Every corporate enterprise endeavors to succeed in the business environment in which it operates and consolidate its market share in that business environment. This success is only possible with the growth and expansion of the corporate enterprise. The growth and expansion of any corporate or business enterprise solely depends of its ability to retain its target customers and attract new clients. The effective use of business intelligence tools and software can help a corporate enterprise retain its target audience and customers while giving it a unique ability to attract new customers. Prominent experts in the corporate world define ‘business intelligence’ as the process of collecting, dissecting and analyzing relevant information pertaining to the business environment in a corporate enterprise operates.
According to Charles Phillips the CEO of Infor – the largest and most prominent business intelligence companies in America, competent experts specializing in this field collect raw data pertaining to the business environment in which a corporate enterprise operates and enhances it into relevant information and then into knowledge. Business intelligence gives corporate enterprises an accurate and precise idea of their customers’ needs and trends. Corporate enterprises that accumulate large amounts of information pertaining to their target audience and customers in the business environment in which they operate are in a better position to analyze, evaluate and act upon this information. The effective utilization of business information tools and software by a corporate enterprise enables it to get a better understanding of its customers’ needs along with the cultural, economic and technological factors influencing such needs and trends. This enables corporate enterprises to streamline its decision-making process in relation to their customers’ needs, set its relevant short-term and long-term corporate goals and take the necessary steps to achieve those goals.
According to the competent experts of the Infor team, it is possible to evaluate the internal operating efficiency and effectiveness of a corporate enterprise and its influence in its business environment with the use of key Performance Indicators. As a corporate enterprise effectively implement key performance indicators, relevant date pertaining to its target audience and customers along with the business environment in which it operates becomes available to it in a faster and efficient manner. However, the corporate enterprise can only get hold of this relevant business data only after one or two months, which make the data inadequate to adjust their corporate strategies effectively. In recent times, banks and financial institutions endeavor to make this relevant business data available within a short period for their corporate clients who have a higher credit/operational risk loading. This allows many corporate enterprises to obtain this relevant business data on weekly basis and adjust their corporate strategies according to enhance their client satisfaction and retention.
Charles Phillips further emphasizes that when a corporate enterprise implements business information strategies it has to collect and analyze vast information relating to its customers and business environment. Business Intelligence tools can aid a corporate enterprise to store, collect and analyze such relevant business data. Some of the relevant tools that corporate enterprises use in this endeavor are data warehouses, data modeling and data mining.