like:

  • How have my business profits responded since XX tool was implemented?
  • Are there any other factors that might be influencing profits outside of XX tool during that time period?

From there, you can use data mining techniques to analyze large amounts of data and variables. In the end, BI can help pull out information and put it into an easy-to-read and understandable format. This information may tell you whether to increase or decrease in profit margin since implementing the new tool and allow you to assess whether or not it is actually worth continuing to use it.

Preparing for the Unexpected

Tools in the business intelligence toolbox can also help your company prepare for some of the less awesome aspects of running a business. For example, using BI tools your management team can assess what would happen if your three best employees were to resign tomorrow. From there, they can pull together strategies to help mitigate the situation, improve perks for high-performing employees, or something else altogether.

Business intelligence tools that enable business leaders to have a greater understanding and control over the business finances can also help if something unexpected were to happen.

When business is good it is good. But there is always the potential of an economic downturn. What happens to the business if another global pandemic occurs or if inflation keeps customers from spending as much as they used to?

Incorporating business intelligence tools into the decision-making process for your business can be a powerful means of staying ahead of the competition and making smart financial moves. It can identify opportunities and watch-out situations and help prepare for unexpected events.

Ultimately these decisions can be the difference between a successful small business turning into a thriving network of small businesses. Business intelligence has changed over the years, today it is something much more powerful and profitable than ever before.

[Image Source: pixabay.com]

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: business intelligence
Previous Post

Chimoney chooses WireFX to Power Payments

Next Post

State of ICT in Nigeria: Infobip’s Ladipo-Ajai Speaks on the Rise of Tech-savvy, Humanised Digital Customer Engagement

Techeconomy

Techeconomy

Related Posts

50% Discount on kOnga
Commerce

How You Can Get Up to 50% Discount on Konga

by Staff Writer
June 3, 2025
0

Konga, Nigeria’s largest indigenous e-commerce giant, has announced the third edition of its Mid-Year Shopping Festival with discounts up to...

Read more
Jumia Transforms Customer Experience with Sprinklr’s AI-Powered Platform | 13 Years

Jumia Marks 13 Years of e-Commerce Innovation in Nigeria

June 3, 2025
Nigeria NATEP

Nigeria Relaunches National Talent Export Programme (NATEP) to Unlock $1 Trillion Global Outsourcing Market

June 2, 2025
U.S., China Slash Tariffs in Surprise 90-Day Truce, Resetting Trade Divide

Why U.S. Tariffs Won’t Derail China’s Global Strategy

June 1, 2025
td africa Black Friday

Every Friday is Black Friday: TD Africa Turns Up the Heat on Tech Accessibility

May 27, 2025
EU Warns Shein: Clean Up or Face Sanctions

EU Warns Shein: Clean Up or Face Sanctions

May 26, 2025
Next Post
Olatayo Ladipo-Ajai, Infobip - Mobile App and RCS Messaging

State of ICT in Nigeria: Infobip’s Ladipo-Ajai Speaks on the Rise of Tech-savvy, Humanised Digital Customer Engagement

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.